BABA(US:BABA) Sou Hu Cai Jing·2025-04-29 15:45Core Viewpoint - The article discusses the recent shift by e-commerce platforms to end the "refund only" policy, which reflects a correction of past aggressive strategies and the necessity to optimize the business environment in the e-commerce industry [1][3]. Group 1: Historical Context of "Refund Only" - Since 2015, the rise of social and live-streaming e-commerce has intensified competition, leading to the proliferation of the "refund only" policy as platforms sought to prioritize user experience [1][2]. - The excessive use of "refund only" has caused significant harm, including increased costs and inefficiencies for merchants, risks of losing quality merchants for platforms, and a decline in shopping experiences for consumers [1]. Group 2: Recent Actions by E-commerce Platforms - In July 2024, Taobao initiated the movement against the "refund only" rule by protecting high-rated merchants and granting them autonomy in after-sales service [2]. - By the end of 2024, several platforms, including JD and Pinduoduo, have announced the cancellation of the "refund only" policy, with Taobao introducing a new store evaluation system to enhance transparency [2]. Group 3: New Growth Demands Behind "Anti-Internal Competition" - The cancellation of the "refund only" policy is a reflection of the broader trend of "anti-internal competition" and the need to optimize the business environment, driven by macro policies and industry consensus [3][6]. - In 2024, China's online retail sales reached 15.52 trillion yuan, a 7.2% increase year-on-year, indicating a need for e-commerce platforms to pursue new growth strategies [6]. Group 4: Strategies for Selecting Quality Merchants - E-commerce platforms are focusing on deep connections with quality merchants, implementing policies to reduce commission rates and operational costs, and promoting advantageous categories like apparel and beauty [7]. - Initiatives such as Taotian's "12 Measures for Merchant Support" aim to create a more equitable environment for merchants by adjusting commission structures and providing incentives [7]. Group 5: Supporting Small and New Brands - Small and new merchants face challenges with high promotional costs and difficulty in gaining visibility, prompting platforms to adjust algorithms to favor quality products and provide fair competition opportunities [8]. - Taotian's "Blue Star Plan" introduces tiered incentives based on merchant evaluation, aiming to enhance natural traffic allocation [8]. Group 6: Technological Empowerment for Evaluation Mechanisms - E-commerce platforms are leveraging technology to create more accurate, transparent, and efficient evaluation systems, such as Taobao's "Real Experience Score" that utilizes AI to filter out false reviews [9]. - The introduction of AI models and blockchain technology aims to combat issues like counterfeit images and ensure traceability in product authenticity [12]. Group 7: Building a Favorable Business Environment - The end of the "refund only" phenomenon signifies a collective shift among e-commerce platforms towards returning to core values of serving consumers and maintaining quality [14]. - This transition encourages adherence to rules among users and revitalizes merchants' confidence in the e-commerce landscape, contributing to a sustainable business environment [14].