<p>With the rapid development of e-commerce, many online retailers are adopting sales modes that combine online shopping and live broadcasting, known as live commerce. In this paper, game models are established to describe and analyze three live commerce modes: self-broadcast mode, retailer-dominant cooperation mode, and anchor-dominant cooperation mode. We study the optimal strategies and compare these modes to identify which mode the retailer will select. The results indicate that the price of products in the live broadcast is not always lower than that in the online shop. Additionally, when the conversion rate is low, the retailer will sequentially choose the self-broadcast mode, the retailer-dominant cooperation mode, and the anchor-dominant cooperation mode as the anchor’s relative influence increasing. When the conversion rate is high, the retailer-dominant cooperation mode will never be selected. Additionally, a dynamic system is established from the perspective of long-run operations. We find that radical behavior may lead to chaos, and adopting a prudent approach to adjusting prices and selecting a prudent anchor is beneficial for the retailer. Finally, we extended the models to explore the impact of the impulse buying return rate on players’ strategies, and determine which live commerce mode the retailer should choose in emerging markets where influential anchors are lacking.</p>