Abstract: As competition in online retail intensifies, live-stream promotion has become a critical marketing tool. However, strategic consumers’ intertemporal waiting behavior poses new challenges to retailers’ live-streaming promotion decisions. Based on consumers’ strategic purchasing behavior, this paper develops two-stage pricing decision models for retailers under platform-based promotions and live-streaming promotions. It further analyzes the influence of strategic consumer behavior, the extent to which live streaming affects consumers’ product valuations, and the streamer’s commission rate on the retailer’s optimal pricing and promotional strategies. The results show that both the degree to which live streaming enhances consumers’ product valuations and the streamer’s commission rate can either amplify or mitigate strategic consumer behavior. Optimal pricing and discount rates under live-streaming promotions are not always lower than those under platform promotions. Compared with platform promotions, live-streaming promotions do not always yield higher profits for retailers. Only when the streamer’s commission rate is low and live streaming effectively increases consumers’ product valuations can live-streaming promotions significantly enhance retailer profits. Moreover, the higher the proportion of strategic consumers and the stronger their strategic behavior, the more pronounced the profit advantage of live-streaming promotions over platform promotions. Under certain conditions, live-streaming promotions can also increase consumer surplus and social welfare. This paper identifies key factors influencing firms’ promotional decisions in live-streaming contexts and provides theoretical guidance for online retailers to optimize their promotional strategies.

Key words: strategic consumers, two-stage pricing strategy, promotion strategy, live-streaming marketing

摘要： 随着网络零售竞争日益激烈，直播促销已成为重要的营销手段,而策略消费者的跨期等待行为对零售商直播促销决策提出了新的挑战。本文基于消费者的策略性购买行为，针对零售商是否在促销期引入直播销售策略，分别构建零售商在平台促销与直播促销两种模式下的两阶段定价决策模型，并分析了消费者的策略购买行为、直播对消费者产品估值的影响程度及主播佣金率对零售商最优定价和促销策略的影响。研究结果表明：直播对消费者产品估值的提升幅度以及主播佣金率均可能加重或缓解消费者策略性行为。直播促销模式下的最优定价与折扣系数并不总是低于平台促销模式。与平台促销模式相比，直播促销并不总是能为零售商带来更高的利润；只有当主播的佣金率不高，且直播能有效提高消费者对产品的估值时，直播促销才能显著增加零售商利润。此外，策略消费者比例越高、其策略行为强度越大，直播促销相较于平台促销所带来的利润优势越显著。在特定条件下，直播促销还可提升消费者剩余与社会总福利。本研究揭示了直播营销情景下企业促销决策的关键影响因素，为网络零售商优化促销策略提供了理论依据。

关键词: 策略消费者, 两阶段定价策略, 促销策略, 直播营销