仅退款后，拼多多摸着抖音过河

Group 1 - The core viewpoint of the article is the shift from "extreme consumer protection" to "balanced governance" in the e-commerce industry, particularly regarding the cancellation of the "only refund" policy, which primarily affects the "wool party" rather than consumers or merchants [1][2][3] - The "only refund" policy was initially introduced by JD.com in 2014 to enhance operational efficiency, but it was later adopted by Pinduoduo as a competitive strategy, leading to significant market changes [1][2] - Pinduoduo's aggressive consumer-oriented strategies, including the "only refund" policy, contributed to its rapid growth and intensified competition within the industry, prompting other platforms to adopt similar low-price strategies [1][2][4] Group 2 - The cancellation of the "only refund" policy is seen as a correction in the industry, allowing e-commerce platforms to compete based on their overall capabilities rather than solely on price [2][3] - Pinduoduo faces a critical challenge in maintaining growth without relying on extreme low prices and refunds, raising questions about its core competitive advantages [2][3][4] - The shift in strategy reflects a broader industry trend towards rational competition, moving away from service-based competition to a focus on fundamental business principles [2][3] Group 3 - Pinduoduo's recent initiatives, such as content-driven strategies and support for industrial supply chains, indicate a shift towards enhancing its value proposition beyond low prices [5][6][10] - The platform's focus on content creation and storytelling around industrial supply chains aims to improve user engagement and differentiate its offerings from competitors like Douyin [5][6][8] - Despite these efforts, Pinduoduo's content-driven approach has not yet achieved the expected conversion rates compared to traditional e-commerce platforms [7][8] Group 4 - Pinduoduo's reliance on low-price strategies has led to increased operational costs for small and medium-sized merchants, highlighting the tension between the platform and its merchants [4][13] - The platform's attempts to support industrial supply chains and enhance brand value are essential for its long-term sustainability, but they require significant investment and time [10][11][17] - Recent financial reports indicate a slowdown in revenue growth and profitability, raising concerns about Pinduoduo's ability to maintain its market position amid increasing competition [17][18][22]