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Impact of digital marketing stimuli on product sales in platform enterprises: Moderating and heterogeneity effects of consumer attention

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  • Ma, Weina
  • Yong, See Chen

Abstract

This study examines Chinese listed platform enterprises to explore how digital marketing affects product sales. Using panel data and multiple empirical methods, including baseline regression, moderation effect analysis, and heterogeneity analysis, we analyze both the direct impact of digital marketing on sales and the moderating role of consumer attention. Results show that digital marketing significantly improves product sales performance. Heterogeneity analysis indicates that its effectiveness differs by firm size and R&D investment level. Moreover, consumer attention positively moderates the relationship between digital marketing and product sales, with this moderating effect varying across firms with different customer acquisition costs.

Suggested Citation

  • Ma, Weina & Yong, See Chen, 2025. "Impact of digital marketing stimuli on product sales in platform enterprises: Moderating and heterogeneity effects of consumer attention," Finance Research Letters, Elsevier, vol. 86(PB).
    • Handle: RePEc:eee:finlet:v:86:y:2025:i:pb:s1544612325017271
    DOI: 10.1016/j.frl.2025.108473
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    References listed on IDEAS

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