为探究店播与达人播策略对中小型零售商的价值，运用序贯博弈，在不考虑和考虑制造商入侵的情境下，分别讨论中小型零售商在不进行直播、采用店播及采用达人播策略下的利润。研究发现：在特定条件下，店播和达人播策略均有助于中小型零售商实现销量增长；店播策略对中小型零售商是否存在价值与制造商入侵存在与否密切相关，但无论是否存在制造商入侵，对于消费者接受度较低的中小型零售商而言，达人播策略始终存在价值；中小型零售商在面对制造商入侵时，采用店播策略难以有效应对，但在特定条件下，若采用达人播策略，则可有效缓解由此带来的利润损失。

To investigate the effectiveness of store-built live streaming and influencer-led live streaming strategies for small and medium-sized retailers, this study employs sequential games to analyze the profits of small and medium-sized retailers under three distinct strategies: refraining from live streaming, adopting store-built live streaming, and adopting influencer-led live streaming in scenarios both with and without manufacturer encroachment. The results reveal that, under certain conditions, both store-hosted live streaming and influencer-led live streaming strategies can effectively drive sales growth for small and medium-sized retailers. Furthermore, the effectiveness of a store-built live streaming strategy for such retailers depends significantly on the existence of manufacturer encroachment. In contrast, an influencer-led live streaming strategy remains effective for such retailers with low consumer acceptance, regardless of whether manufacturer encroachment exists. When confronted with manufacturer encroachment, small and medium-sized retailers struggle to respond effectively with a store-built live streaming strategy. However, under certain conditions, adopting an influencer-led live streaming strategy can significantly mitigate the profit losses caused by such encroachment.