Investment Rating - The report does not explicitly provide an investment rating for the e-commerce industry Core Insights - The fourth quarter is the most critical operational peak for e-commerce merchants, supported by various platforms like JD, Taobao, Pinduoduo, and Douyin through promotional activities and resources [5] - Intense competition for advertising during key events like "Double 11" and "New Year Goods Festival" may increase customer acquisition costs and marketing expenditures [5] - Merchants face pressure on profit margins due to fierce price competition and evolving platform policies, requiring continuous adaptation to maintain traffic support [5] - A significant complaint from merchants involves issues like arbitrary refunds and excessive consumer protection measures, leading to widespread dissatisfaction [5][6] Overall Data Complaint Platform Distribution - The distribution of complaints across platforms in Q4 is as follows: Douyin E-commerce (38.75%), Pinduoduo (33.55%), Taobao (10.92%), JD (2.08%), and others [7] Complaint Issue Type Distribution - The main types of complaints include: arbitrary refunds (37.09%), excessive consumer protection (19.97%), withholding deposits (9.99%), arbitrary fines (9.73%), arbitrary store closures (2.72%), and mandatory shipping insurance (0.52%) [10] Complaint Regional Distribution - The top 10 regions for merchant complaints are Guangdong (23.86%), Zhejiang (14.53%), Shandong (11.80%), Hebei (6.10%), Jiangsu (5.71%), Henan (5.45%), Fujian (3.76%), Shaanxi (3.50%), Anhui (3.37%), and Hunan (2.72%) [12] Complaint Business Category Distribution - The top 10 business categories for complaints are: apparel (15.95%), 3C digital products (10.64%), fresh food (9.08%), outdoor products (6.49%), home goods (6.36%), personal care (3.89%), home appliances (3.50%), maternal and infant products (2.98%), jewelry (2.46%), and pet supplies (2.33%) [14] Complaint Amount Distribution - The majority of complaint amounts are concentrated in the range of 0-50,000 (95.07%), with smaller percentages in higher ranges [16] Complaint Merchant Responsible Gender Distribution - The gender distribution of complaint merchants shows 70.78% are male and 29.22% are female [17] Platform Data Douyin E-commerce - In Q4, Douyin E-commerce had 298 merchant complaints, with the highest issue being arbitrary refunds (46.64%) [18] Taobao - For Taobao, the main complaint issues are arbitrary refunds (30.95%), excessive consumer protection (28.57%), arbitrary fines (13.10%), withholding deposits (8.33%), and arbitrary store closures (2.38%) [25] Typical Cases - The report includes ten typical complaint cases involving various platforms, highlighting issues such as arbitrary fines, unreasonable penalties, excessive consumer protection, and arbitrary store closures [31]

在刚刚过去的第二季度，"天猫千星计划"以618大促为契机，为潜力商家注入强劲动力。数据显示，317家千星商家实现成交同比突破30%增长，其中41家商 家首次单季度成交破千万，更有373家商家在趋势赛道中成为行业TOP1，展现了计划对潜力商家成长的显著推动作用。 第三季度的举措既基于第二季度成果的成功经验，也是进一步挖掘商家经营需求而进行的升级。在第三季度直播发布会上，千星计划小二慷慷围绕场域拓 展、圈层运营、经营提效、活动升级四大核心方向，进一步介绍了新一季度的深化升级策略，为不同阶段、不同类型的潜力商家提供定制化支持： 一、场域拓展：深化营销与成交场景，覆盖多元赛道 在潜力商家成长赛道持续深耕的"天猫千星计划"，于第三季度再次迎来升级。这一面向中腰部潜力商家的专项扶持计划，通过场域拓展、圈层运营、经营提 效、活动升级等多维度创新，为潜力商家提供从流量扶持到能力成长的全链路支持，助力商家实现规模跃迁与长效增长。 成交型商家：这类商家由货品力驱动，追求快速增长与效率，"天猫千星计划"则双管齐下，一方面拓展增量成交渠道，包括高效团长撮合的淘宝联盟定向商 机、双11专属蓄水的淘宝直播线下达人撮合场、极速履约提效的小 ...