According to reports, multiple e-commerce platforms have announced the complete cancellation of "refund only". Afterwards, when faced with consumers' requests for "refunds without returns", merchants will have more autonomy in handling them. In recent years, "refund only" has become a standard feature on e-commerce platforms. The original intention of this measure was to reduce the cost of return logistics, improve communication efficiency and shopping experience, but it gradually changed its flavor under the speculative operation of some "wool party". Things are dirty, colors are wrong, reasons are fabricated, photos are fabricated, and even some people sell related tutorials, which has led to a unethical business practice. Such chaos not only directly damages the interests of individual stores, but also affects the sustainable development of the entire e-commerce industry. Cancelling 'refund only' is a timely response to industry demands and a necessary correction for improper behavior. The essence of buying and selling lies in fairness, which must be supported by honest management and ensure the peace of mind of high-quality merchants. It is worth noting that after the cancellation of "refund only", there are also concerns in public opinion. What if a merchant refuses to accept counterfeit goods? If negotiations fail and disputes continue, are there any other restrictive measures? The speculative 'wool party' is certainly despicable, but the legitimate rights and interests of consumers cannot be ignored. The "refund only" policy has been discontinued, and the quality and service cannot be refunded. We need to continue to find and consolidate the pivot of consumer trust, so that people can buy with peace of mind and use with peace of mind. It is reported that platforms have comprehensively updated their product governance mechanisms to prevent inferior products from entering the market; Some platforms are also attempting to transform from "traffic distribution" to "credit intermediaries", exploring the establishment of more accurate user profiles and merchant rating systems. Ultimately, the key to achieving a win-win situation for platforms, merchants, and consumers lies in products that are both cost-effective and of high quality, as well as patient and thoughtful services. In recent years, e-commerce platforms have made great strides and experienced a spiral upward process of discovering, solving, and optimizing governance. From the wild growth of traffic only to the standardized operation of products and shopping experience, trial and error and adjustment are always present. At first glance, with the cancellation of 'refund only', can the pricing and payment mechanism for platform commissions be optimized? Is the rating system refined and information data protected? There is still a lot that the platform can do to further clarify the underlying logic of respecting consumer rights and protecting merchant interests. Data shows that from January to November 2024, the absolute retail sales of physical goods online in China reached 11.81 trillion yuan, a year-on-year increase of 6.8%. Creating a sustainable business model and a growing industry ecosystem, the bigger and bigger the cake, the sweeter it will be for every participant. (outlook new era)