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Retailers' price war cheats consumers
By Ding Yining |
September 6, 2012, Thursday
|
Print Edition
Print Edition
THREE major Chinese retailers have cheated online shoppers in recent self-labeled "price wars," according to a preliminary investigation by the country's top economic planner.
Officials from the price supervision and anti-monopoly bureau of the National Development and Reform Commission found 360buy.com, Suning Appliance and Gome Electrical Appliances to have manipulated prices and cheated consumers after numerous complaints, the Beijing News reported yesterday.
The NDRC said the retailers did not commit to the price cuts after its random check of 15 appliances sold by them showed they still have a gross profit margin between 4 percent and 22.43 percent rather than "zero profit" as they had claimed, the newspaper said. Some products were also out of stock.
The NDRC has sent three teams to the companies and investigations "are still under way," according to the planning agency.
In response to the allegations, online vendor 360buy yesterday apologized for failing to deliver on its price-cut promise.
Suning yesterday admitted there were management defects during its promotion campaign and promised to improve.
Suning and Gome joined the price war launched by 360buy CEO Liu Qiangdong after he said he will seek "zero profit" on home appliances sold at 360buy.
Officials from the price supervision and anti-monopoly bureau of the National Development and Reform Commission found 360buy.com, Suning Appliance and Gome Electrical Appliances to have manipulated prices and cheated consumers after numerous complaints, the Beijing News reported yesterday.
The NDRC said the retailers did not commit to the price cuts after its random check of 15 appliances sold by them showed they still have a gross profit margin between 4 percent and 22.43 percent rather than "zero profit" as they had claimed, the newspaper said. Some products were also out of stock.
The NDRC has sent three teams to the companies and investigations "are still under way," according to the planning agency.
In response to the allegations, online vendor 360buy yesterday apologized for failing to deliver on its price-cut promise.
Suning yesterday admitted there were management defects during its promotion campaign and promised to improve.
Suning and Gome joined the price war launched by 360buy CEO Liu Qiangdong after he said he will seek "zero profit" on home appliances sold at 360buy.
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