The existing answers are good but don't cover what to do when a smart pointer is not the (complete) answer to the problem you are trying to solve.
Among other things (explained well in other answers) using a smart pointer is a possible solution to How do we use a abstract class as a function return type? which has been marked as a duplicate of this question. However, the first question to ask if tempted to specify an abstract (or in fact, any) base class as a return type in C++ is "what do you really mean?". There is a good discussion (with further references) of idiomatic object oriented programming in C++ (and how this is different to other languages) in the documentation of the boost pointer container library. In summary, in C++ you have to think about ownership. Which smart pointers help you with, but are not the only solution, or always a complete solution (they don't give you polymorphic copy) and are not always a solution you want to expose in your interface (and a function return sounds an awful lot like an interface). It might be sufficient to return a reference, for example. But in all of these cases (smart pointer, pointer container or simply returning a reference) you have changed the return from a value to some form of reference. If you really needed copy you may need to add more boilerplate "idiom" or move beyond idiomatic (or otherwise) OOP in C++ to more generic polymorphism using libraries like Adobe Poly or Boost.TypeErasure.