Pinduoduo's "refund only" system, which has caused huge controversy, has recently followed up with JD.com, which unilaterally curry favor with consumers, reshaping the Internet platform and becoming the industry standard. Pinduoduo's "refund only" system means that when consumers buy goods from Pinduoduo and find that the physical goods are not in the right version and the quality is not qualified, they can choose to return the goods for a refund, or they can choose to refund only, and the refund only does not require the buyer to return the goods, and the goods can be retained. Fresh and low-cost products are suitable for this model, and the mailing cost is relatively high, the time cycle is long, and there is not much value in sending it back to the merchant. When shopping is popular, although there is no official system, when customers buy some goods and need to return them, the merchant will also say that they do not need to send them back, and this model has a certain realistic basis. However, the model is easy to be maliciously exploited by some shoppers, there is no problem with the product itself, but these shoppers maliciously click "refund only", so that the seller suffers losses, there are too many such cases, some merchants in order to express dissatisfaction, in March this year, Pinduoduo's self-operated store Duoduo Welfare Society launched a product, and within half an hour it was ordered frantically on a large scale, and then it was refunded. Bad reviews, if the merchant sends the goods, they will be applied for a refund only, or even provide a false address, so the store was quickly removed from the shelves after only one hour on the shelves, which is called the fried shop storm by the industry. In the days that followed, the bombing spread to more stores, dozens of brand stores were similarly attacked, and some stores temporarily closed to protect themselves. The "refund only" system that caused such a huge controversy, the protest of platform merchants did not continue, after the turmoil subsided, they continued to sell goods on this platform, and the number of merchants in the category increased unabated, the core reason is that Pinduoduo can continue to attract consumers and stimulate consumer consumption, this platform can bring sales, merchants can only endure it, because the traffic of other platforms is declining. "Refund only" is too attractive to consumers, and consumers become very strong in front of merchants. Consumer shopping has a sunk cost, whether online or offline, shopping has a selection process, there is a process of payment, waiting for receipt, regardless of whether the goods are satisfied or not, the cost has been irretrievable, so if the quality of goods and consumer psychological expectations are too different, consumers are not willing to spend too much energy more seriously, because it will take time to return and exchange. Some businesses take advantage of the sunk cost of customers and the disadvantage of information asymmetry to seek profits. However, if there is a "refund only", consumers can clamp merchants without returning or exchanging goods, reduce sunk costs, and force merchants to improve the quality of goods and service levels, and the game position of consumers and merchants has changed. Pinduoduo is a platform that does not have the ability to inspect so many products one by one, and the platform hopes to improve the quality of goods and improve user satisfaction, but it cannot invest a huge amount of manpower in monitoring, but it can formulate simple and effective rules for users to help the platform achieve this function. This is one of the advantages of Pinduoduo, which can achieve results that other platforms can't do with a lot of effort at a low cost. **Follow up with JD.com,It is because of this mechanism that the industry pattern is more conducive to Pinduoduo,Previously, Pinduoduo continued to have a low-price system,Let Jingdong shake up and down,Require the platform to be pressed down**,Now from the market capitalization,Pinduoduo has become the industry boss,**And Jingdong has a desire to learn from Pinduoduo,If you can't follow up in time,Users may continue to lose,The attractiveness of merchants will also be reduced。 Editor-in-charge: Peng Bo Proofreader: Peng QihuaThese, users are watchingThe latest statement of the Securities Regulatory Commission!
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