Abstract: Online consumption has become deeply integrated into residents’ daily lives, significantly altering consumption behaviors and profoundly influencing corporate production and operations. Based on data from A-share listed companies in the consumer goods industry from 2015 to 2023, this study empirically examines the impact of residents’ online consumption on enterprises’ total factor productivity (TFP). A two-way fixed effects panel model is employed as the baseline regression approach, while instrumental variable (IV) methods and system GMM are applied to address endogeneity concerns. Robustness tests are conducted through multiple approaches. Furthermore, a mediation effect model is utilized to identify the mechanisms of corporate digital transformation and technological innovation, and a threshold model is adopted to investigate the nonlinear effects of residents’ online consumption. Heterogeneity analyses are performed across dimensions such as ownership structure, firm size, and regional logistics efficiency. The results indicate that residents’ online consumption significantly enhances enterprises’ TFP, a finding that remains robust after controlling for endogeneity. Mechanism analysis reveals that technological innovation and digital transformation play partial mediating roles. Threshold effects suggest that as the level of online consumption increases, its marginal promoting effect gradually diminishes. Heterogeneity analysis shows that the enhancing effect is more pronounced for non-state-owned enterprises, larger firms, and regions with higher logistics efficiency. Based on these findings, this study proposes policy recommendations focusing on enhancing residents online consumption capacity, regulating e-commerce platform operations, and strengthening corporate emphasis on digital strategies.