The impact of e-commerce platform operation mode on operation capability--empirical analysis based on marketing investment and financial performance

The rapid development of the e-commerce industry has led to the differentiation of its operational models into platform based, self-operated, and omnichannel models. This study focuses on exploring the impact of marketing strategies on the financial performance of e-commerce enterprises and their mechanisms in different operating models, providing theoretical support for optimizing resource allocation and formulating targeted strategies for enterprises. Based on the financial data of companies such as Alibaba, Pinduoduo, and Meituan from 2019 to 2024, this study constructs a two-way fixed effects model and a mixed effects model. It conducts hypothesis testing through F-test, Hausman test, and BP test. Research has shown that asset turnover efficiency is the key to improving ROA in omnichannel models. In the self-operated model, controlling marketing costs is more effective in improving ROA than expanding liabilities. Under the platform model, the light asset nature significantly affects the profitability of the debt structure, while the impact on operational cost efficiency is weak. The study reveals the differential financial impact mechanism of marketing investment in different e-commerce models, providing empirical evidence for enterprises to implement precise policies.