In the realm of smart homes, a smart speaker functions as the central control hub, seamlessly connecting platforms, consumers, and manufacturers. The emerging smart home platforms such as T-Mall and Amazon face the trade-off between quality investment of such IoT product which exhibits two-sided network externalities as well as expanding the smart ecosystem. This paper first extracts consumers’ functional preferences from online review data and then constructs an analytical model based on two-sided market to explore the interplay between quality investment and two-sided pricing decisions. This paper carries out a full analysis of three distinct settings: monopoly, duopoly, and partial multihoming. The conclusions indicate that when one side benefits from network externalities, the platform should not reduce the charges to the other side; In cases where consumers are single-homing while manufacturers are multihoming, the platform can subsidize both sides and reap commission revenues. However, in multihoming scenarios, the interdependence between the platform's two sides diminishes, rendering the subsidy strategy potentially inefficient. The success of this strategy hinges on consumers' varying preferences for standalone value and ecosystem effect. This research enriches two-sided market theory and furnishes practical guidance for platforms navigating quality investment and pricing decisions within the smart home industry.

在智能家居领域，智能音箱充当中央控制枢纽，无缝连接平台、消费者和制造商。天猫、亚马逊等新兴智能家居平台面临着此类具有双向网络外部性的物联网产品的优质投资与扩大智能生态系统之间的权衡。本文首先从在线评论数据中提取消费者的功能偏好，然后构建基于双边市场的分析模型，探讨质量投资与双边定价决策之间的相互作用。本文对三种不同的设置进行了全面分析：垄断、双寡头和部分多宿主。结论表明，当一方从网络外部性中受益时，平台不应降低对另一方的收费；当消费者单归属、厂商多归属的情况下，平台可以对双方进行补贴，获得佣金收入。然而，在多宿主场景中，平台两端之间的相互依赖性减弱，导致补贴策略可能效率低下。这一战略的成功取决于消费者对独立价值和生态系统效应的不同偏好。这项研究丰富了双边市场理论，并为智能家居行业内进行优质投资和定价决策的平台提供了实践指导。