Frontiers in Business, Economics and Management ISSN: 2766-824X | Vol. 6, No. 3, 2022 225 Selection of Investment Mode for Cross‐border O2O Channel Construction Based on Cloud Model Hongyuan Li 1, 2, *, Changjun Liu1, 2, Xinyi Huang 1 1 School of Business, Lingnan Normal University, Zhanjiang 524048, China 2 Guangdong Coastal Economic Belt Development Research Center, Zhanjiang 524048, China * Corresponding author Abstract: In the era of rapid development of the Internet, cross-border electronic commerce is becoming more and more prosperous, and many enterprises are beginning to invest abroad in the form of cross-border online-to-offline (O2O) to explore foreign markets. Under this background, this paper focuses on the choice of foreign investment mode of enterprises when they build cross-border O2O channels, and establishes an appropriate evaluation system of investment mode for cross-border O2O channel construction. On the basis of the evaluation system, Cloud Model is used to analyze and compare Greenfield investment, Joint Venture investment and Merger & Acquisition investment, so as to determine the best investment mode of cross-border O2O channel construction for enterprises. Moreover, cross-border O2O channel management proposals are put forward. This paper can provide guidance and reference for Sichuan-style enterprises or other types of domestic enterprises to choose the investment mode when constructing cross-border O2O channels. Keywords: Online-to-offline, Cross-border, Foreign investment, Cloud Model, Szechuan sauce enterprises. 1. Introduction With the acceleration of economic globalization, cross- border O2O, as a new economic growth mode, occupies an increasingly important position in the trade of various countries. At the same time, the Belt and Road Initiative proposed in 2013 has brought important opportunities for China to establish a wider range and higher level of cooperative relations with countries along the route, and created opportunities for the development of intra-regional trade. This not only strengthens the economic exchanges between China and neighboring countries, but also promotes the development of cross-border O2O mode. At present, enterprises in China generally have a strong awareness of going out. Opening up the international market and carrying out transnational marketing have increasingly become the consistent strategic choice of many enterprises in China. Exploring foreign markets and conducting marketing has increasingly become the consistent strategic choice of many enterprises in China. In the past, there used to be obvious barriers between online sales and offline physical sales. Online sales focus on convenience and cost performance, while offline physical store sales focus on service and experience. Now, the new retail era comes and the boundaries between online sales and offline physical store sales gradually disappear. Online sales and offline sales merge into online to offline. Many enterprises have opened up online and offline channels and laid out O2O experience stores to achieve better development. Cross-border O2O Experience Store allows operators to make full use of data to mine customers’ consumption behavior, fully understand customers’ needs and abilities, and formulate better sales strategies. At present, some Szechuan sauce enterprises have used online to offline to achieve cross- regional cooperation, which has achieved the effect of online accumulation of attention and consumption flow, offline experience and guided purchase (163.com, 2015). However, at present, there are few studies on cross-border O2O, and the existing studies mainly focus on O2O or cross-border e- commerce. With regard to O2O researches, Xu et al. (2018) model O2O supply chain with online subsidies service to analyze the influence of demand disruption on O2O supply chain performance and discuss the optimization of O2O supply chain with online subsidies service to face demand disruption. Lee et al. (2022) study the systematic method of defining O2O. Yao et al. (2022) summary and classify the literature on consumer behavior in O2O papers from 2015 to April 2022. With regard to cross-border e-commerce researches, Zhou et al. (2022) study the supply chain risk factors of B2C cross-border e-commerce and put forward avoidance strategies. Ma et al. (2019) propose a framework to investigate the sustainable development of the cross-border online purchase intention. Han and Kim (2019) establish a cross-border electronic commerce dedicated research model that theorizes links between different types of CBEC motivations, information technology use patterns, consumer informedness and purchase intentions. Xiao et al. (2019) analyze the online shopping context that determines consumers’ purchase intention and innovatively identifies four cues that promote this consumption behavior in cross- border e-commerce, such as online promotion cues, content marketing cues, personalized recommendation cues, and social review cues. Mou et al. (2019) develop and test a model of the uncertainties and benefits influencing the repurchase intentions of buyers in cross-border e-commerce. Mou et al. (2020) investigate the impact of product description and involvement on purchase intention in a cross-border e- commerce setting from a psychological perspective. These studies all discuss the