The Influence of the Similarity of Digital Transformation Orientation Between Enterprises and Large Customers on Customer Dependence

In recent years, the market has been depressed and large customers have frequently experienced black swan events, posing significant challenges for enterprises’ survival and development. Therefore, it is crucial to enhance the stability of large customers. Leveraging text analysis technology, this study empirically examines the impact of digital transformation orientation similarity on customer dependence and its underlying mechanism using data from Shanghai-Shenzhen A-share listed enterprises spanning 2016 to 2021. The findings reveal that: (1) Adopting a digital transformation orientation similar to key customers strengthens customer dependence and enhances customer stability. (2) Trust levels are enhanced, product enterprise standards are standardized and unified, and bargaining power is improved as intermediate mechanisms through which digital-transformation-oriented similarity positively influences customer dependence. (3) Heterogeneity tests considering external environmental factors and internal characteristics of enterprises show that in developed regions with low profitability or non-state-owned status, the positive impact of digital-transformation-oriented similarity on customer dependence becomes more prominent. These conclusions remain robust even after conducting endogenous tests. This paper not only provides new insights into exploring the similarity between enterprises’ digital transformation orientations and those of their major customers but also offers empirical evidence supporting the notion that an effective digital transformation strategy can facilitate rapid enterprise development.