As the proportion of online shopping in the retail industry increases, studies on the effects of online shopping mall characteristics have been widely reported. However, limited research has been conducted on the effects of new website features in the Web2.0 environment and the factors that moderate these effects. This study analyzed these relationships through multilevel regression by measuring the features (e.g., decision aid, affiliate program, mobile app) of 390 online shopping malls and online shopping mall performance. The analysis showed that most website functions have a positive effect on online shopping malls, while the effect of product videos and affiliate programs differ by product involvement.