券商中国·2025-04-22 13:39Core Viewpoint - The cancellation of the "refund only" policy across major e-commerce platforms marks a significant shift in the industry, aimed at promoting fair competition and improving the operational environment for merchants [1][2][3]. Group 1: Policy Changes - Major e-commerce platforms including Pinduoduo, Taobao, Douyin, Kuaishou, and JD.com will fully cancel the "refund only" policy, which allows consumers to request refunds without returning goods [1]. - The "refund only" policy was first introduced by Pinduoduo in 2021 and has been adopted by other platforms over the years, but it will officially end in 2024 [1]. Group 2: Regulatory Background - The cancellation of the "refund only" policy was anticipated, as government authorities indicated a need to address the misuse of this policy, which has led to significant financial losses for merchants [2]. - Taobao and Tmall began relaxing the "refund only" rules as early as July of the previous year, initiating a trend towards reducing excessive competition in the industry [2]. Group 3: Industry Impact - The removal of the "refund only" policy is expected to help the e-commerce industry shift from price wars to healthier competition, ensuring fairer business practices for merchants and enhancing consumer engagement [3].