China’s 360buy.com Launches Advance Refund Policy

Chinese electronics B2C provider 360buy.com has announced that it has cooperated with the China Consumers’ Association in setting up an advance refund security deposit system for consumers.

The advance refund security deposit will have CNY5 million. From now on, if products bought from 360buy.com have quality problems or consumers have doubts about related services, and related parties cannot reach an agreement, consumers can directly submit compensation applications to China’s 46 sub-provincial and higher consumers’ associations across the country. Once the applications are approved, consumers will gain the advance refund without the further confirmation of 360buy.com.

Liu Qiangdong, chairman and CEO of 360buy.com, told local media that the company’s various departments have assigned special persons to solve the problems raised by consumers and a complete handling mechanism has been created in the company.

In addition, 360buy.com launched a new calculating method for the period of warranties. Under the new method, the starting date of the warranty period will no longer be the day when the receipt is issued; instead it will be the day when consumers actually receive the products.