By 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.
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
 Dong Xiaozhou, Chen Xinkang. Enterprise perspective’s customer value measurement and segmentation: On customer’s future monetary value and nonmonetary value[J]. Finance and Trade Research, 2017, (3): 85-94.
 Huang Tianlong, Luo Yongtai. Research on the promoting mechanism and path for the brand equity of the retail corporation in e-business transition: Driven by the double-channel brand image[J]. Journal of Business Economics, 2014, (4): 5-15.
 Song Jinzhu, Lou Tianyang. A review of western literature of share of wallet[J]. Foreign Economics & Management, 2013, 35(12): 41-49.
 Wu Jinfeng, Chang Yaping, Hou Delin. The impact of multichannel integration on retailer equity: An online and offline perspective[J]. Nankai Business Review, 2016, 19(2): 170-181.
 Xiao Junji Li guodong. Nonprice strategy and consumers purchase behavior: Evidence from a frequency reward program[J]. China Economic Quarterly, 2009, 8(4): 1435-1454.
 Aaker J, Fournier S, Brasel S A. When good brands do bad[J]. Journal of Consumer Research, 2004, 31(1): 1-16.
 Alba J, Lynch J, Weitz B, et al. Interactive home shopping: Consumer, retailer, and manufacturer incentives to participate in electronic marketplaces[J]. Journal of Marketing, 1997, 61(3): 38-53.
 Avery J, Steenburgh T J, Deighton J A, et al. Adding bricks to clicks: The contingencies driving cannibalization and complementarity in multichannel retailing[R]. Harvard Business School Working Papers 07-043, 2007.
 Baddeley A D. Human memory: Theory and practice[M]. Hove: Lawrence Erlbaum Associates, 1990.
 Balabanis G, Reynolds N, Simintiras A. Bases of e-store loyalty: Perceived switching barriers and satisfaction[J]. Journal of Business Research, 2006, 59(2): 214-224.
 Batra R, Ahtola O T. Measuring the hedonic and utilitarian sources of consumer attitudes[J]. Marketing Letters, 1991, 2(2): 159-170.
 Baumann C, Burton S, Elliott G. Determinants of customer loyalty and share of wallet in retail banking[J]. Journal of Financial Services Marketing, 2005, 9(3): 231-248.
 Blackston M. Observations: Building brand equity by managing the brand’s relationships[J]. Journal of Advertising Research, 1992, 32(3): 79-83.
 Cao L L, Li L. The Impact of cross-channel integration on retailers’ sales growth[J]. Journal of Retailing, 2015, 91(2): 198-216.
 Colombo R, Jiang W N. A stochastic RFM model[J]. Journal of Interactive Marketing, 1999, 13(3): 2-12.
 de Oliveira Santini F, Vieira V A, Sampaio C H, et al. Meta-analysis of the long-and short-term effects of sales promotions on consumer behavior[J]. Journal of Promotion Management, 2016, 22(3): 425-442.
 Deleersnyder B, Geyskens I, Gielens K, et al. How cannibalistic is the Internet channel? A study of the newspaper industry in the United Kingdom and the Netherlands[J]. International Journal of Research in Marketing, 2002, 19(4): 337-348.
 Fournier S. Consumers and their brands: Developing relationship theory in consumer research[J]. Journal of Consumer Research, 1998, 24(4): 343-373.
 Frasquet M, Descals A M, Ruiz-Molina M E. Understanding loyalty in multichannel retailing: The role of brand trust and brand attachment[J]. International Journal of Retail & Distribution Management, 2017, 45(6): 608-625.
 Herhausen D, Binder J, Schoegel M, et al. Integrating bricks with clicks: Retailer-level and channel-level outcomes of online-offline channel integration[J]. Journal of Retailing, 2015, 91(2): 309-325.
 Hirschman E C, Holbrook M B. Hedonic consumption: Emerging concepts, methods and propositions[J]. Journal of Marketing, 1982, 46(3): 92-101.
 Hughes A M. Strategic database marketing[M]. Chicago, IL: Probus Publishing Company, 1994.
 Jin L Y, Zou D Q. Extend to online or offline? The effects of Web-brand extension mode, similarity, and brand concept on consumer evaluation[J]. Journal of Marketing Management, 2013, 29(7-8): 755-771.
 Keller K L. Conceptualizing, measuring, and managing customer-based brand equity[J]. Journal of Marketing, 1993, 57(1): 1-22.
 Kollmann T, Kuckertz A, Kayser I. Cannibalization or synergy? Consumers’ channel selection in online-offline multichannel systems[J]. Journal of Retailing and Consumer Services, 2012, 19(2): 186-194.
 Kumar V, Venkatesan R, Bohling T, et al. Practice prize report—The power of CLV: Managing customer lifetime value at IBM[J]. Marketing Science, 2008, 27(4): 585-599.
 Kwon W S, Lennon S J. Reciprocal effects between multichannel retailers’ offline and online brand images[J]. Journal of Retailing, 2009, 85(3): 376-390.
 Liviatan N. Consistent estimation of distributed lags[J]. International Economic Review, 1963, 4(1): 44-52.
 Mägi A W. Share of wallet in retailing: The effects of customer satisfaction, loyalty cards and shopper characteristics[J]. Journal of Retailing, 2003, 79(2): 97-106.
 Melis K, Campo K, Breugelmans E, et al. The impact of the multi-channel retail mix on online store choice: Does online experience matter?[J]. Journal of Retailing, 2015, 91(2): 272-288.
 Park C W, Macinnis D J, Priester J R. Beyond attitudes: Attachment and consumer behavior[J]. Seoul National Journal, 2006, 12(2): 3-36.
 Pauwels K, Neslin S A. Building with bricks and mortar: The revenue impact of opening physical stores in a multichannel environment[J]. Journal of Retailing, 2015, 91(2): 182-197.
 Shankar V, Smith A K, Rangaswamy A. Customer satisfaction and loyalty in online and offline environments[J]. International Journal of Research in Marketing, 2003, 20(2): 153-175.
 Treisman A M. Monitoring and storage of irrelevant messages in selective attention[J]. Journal of Verbal Learning and Verbal Behavior, 1964a, 3(6): 449-459.
 Treisman A M. Verbal cues, language, and meaning in selective attention[J]. American Journal of Psychology, 1964b, 77(2): 206-219.
 Venkatesan R, Kumar V, Ravishanker N. Multichannel shopping: Causes and consequences[J]. Journal of Marketing, 2007, 71(2): 114-132.
 Verhoef P C, Kannan P K, Inman J J. From multi-channel retailing to omni-channel retailing: Introduction to the special issue on multi-channel retailing[J]. Journal of Retailing, 2015, 91(2): 174-181.
 Voorveld H A M, Smit E G, Neijens P C. Consumers’ cross-channel use in online and offline purchases[J]. Journal of Advertising Research, 2016, 56(4): 385-400.
 Wang K, Goldfarb A. Can offline stores drive online sales?[J]. Journal of Marketing Research, 2017, 54(5): 706-719.
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.
Previous: Organizational Responses to Institutional Complexity: Analytical Frameworks and a Research Model