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5789By the end of 2016, 45.3% of the domestic retail enterprises have been implemented or have completed the " offline to online” strategy. However, there is no mechanism analysis and empirical test on the change of business performance after the " offline to online” strategy. Therefore, it is impossible to fully reveal the direction and causes of the change of business performance after the " offline to online” strategy. We base on the summary of the mature marketing theory to propose a framework to research multichannel retailing’s synergy in the O2O stage. Subsequently, this study uses a Koyck model for customer RFM panel data to test the synergy between online and offline. Furthermore, the moderating effect of the member level on related influence paths is further investigated. The sample data is the online and offline dual channel customer’s panel data of a domestic retail enterprise in this study. The data’s time range is 2016.6—2017.6, not to be missing value within 12 months. The data content includes activities of online, activities of offline, consumptions of online, consumptions of offline, membership levels, customer’s shopping habits, customer’s genders, and customer’s ages. At last, the number of customers satisfied with the condition is 5895. In the empirical part, we use a variety of methods to alleviate the endogeneity of independent variables. For example, we use the lagged terms of independent variables as the instrumental variable to carry out 2SLS (two stage least square); we control individual effects and time effects by using panel data; we control genders, ages, shopping habits and other factors of consumers; considering the reciprocal causation between the explanatory and dependent variables, we use panel vector auto-regression (PVAR) to review the robustness of hypotheses and rationality of Koyck model setting. At the same time, we also use the two variables of customer activities and consumptions as a synergistic measure to ensure the integrity and robustness of the research conclusions. As a result of the use of these methods above, to a certain extent, this study ensures that the conclusion of this study is to reveal the causal relationship between the enterprise O2O strategy and the synergy effect. The empirical results show that online activities will significantly affect the current offline activities, but it will not affect the lag offline activities; offline activities will significantly affect the current and lag online activities; online consumptions will significantly affect the current and lag offline consumptions, and the member level has a significant positive moderating effect on this influence path; offline consumptions will significantly affect the current and lag online consumptions, and the member level has a significant positive moderating effect on this influence path. Through the research of this paper, as long as there are consistency membership and a brand system of online and offline, online (offline) consumptions and customer activities not only will not have a negative impact on the offline (online), but also will increase consumptions and customer activities of the current and lag offline (online), thus increasing the overall performance of retail enterprises in the O2O stage. The contribution of this paper clarifies the positive value of O2O strategy from both theoretical and empirical aspects, and enriches the mechanism of the O2O synergy effect. It can also inspire the O2O strategy of multi-channel retail enterprises from a practical perspective. It suggests that retail enterprises need to balance the resource allocation between online and offline, and optimize the overall revenue of online and offline channels. In the O2O stage, enterprises need set assessment indicators such as the proportion of O2O customers, so that the development mode of retail enterprises can be switched from scale economy to synergy economy.
/ Journals / Foreign Economics & Management
Foreign Economics & Management
LiZengquan, Editor-in-Chief
ZhengChunrong, Vice Executive Editor-in-Chief
YinHuifang HeXiaogang LiuJianguo, Vice Editor-in-Chief
Study on the O2O Strategy’s Synergy of Multichannel Retailing: An Empirical Study of Customer RFM Panel Data
Foreign Economics & Management Vol. 40, Issue 08, pp. 71 - 86 (2018) DOI:10.16538/j.cnki.fem.2018.08.006
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Cite this article
Dong Xiaozhou, Chao Gangling. Study on the O2O Strategy’s Synergy of Multichannel Retailing: An Empirical Study of Customer RFM Panel Data[J]. Foreign Economics & Management, 2018, 40(8): 71-86.
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