講座題目：Online Extension and Channel Bargaining Power
Due to the rapid growth of e-commerce, more and more manufacturers have begun to sell in online stores in addition to previously established physical stores. In this paper, we seek to understand whether and how the introduction of an online channel by a manufacturer impacts the bargaining power of the manufacturer vis-`a-vis the traditional intermediary. We leverage data on consumers’ staggered adoption of a large apparel manufacturer’s online channel and use a difference-in-differences approach to empirically identify our results. The results show that the online channel enhances the manufacturer’s relative bargaining power, with a 2% reduction in commission rates accrued to the offline intermediaries. The increased bargaining power leads to an annual saving of approximately US$1.7 million for the manufacturer. We further demonstrate that the improvement in the manufacturer’s relative bargaining power comes from the increased value of the manufacturer’s outside channel options of selling their products over physical stores. We provide insights for manufacturers about how they can increase their bargaining power and revenue sharing in the traditional channel in the digital age.