problems of O2O or cross-border e- commerce separately, but do not study the combination of the two. Tim (2019) select regional cross-border e-commerce experience stores as the research object and analyze the macro and micro environment of marketing and existing problems combined with field research. However, Tim’s study only involves the marketing of cross-border O2O. At present, there is no research to discuss the investment mode of cross-border 226 O2O. The existing research can’t guide Szechuan sauce enterprises to choose the investment mode of cross-border O2O channel construction. To sum up, in view of the lack of current researches and practical needs, this paper focuses on the selection of foreign investment mode when Szechuan sauce enterprises construct cross-border O2O channels, and establishes an appropriate evaluation system of investment mode for cross-border O2O channel construction. On the basis of the evaluation system, it uses Cloud Model to analyze and compare Greenfield investment, Joint Venture investment and Merger & Acquisition investment, so as to determine the best investment mode of cross-border O2O channel construction for enterprises. Then, it puts forward cross-border O2O channel management proposals. 2. Evaluation system of investment mode for cross-border O2O channel construction According to the characteristics of cross-border O2O channel construction and the actual situation of overseas investment of Sichuan-style enterprises, this paper divides the influencing factors of O2O channel construction investment mode evaluation into enterprise capability factors, host country-specific factors, industrial factors, control and risk factors. 2.1. Enterprise capability factors Enterprise capability factors include technical capability factor, international operation capability factor and financial capability factor. a. Technical capability. Technology plays an important role in the development of enterprises. The technological capability of an enterprise can come from its own. Moreover, it also can come from outside. For example, an enterprise can gain technological advantages through Joint Venture investment and Merger & Acquisition investment to ensure the new vitality of products and promote the continuous development of enterprises. In O2O model, when enterprises have obvious technological advantages, enterprises can better control overseas subsidiaries by choosing Greenfield investment. When the technical levels of enterprises are low, Joint Venture investment or Merger & Acquisition investment can enable the enterprises to quickly obtain the supports of advanced technologies. b. International operation capability. International management ability factor has an important influence on investment mode. Generally speaking, an enterprise’s international operation experience is directly proportional to its international operation ability. For an enterprise with high awareness of target market country, more international experience and certain cross-border O2O marketing experience, Greenfield investment should be adopted. Joint Venture investment or Merger & Acquisition investment is adopted for those with low awareness of the target market and weak experience in international operation. Joint Venture investment or Merger & Acquisition investment can enable an enterprise to quickly enter the target market and reduce business risks. c. Financial capability. The cross-border O2O commodity sales and recovery cycle are long, so the capital requirements of enterprises are high. If the financial capacity of an enterprise is relatively strong, it can choose to invest in green space. If the financial capacity of an enterprise is weak, it should choose Joint Venture investment in overseas countries with a high degree of economic development, while it should choose Merger & Acquisition investment in overseas countries with a low degree of economic development. 2.2. Host country-specific factors a. Cultural distance. Cultural differences between the host country and the home country will affect foreign investment decision of an enterprise. When the social and cultural gap between the target market country and the home country is small, Greenfield investment can be adopted. In this way, the enterprise can control the O2O stores. When there is a big gap between the social culture of the target market country and that of the home country, Joint Venture investment or Merger & Acquisition investment enables the enterprise to make use of the channel resources and brand advantages of the host country’s enterprise to quickly enter the local market. b. Policy guideline. Market barriers are obstacles set by the host country of to prevent and restrict the import of various commodities. Greenfield investment can bypass the host country’s trade protection and trade barriers, reduce expensive tariffs and transportation costs, and easily gain more international market share. Merger & Acquisition investment is easily restricted by local laws and policies. If the host country‘s policy of attracting foreign investment is strict, it will create obstacles to Joint Venture investment and Merger & Acquisition investment. On the contrary, if the host country’s policy of absorbing foreign capital is relaxed, it will promote them. c. Economic development level. To build a cross-border O2O experience store, it is necessary to choose the appropriate foreign investment mode according to the local economic development level. If the local economic development level is low, Greenfield investment can be adopted. If the local economy has a high degree of development and the local enterprises have a high operating efficiency, it is more favorable to choose Joint Venture investment or Merger & Acquisition investment. That will enable the enterprise to make full use of local capital markets, financial intermediaries and perfect infrastructure. 