Should KOL live streaming be adopted? A target-oriented newsvendor analysis of supply chain performance
研究品牌商是否应引入KOL直播渠道，分析在零售商风险中性或目标导向下，KOL直播对供应链协调和利润的影响，发现其能缓解目标导向零售商的过度订货问题。
The rapid emergence of live-streaming e-commerce has prompted supply chains to explore whether and when Key Opinion Leader (KOL) live-streaming should be adopted alongside traditional retail channels. This paper investigates a dual-channel supply chain involving a brand owner and a retailer. The brand owner decides whether to engage a KOL for online sales, while the retailer can be risk-neutral or target-oriented. To capture behavioural decisions under uncertainty, we build a Stackelberg newsvendor model using Conditional Value-at-Risk (CVaR) satisficing measure to represent target-based strategies. Four channel configurations are analysed: with or without KOL, and with a risk-neutral or target-oriented retailer. Our analysis shows that introducing KOL live-streaming can mitigate the inefficiencies caused by the retailer's target-based over-ordering, leading to an ‘enhancement effect’ in both supply chain coordination and total profit. We also derive optimal commission and pricing policies under different structures, and identify threshold effects concerning retailer demand belief and KOL effort. Managerially, the results suggest that KOL live-streaming is most effective when retailers are target-oriented and hold optimistic demand expectations. Our findings offer practical insights for platform operators, brand manufacturers, and omnichannel retailers considering hybrid channel strategies under evolving digital commerce landscapes.