I recently bought an overpriced product on Lazada which i found cheaper suppliers.

Can I return the overpriced product and asked for a refund?

The product says “Change of Mind is applicable”.

I think yes as long as it is still sealed

Not if u already opened the packaging..

The item that I like to return is packed together with another product from different merchant and delivered together via LEX under the same parcel.

Can I just open up the courier packaging and keep only the product that I want and return the product that I am not interested?

I am a seller on Lazada.

Yes, you can return it as long as it's within the return period.

Btw, usually the return package would be in used condition, be it from the marking being tear open or being throw around during transportation back and forth and we won't be able to resell the parcel to another buyer again.

Does that mean the refund will not proceed?

It will proceed, you will still get back your money. Just that the seller would ended up with a used item that they can't resell to another buyer again.

If I'm the seller, I would prefer the buyer to text me sharing me the place where you got a better deal and I'll match the price different, than you cancelling the order.

What about this 15 days clause below?

In addition, shoppers can change their minds within 15 days of purchase if they are not completely satisfied with their items from LazMall at no cost. Lazada has over 2,000 return points for customers to drop off items they would like to return.

From here.

Can't u lodge a report to Lazada stating the buyer has breached the terms by opening the box?

Can't you sell it under open-box items? Just like Machines or Switch

If low margin how?