2.3. Industrial factors a. Consumer market. In cross-border O2O mode, if the host country’s consumer market is large, and the corporate brand has a certain recognition and popularity, Greenfield investment should be adopted. On the contrary, the enterprise should adopt Joint Venture investment or Merger & Acquisition investment, which will be more conducive to grasping market opportunities and entering the target market. b. Industry competitors. In cross-border O2O mode, if the host country’s market competition is small, an enterprise can choose to Greenfield investment into foreign market. On the contrary, Joint Venture investment or Merger & Acquisition investment will be more conducive for the enterprise to enter the host country’s market quickly. c. Speed Economy. Speed economy refers to the economy in which an enterprise quickly meets the needs of customers and brings excess profits. Joint Venture investment or Merger & Acquisition investment can enable an enterprise to quickly enter the host market, thus gaining speed economy. Relatively speaking, Greenfield investment has the characteristics of 227 long construction period and long investment return time. 2.4. Control and risk factors a. O2O store management control right. Choosing Greenfield investment can make an enterprise gain complete control right. Such a simple ownership structure can effectively avoid disputes over ownership and control. Merger & Acquisition investment can make the enterprise have certain actual control right. Joint Venture investment may make the control right fall into the hand of partner. That is not conducive to the implementation of the enterprise’s own marketing strategy of O2O. b. Trade secret security. Choosing Greenfield investment will help an enterprise to take the initiative and avoid the leakage of important technologies and commercial secrets. Joint Venture investment may cause enterprises to lose control of stores and cause the leakage of trade secrets. Merger & Acquisition investment may also lead to low loyalty of former employees, thus revealing the business secrets of enterprises. Therefore, the evaluation index system of investment mode for cross-border O2O channel construction set in this paper is shown in Figure 1. Figure 1. The evaluation index system of investment mode for cross-border O2O channel construction 3. Selection of Investment Mode for Cross-border O2O Channel Construction Based on Cloud Model 3.1. Define Cloud Model Cloud model is an uncertainty transformation model between a qualitative concept expressed by linguistic values and its quantitative representation. It mainly reflects the fuzziness and randomness of concepts in the objective world or human knowledge. Cloud model has three digital characteristics: Expected value (Ex), Entropy en (En) and super entropy (He). Ex is the expectation of cloud droplets’ spatial distribution in universe of discourse, which represents the point value of qualitative concept. It reflects the cloud center of the cloud droplet group. En is the degree of uncertainty, which is determined by the degree of dispersion and ambiguity. It reflects the uncertainty and fuzziness of cloud droplet distribution. He is the uncertainty measure of En. The larger He is, the greater the uncertainty of the model and the greater the thickness of the cloud. The algorithm steps of forward cloud generator are as follows. (1) Generate a normal random number En with En as expectation and He2 as variance (2) Generate a normal random number x with Ex as expectation and En2 as variance (3) Calculate membership degree  2 2 exp 2 x Ex y En          (4) Combine  ,x y to form cloud droplet (5) Repeat steps 1~4 until N numbers of cloud droplet are generated 3.2. Data reduction This questionnaire takes JD Company as the research object. According to the reality of JD Company, combined with 11 influencing factors of investment mode for cross-border O2O channel construction, Greenfield investment, Joint Venture investment and Merger & Acquisition investment are scored. The scoring range is 0~100. Taking Greenfield investment as examples, this paper shows evaluation scores, as shown in Table 1. Table 1. Scores of Greenfield investment Scorer Index P1 P2 P3 P4 P5 P6 P7 P8 P9 P10 A1 94 88 79 85 86 96 83 89 90 92 A2 85 85 89 81 76 87 84 68 80 78 A3 90 75 95 70 88 65 81 85 80 86 B1 75 81 80 69 82 85 81 90 83 78 B2 85 89 88 95 91 89 89 87 90 92 B3 90 82 81 85 85 88 83 91 87 86 C1 92 88 90 86 87 81 90 92 85 95 C2 85 75 68 85 80 77 91 89 82 78 C3 88 75 72 79 70 85 78 90 80 82 D1 89 90 95 88 95 96 91 84 92 98 D2 89 92 93 85 90 90 95 88 90 95 3.3. Cloud model analysis and comparison of investment mode for cross-border O2O channel construction 3.3.1. Cloud atlas analysis and comparison of three investment modes of each index According to the scores of the