Chinese e-commerce vendors are struggling as sales growth slows, price pressures rise, and platforms implement aggressive policies to attract cost-conscious customers. Once-thriving with shopping bonanzas and celebrity galas, the industry now faces a sputtering economy, extreme discounting, and high return rates, squeezing profit margins for both large platforms like Alibaba and JD.com and small businesses. The enthusiasm for sales festivals is waning, with vendors bearing the costs of generous return policies and struggling with high traffic acquisition and influencer collaboration costs. Many small retailers are running at a loss, facing intense competition and shrinking margins, marking a challenging new normal for the e-commerce industry in China.