To Boost Sales in E-Commerce: More or More Aligned? Dual Dimensions of Hashtag Strategy and the Moderating Role of Influencers' Adaptive Self-Presentation

Abstract

In the crowded landscape of social media, hashtags serve not only as navigational tools but also as strategic signals of meaning and intent. This study examines how hashtag strategies-specifically semantic similarity with post content and usage frequency-affect sales outcomes in influencer-driven electronic commerce. Drawing on self-presentation theory, we analyze panel data from Instagram posts to explore how these hashtag dimensions interact with influencers' self-presentation styles. The results show that hashtag-posting similarity significantly enhances sales, particularly among influencers exhibiting a Judging (J)-type self-presentation marked by structured and purposeful communication. In contrast, hashtag frequency alone does not increase sales performance and may even diminish it, indicating that excessive use can be counterproductive. However, for J-type influencers, an increase in hashtag frequency yields positive effects when it is deployed within a coherent and structured self-presentation framework, strengthening trust and ultimately enhancing conversion rates. These findings highlight that both what is said (semantic content) and how much is said (frequency) matter, but their effects depend on influencers' expressive styles. The study provides actionable insights for marketers and brands, suggesting that effective hashtag strategies should align with influencers' self-presentation tendencies rather than follow standardized or quantitative rules.