three investment modes, combined with the principle of Cloud Model, MATLAB software is used to calculate digital characteristic values and generate the cloud model diagrams of each index of the three investment modes. The digital characteristic values of each index of the three investment modes are shown in Table 2. In addition, taking technical ability, international management ability, financial ability and cultural distance as examples, this paper shows the cloud model diagrams, as shown in Figure 228 1~4. Table 2. The digital characteristic values of each index of the three investment modes Mode Index Greenfield investment Joint Venture investment Merger & Acquisition investment Ex En He Ex En He Ex En He A1 88.2 5.0133 1.2204 80.4 9.0239 0.6262 82.5 5.3893 2.3358 A2 81.3 5.8906 1.8800 90.5 3.1333 0.4879 85.4 5.9156 2.0398 A3 81.5 9.1492 1.6710 89.4 2.2560 0.5370 84.5 4.2613 1.1093 B1 80.4 4.9130 1.6710 89.6 4.2613 1.5977 86.2 4.7125 1.6239 B2 89.5 2.5066 1.1524 81.4 7.4196 2.7677 80.9 7.6452 1.5936 B3 85.8 3.2586 0.4752 80.6 7.4196 1.1992 82.9 5.1386 1.1182 C1 88.6 4.0106 0.6356 81.1 5.8906 1.2741 85.6 5.3642 1.9841 C2 81 6.7679 1.3233 87.6 3.7599 0.7576 84 4.7626 0.9345 C3 79.9 6.3919 1.4603 89.8 2.5568 0.9870 87.4 3.2586 0.3042 D1 91.8 4.2613 0.1392 72.8 7.7204 1.6719 85.3 5.9658 1.2376 D2 90.7 3.0581 0.6611 72.60 6.0159 1.0893 85.7 5.8154 1.5539 Figure 1. Evaluation cloud diagrams of the three investment modes in terms of technical capability aspect From Figure 1, we know that the value Ex of Greenfield investment is the highest. That shows Greenfield investment is the final choice in decision-making in terms of technical capability aspect. The value En of Joint Venture investment is the largest, and the horizontal axis of cloud coverage is relatively large. It shows that the dispersion and ambiguity of Joint Venture investment are relatively high. The value He of Merger & Acquisition investment is the largest, and the thickness of cloud drops is the largest. It shows that the randomness of the membership degree of Merger & Acquisition investment is large, and the uncertainty of choosing Merger & Acquisition investment is high. Therefore, in terms of technical capability aspect, JD Company has the ability to carry out Greenfield investment.   Figure 2. Evaluation cloud diagrams of the three investment modes in terms of international operation capability aspect From Figure 2, we know that the value Ex of Joint Venture investment is the highest. That shows Joint Venture investment is the final choice in decision-making in terms of international operation capacity aspect. The value En of 60 70 80 90 100 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1 Score in terms of technical capability aspect M em be rs hi p d eg re e Greenfield investment M em be rs hi p de gr ee M em b er sh ip d eg re e Score in terms of technical capability aspect Score in terms of technical capability aspect 60 70 80 90 100 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1 Joint Venture investment 60 70 80 90 100 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1 Merger & Acquisition investment 60 70 80 90 100 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1 Score in terms of international operation capability aspect M em b er sh ip d eg re e Greenfield investment 60 70 80 90 100 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1 Score in terms of international operation capability aspect M em b er sh ip d eg re e Joint Venture investment 60 70 80 90 100 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1 Score in terms of international operation capability aspect M em b er sh ip d eg re e Merger & Acquisition investment 229 Merger & Acquisition investment is the largest, and the horizontal axis of cloud coverage is relatively large. It shows that the dispersion and ambiguity of Merger & Acquisition investment are relatively high. The value He of Merger & Acquisition investment is the largest, and the thickness of cloud drops is the largest. It shows that the randomness of the membership degree of Merger & Acquisition investment is large, and the uncertainty of choosing Merger & Acquisition investment is high. Therefore, Joint Venture investment chosen by JD Company is more conducive to quickly entering the international market. In addition, JD Company should make full investigation and accurate positioning in foreign markets, and formulate appropriate internationalization strategies. Figure 3. Evaluation cloud diagrams of the three investment modes in terms of financial capability aspect From Figure 3, we know that the value Ex of Joint Venture investment is the highest. That shows Joint Venture investment is the final choice in decision-making in terms of financial capability aspect. The value En of Greenfield investment is the largest, and the horizontal axis of cloud coverage is relatively large. It shows that the dispersion and ambiguity of Greenfield investment are relatively high. The value He of Greenfield investment is the largest, and the thickness of cloud drops is the largest. It shows that the randomness of the membership degree of Greenfield investment is large, and the uncertainty of choosing Greenfield investment is high. Limited by the development model and affected by the epidemic in 2020-2022, JD Company’s business was affected for three consecutive years, and its