We study how search and information frictions shape market dynamics in global e-commerce. Observational data and self-collected quality measures from AliExpress establish the existence of search and information frictions. A randomized experiment that offers new exporters exogenous demand and information shocks demonstrates the potential role of sales accumulation in enhancing seller visibility and overcoming these demand frictions. However, we show theoretically and quantitatively that this demand-reinforcement mechanism is undermined by a large number of online exporters. Our structural model rationalizes the experimental findings and quantifies efficiency gains from reducing the number of inactive sellers.

    本研究探讨搜索和信息摩擦如何影响全球电子商务的市场动态。来自阿里巴巴的数据和收集的质量衡量标准数据证实了搜索和信息摩擦的存在。一个向新出口商提供外生需求和信息冲击的随机实验证明了销售积累在提高卖方知名度和克服搜索和信息摩擦方面的潜在作用。然而，本研究从理论上和实证上表明，这种需求强化机制被大量的在线出口商所破坏。本研究通过构建结构模型，使实验结果合理化，并量化减少不活跃卖家数量带来的效率提升。