Abstract: In the context of vendor managed inventory, the influence of consumers' online reference quality effect, offline inventory effect and channel preference on the operation strategy of supply chain members are studied. Using differential game theory and continuous dynamic programming theory, the members' strategies and performance under three modes of independent operation, independent operation based on cost-sharing contract of supplier service, and cooperative operation are obtained. The comparative analysis shows that cost-sharing contract of supplier service can encourage the retailer to improve the service of offline products, so as to improve the performance of independent operation mode in Pareto.
In order to further coordinate the decentralized supply chain, the contract of supplier benefit sharing and bilateral cost sharing is designed based on the unilateral cost-sharing contract of supplier service. The numerical example shows that whether the contract of supplier benefit sharing and bilateral cost sharing is accepted by the members of the supply chain is related to the profit-sharing proportion of the supplier. Under the premise that this contract is valid, the members' strategies of this contract are to reach the level of cooperative operation when the cost-sharing proportion of the members meets certain conditions. At this time, this contract can achieve perfect coordination of the performance of decentralized supply chain.
By the research on consumers' online reference quality effect, offline inventory effect and channel preference, it shows that reference quality effect can reduce the enthusiasm of the supplier's big data marketing service and the retailer's offline service, but can motivate the supplier to improve the product quality. At the same time, consumers' reference quality rely excessively on goodwill will easily lead to "anchoring mentality", which will not only inhibit the enthusiasm of channel members in production and service, cause inventory backlog, hinder the accumulation of goodwill, lead to the reduction of profits of enterprises, but also not conducive to consumers to obtain a higher and better shopping experience. Secondly, for inventory effect, enterprises should increase the production quantity appropriately, and reduce the product quality, big data marketing service and offline service level accordingly. Finally, the influence of consumers' different channel preference on enterprise decision-making is different.

Key words: vendor managed inventory, reference quality effect, inventory effect, channel preference, differential game