别再为流量打工，后流量时代，这才是真赚钱

Core Viewpoint - The e-commerce industry is experiencing a significant decline in the "traffic frenzy" associated with live-streaming sales, marking a shift from a previously booming market to one facing substantial challenges [1][2]. Group 1: Decline of Live-Streaming Sales - In the first half of 2025, leading live-streamers are facing a drop in traffic, with sales figures significantly lower than previous years; for instance, Li Jiaqi's sales during the "618" pre-sale event were only 50% of the same period in 2023 [2]. - The platform's overall GMV for the first half of the year was approximately 1.4 trillion yuan, falling short of initial expectations, indicating a rare performance shortfall in its history [2]. - The decline in traffic has led to the exit of several brands, exemplified by the women's clothing brand "Lola Password," which previously achieved remarkable sales but has now ceased operations due to the collapse of the traffic bubble [2]. Group 2: The "Interest E-commerce" Model - The "interest e-commerce" model, characterized by a cycle of "traffic + low prices," was initiated by the platform in April 2021, leading to intense competition and price wars among merchants [3][5]. - This model allowed many startups to achieve significant sales figures quickly, but it also created a dependency on continuous investment in traffic, leading to a vicious cycle of increasing costs and decreasing profitability [5][7]. - The founder of Miniso highlighted the unsustainable nature of the model, noting that while the platform reported 2 trillion yuan in GMV, the actual revenue was significantly lower due to high return rates [5][7]. Group 3: Challenges Faced by Brands - Brands like 欧朗德斯, which initially thrived on the platform, are now encountering high competition and elevated costs for acquiring traffic, resulting in low ROI [12][13]. - The high return rates associated with live-streaming e-commerce, which can reach 30%-50%, further erode profit margins, making it difficult for brands to sustain operations [12][16]. - Despite achieving impressive GMV figures, 欧朗德斯 has opted to return to traditional e-commerce platforms like JD and Tmall, where they have seen improved profitability and lower return rates [13][14]. Group 4: Shift Towards Traditional E-commerce - The transition to traditional e-commerce platforms has allowed brands to benefit from lower advertising costs and improved return rates, enhancing their overall profitability [13][17]. - Traditional platforms provide a more stable environment for brands, focusing on targeted marketing and reducing the risks associated with impulsive buying behaviors prevalent in live-streaming sales [16][17]. - The experience of 欧朗德斯 serves as a case study for other brands, emphasizing the importance of aligning platform choice with business strategy and market positioning [18].