Operating Costs of China E-Commerce Giants

In recent times, the controversy surrounding the "refund only" policy on Chinese e-commerce platforms has sparked considerable debate. Some merchants have publicly voiced their frustrations, accusing the policy of being exploited by so-called "bargain hunters," leading to what they describe as malicious refund practices.

However, a closer examination reveals that even for those merchants who have spoken out, the proportion of "refund only" orders remains in the single digits. What was originally intended as a policy to protect consumers and combat substandard merchants has now become a flashpoint for conflict, raising the question: why has this policy become the "final straw" for some merchants?

Beyond the emotional reactions, the complaints about the "refund only" policy highlight broader challenges faced by merchants. This leads to an essential question: Among Taotian (Alibaba), JD.com, and Pinduoduo, which operating cost component is the most significant burden for mercha...