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.