Core Insights - The recent 618 shopping festival demonstrated a significant shift in the e-commerce industry towards valuing genuine growth and long-term value, moving away from the previous focus on low prices and refund culture [2][4][22] - Taobao and Tmall reported that 453 brands achieved over 100 million yuan in sales during the event, marking a 24% year-on-year increase, with major brands like Apple, Xiaomi, and Nike leading the sales [2][5] - The introduction of various "supporting excellence" policies aims to help quality original merchants grow, emphasizing the importance of real transactions and customer satisfaction [3][6][10] Group 1: Changes in E-commerce Strategy - The focus on genuine transactions and support for quality merchants represents a major change from previous years, with real transaction growth being a key performance indicator [4][22] - Taobao has implemented a new "real experience score" system to provide a more accurate reflection of consumer experience, reducing the impact of fraudulent practices like fake reviews and refunds [7][9] - The platform has restructured its store system to enhance user experience and streamline operations for different types of merchants [7][8] Group 2: Membership and Customer Engagement - The emphasis on merchant membership programs has increased, with over 10,000 top brands collaborating to offer shopping incentives to members, enhancing customer loyalty [10][11] - New promotional strategies, such as shopping cash rewards, are being utilized to encourage repeat purchases and strengthen the relationship between merchants and their customers [10][11] Group 3: Cross-Channel Customer Acquisition - The integration of external platforms like WeChat, Xiaohongshu, and Douyin for customer acquisition is a significant advantage for merchants, allowing for streamlined marketing efforts [12][13] - During the 618 event, the platform invested 3 billion yuan in subsidies to support merchants, enhancing their ability to attract customers through various channels [12][13] Group 4: Improving Business Environment - The e-commerce industry is moving towards a healthier business environment by addressing issues like refund abuse and fraudulent practices, which have plagued the sector in recent years [19][20] - Taobao has introduced measures to combat malicious refund requests and improve the integrity of transactions, thereby fostering a more trustworthy marketplace [20][21] - Continuous efforts to optimize the business environment are essential for allowing quality merchants to thrive and connect effectively with consumers [22][23]

Core Viewpoint - Taobao is transforming its strategy to support high-quality merchants, moving away from low-quality competition and focusing on creating a healthier commercial ecosystem [5][17][26] Group 1: Performance and Strategy Changes - During the 618 shopping festival, Taobao reported record user engagement and transaction volume, with 453 brands achieving over 100 million yuan in sales, a 24% year-on-year increase [1] - Taobao has invested 10 billion yuan in subsidies for quality merchants through various promotional strategies, which has been well-received by both merchants and consumers [4][9] - The platform is shifting its focus from GMV (Gross Merchandise Volume) to the quality of transactions and consumer satisfaction, indicating a strategic pivot towards sustainable growth [6][7][21] Group 2: Merchant Support and Ecosystem Development - Taobao's "扶优" (supporting quality) strategy aims to create a fair and competitive environment for quality merchants while eliminating low-quality practices [19][24] - The introduction of the "真实体验分" (real experience score) system aims to provide a more transparent and fair evaluation of merchants, helping quality businesses stand out [11][12][21] - The collaboration with over 10,000 leading brands for member shopping credits demonstrates Taobao's commitment to investing in quality merchants and enhancing consumer experience [8][12][24] Group 3: Technological and Operational Innovations - Taobao is leveraging AI technology to combat fraudulent practices, such as the use of AI-generated fake images, thereby protecting both consumers and quality merchants [15] - The platform's new advertising collaboration with Xiaohongshu (Little Red Book) aims to enhance interconnectivity and provide additional growth opportunities for merchants [13] - By eliminating practices like "only refunds" and targeting malicious behaviors, Taobao is creating a more equitable operating environment for quality merchants [14][26]