capital capacity declined. Therefore, Joint Venture investment is more beneficial for JD Company to invest cross-border O2O channel. Figure 4. Evaluation cloud diagrams of the three investment modes in terms of cultural distance aspect From Figure 4, we know that the value Ex of Joint Venture investment is the highest. That shows Joint Venture investment is the final choice in decision-making in terms of financial capability aspect. The value En of Greenfield investment is the largest, and the horizontal axis of cloud coverage is relatively large. It shows that the dispersion and ambiguity of Greenfield investment are relatively high. The value He of Greenfield investment is the largest, and the thickness of cloud drops is the largest. It shows that the randomness of the membership degree of Greenfield investment is large, and the uncertainty of choosing Greenfield investment is high. JD Company prefers to invest cross-border O2O channel in countries with higher economic development level. Although China's traditional cuisine is getting more and more attention in high-end markets such as Europe and America, the local culture is quite different from that of China. Joint venture investment can enable JD Company to make use of the channel resources and brand 60 70 80 90 100 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1 Score in terms of financial capability aspect M em be rs h ip d eg re e Greenfield investment 60 70 80 90 100 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1 Score in terms of financial capability aspect M em be rs h ip d eg re e Joint Venture investment 60 70 80 90 100 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1 Score in terms of financial capability aspect M em be rs h ip d eg re e Merger & Acquisition investment 60 70 80 90 100 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1 Score in terms of cultural distance aspect M em b er sh ip d eg re e Greenfield investment 60 70 80 90 100 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1 Score in terms of cultural distance aspect M em b er sh ip d eg re e Joint Venture investment 60 70 80 90 100 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1 Score in terms of cultural distance aspect M em b er sh ip d eg re e Merger & Acquisition investment 230 advantages of host country enterprises to enter the local market quickly. 3.3.2. Analysis and comparison of comprehensive cloud evaluation diagrams of the three investment modes Table 3. The digital characteristic values Mode Charact eristic Greenfield investment Joint Venture investment Merger & Acquisition investment Ex 85.3364 83.25455 84.58182 En 5.0201 5.405209 5.293555 He 1.11723 1.181418 1.439536 Figure 5. Comprehensive evaluation cloud diagrams of Greenfield investment Figure 6. Comprehensive evaluation cloud diagrams of Joint Venture investment Figure 7. Comprehensive evaluation cloud diagrams of Merger & Acquisition investment According to Table 3 and Figure 5~7, it can be seen that the value Ex of Greenfield investment is the highest, which shows that JD Company prefers to choose Greenfield investment mode when investing in cross-border O2O channel construction. JD Company is a Szechuan sauce enterprise with a long history, and its strength is relatively strong. In addition, the physical and online retail channels of JD Company in China are relatively perfect. JD Company’s products not only sell well in the domestic market, but also export to dozens of countries such as the United States, Canada, Australia and Japan. JD Company is a national key leading enterprise of agricultural industrialization, which integrates research and development, professional production and brand marketing of Szechuan sauce, and has high requirements for the safety of important technologies and commercial secrets. Considering comprehensively, JD Company is more suitable to choose Greenfield investment as the foreign investment mode when constructing cross-border O2O channels. In addition, for JD Company, although Joint Venture investment is not the best mode, Joint Venture investment in Cross-border O2O can reduce the cultural distance, absorb the operating experience of foreign enterprises, and obtain higher speed economy. It has great advantages for enterprises that are expanding their business abroad for the first time. Therefore, it is also possible for JD Company to invest overseas in Cross-border O2O as a Joint Venture. However, they need to avoid the problems of management control rights and trade secrets, and make relevant agreements and record them accordingly. 4. Suggestions on cross-border O2O channel management 4.1. Strengthen supply chain management measures Szechuan sauce enterprises can adopt the demand-driven planning model based on real-time demand, and establish an adaptable and agile supply chain. This will help enterprises to adjust their supply chain to adapt to the changing market opportunities and meet the changing market demand. At the same time, Szechuan sauce enterprises should collect product information and form a product database, so as to provide product data support for product R&D and strategic decision. The business plans formulated by enterprises should be consistent with the supply chain strategies. That helps to build a sustainable supply chain. 