Suzhou Launches the First Digital RMB "Return Insurance" in the Province

Modern Express News (Reporter Gaoda): In order to create a better consumer environment, recently, People's Property and Casualty Insurance Co., Ltd. Zhangjiagang Central Branch signed a contract with the "Wu You Digital Purchase" merchant Luyuan Dushang Life Plaza. This means that the province's first "offline shopping no reason return loss insurance" project, "Wu You Digital Insurance", has officially landed in Suzhou. The agreement stipulates that both parties' insurance fees and claims will be paid in digital RMB.

Source: Suzhou Market Regulation

In April 2020, Suzhou took the lead in launching a nationwide offline shopping no reason return service. In October 2022, Suzhou became the first city in China to promise to exceed 100000 merchants. As of now, Suzhou has accepted and processed a total of 136025 returned items, equivalent to a total amount of 61012900 yuan, covering 97 key commercial districts, establishing 128 management service stations, and 109 storage points.

In order to further optimize the consumption environment and lead the high-quality development of market entities in the city, the Suzhou Municipal Market Supervision Bureau, the Municipal Local Financial Management Bureau, and the Municipal Consumer Protection Commission jointly create the "Wu You Digital Purchase" service brand, forming a mutual promotion model between digital RMB merchants and unreasonable return merchants, meeting the diverse payment and refund needs of consumers. As of now, there are a total of 18000 "Wu You Shugou" merchants in the city.

Unlike the legal mandatory requirement of online seven day no reason return, offline shopping no reason return follows the principle of "voluntary commitment by merchants, commitment is binding". In order to better serve consumers, operators may incur some "hidden costs" in the process of implementing unreasonable returns. To ensure efficient and high-quality return services for offline shopping without reason, Suzhou has pioneered the establishment of "Wu Youjin" as a government advance payment fund nationwide; Providing the "Wu You Digital Loan" service, high-quality merchants with honest offline shopping and no reason to return can enjoy special low interest digital RMB loans, alleviating the business pressure of merchants.

Modern Express reporters learned that the first launch of "Wu You Digital Insurance" in the province is another important measure taken by the Suzhou market regulatory authorities to enhance the commitment and enthusiasm of offline physical operators to return goods without reason. Merchants who purchase insurance can enjoy "no reason return loss insurance". Once consumers return goods, they can receive a certain amount of digital RMB insurance compensation according to the policy agreement, reducing the cost of no reason return service.

At present, "Wu You Digital Insurance" is piloting pre packaged food for offline sales, and insurance institutions provide certain premium discounts to "Wu You Digital Purchase" merchants. The insurance project signed this time guarantees that within seven days of the consumer's purchase of the product, they will request a return without reason (calculated from the date of receipt). If the merchant agrees and meets the claim conditions, the insurance institution will compensate for the losses and expenses incurred due to the return of the product without reason (including but not limited to packaging costs, appraisal costs, transportation costs, transportation and storage costs, etc.) according to the price of the returned product and the agreed proportion. The compensation limit for each compensation is 500 yuan, The cumulative compensation limit is 100000 yuan.

Next, the market supervision departments of Suzhou will focus on the development and growth of market entities in accordance with the "Year of Excellent Service for Market Entities", create a first-class business environment, and collaborate with multiple departments and institutions to create the "Wu You Shu Gou" series of service brands, deeply promote the overall improvement of the quality of goods and services and after-sales services of market entities in the city, and empower and increase efficiency for the high-quality development of the real economy.