Online intermediaries have become important information sources for consumers' purchase decision making. However, the economic values of consumer visits to two online intermediaries, namely, online community and product channel, have not been well studied. By collecting a dataset on consumer visits from a large real estate website to match with local offline housing sales data, we empirically explore the respective, relative, and interaction effects of consumer visits to online communities and product channels on sales of large consumer goods. We control for relevant factors, account for potential endogeneity issues, and perform various robustness checks to validate the consistency of our findings. Our results show that consumer visits to online communities have a more significant effect than those to product channels in driving sales. However, the interaction effect of consumer visits to these two online intermediaries on sales is negative. We also find that consumer website-related experience has a significant moderating effect on the relationship between consumer visits to product channels and sales. Our findings provide important theoretical contributions and managerial implications.
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