4.2. Set up a special organization. Szechuan sauce enterprises should set up special organizations to manage O2O channels, which centralized management and marketing for all sales channels. The interconnection of all data can realize the integration and unified management of order processes in different channels. At the same time, it helps to meet all customers’ shopping needs and create a smart shopping experience. Specialized organizations communicate with customers through various channels and digitize customers and their behaviors.. 4.3. Prevent channel associated risks When O2O mode is applied to the terminal of the cross- border channel, it lurks great risks. The combination of online and offline services, the shortage of offline services and the impact of information asymmetry may cause certain business 60 65 70 75 80 85 90 95 100 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1 Comprehensive evaluation score M em b er sh ip d eg re e Greenfield investment 60 65 70 75 80 85 90 95 100 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1 Comprehensive evaluation score M em b er sh ip d eg re e Joint Venture investment 60 65 70 75 80 85 90 95 100 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1 Comprehensive evaluation score M em b er sh ip d eg re e Merger & Acquisition investment 231 risks. Szechuan sauce enterprises should guard against the joint risks of cross-border O2O channel. In addition, Enterprises should also do a good job in risk prevention and response mechanisms, such as accurately grasping the operating status of O2O stores, formulating emergency plans and clarifying remedial measures. 5. Conclusion Nowadays, with the continuous development of Internet technology, the market competition is becoming increasingly fierce. If an enterprise wants to survive for a long time, it should be well prepared for internationalization in addition to managing domestic business. Cross-border O2O is conducive to the promotion of products by enterprises that are exploring overseas markets for the first time. As one of the traditional characteristic foods of China, Szechuan sauce has been loved by foreign consumers in recent years. Therefore, enterprises can promote Szechuan sauce to overseas markets through cross-border O2O channels. Focusing on the selection of investment mode for cross- border O2O channel construction, this paper takes greenfield investment, joint venture investment and mergers and acquisitions as evaluation objects, and establishes an appropriate evaluation system for cross-border O2O investment mode. Taking JD Company as an example, the cloud model is used to analyze and compare these three investment modes, so as to determine the best investment mode of the enterprise. In addition, the evaluation index system and cloud model evaluation method of investment mode for cross-border O2O channel construction established in this paper are universal, and can also be used for reference by other types of enterprises. This paper is expected to provide reference for Szechuan sauce enterprises and other types of enterprises preparing to explore foreign market. Acknowledgment We graciously acknowledge the helpful comments of the Editor and the anonymous reviewers. This work was supported by the Fund Project of Sichuan Cuisine Development and Research Center, Key Research Base of Philosophy and Social Sciences of Sichuan Province, China (Grant No. CC18G05). References [1] 163.com, 2015. The food capital is becoming more and more international. https://www.163.com/news/article/B5VFC2BM00014Q4P.ht ml. [2] Xu Q, Wang W J, Liu Z, et al. The influence of online subsidies service on online-to-offline supply chain[J]. Asia-Pacific Journal of Operational Research, 2018, 35(02): 1840007. [3] Lee P T Y, Feiyu E, Chau M. Defining online to offline (O2O): a systematic approach to defining an emerging business model[J]. Internet Research, 2022 (ahead-of-print). [4] Yao P, Osman S, Sabri M F, et al. Consumer Behavior in Online-to-Offline (O2O) Commerce: A Thematic Review[J]. Sustainability, 2022, 14(13): 7842. [5] Zhou L, Wang J, Li F, et al. Risk Aversion of B2C Cross- Border e-Commerce Supply Chain[J]. Sustainability, 2022, 14(13): 8088. [6] Ma Y, Ruangkanjanases A, Chen S C. Investigating the impact of critical factors on continuance intention towards cross- border shopping websites[J]. Sustainability, 2019, 11(21): 5914. [7] Han J H, Kim H M. The role of information technology use for increasing consumer informedness in cross-border electronic commerce: An empirical study[J]. Electronic Commerce Research and Applications, 2019, 34: 100826. [8] Xiao L, Guo F, Yu F, et al. The effects of online shopping context cues on consumers’ purchase intention for cross-border E-Commerce sustainability[J]. Sustainability, 2019, 11(10): 2777. [9] Mou J, Cohen J, Dou Y, et al. International buyers’ repurchase intentions in a Chinese cross-border e-commerce platform: A valence framework perspective[J]. Internet Research, 2019. [10] Mou J, Zhu W, Benyoucef M. Impact of product description and involvement on purchase intention in cross-border e- commerce[J]. Industrial Management & Data Systems, 2020, 120(3): 567-586. [11] Tian M. The in-depth marketing environment of cross-border e-commerce experience stores[J]. Ekoloji, 2019, 28(107): 2861-2864. [12] Xu Q, Xu K. Evaluation of ambient air quality based on synthetic cloud model[J]. Fresenius Environ. Bull, 2018, 27: 141-146.