Smart retailing has become an inevitable trend in the development of the retail industry, and how to enhance smart retail technology-related customer cooperative capability has become a top priority of traditional retailers who have migrated to smart retailing format. This study explores the mechanism of customer cooperative capability on customer loyalty in the context of smart retailing. Firstly, we construct a conceptual model in which customer cooperative capabilities affect perceived value and customer loyalty. Secondly, we adopt structural equation model method to verify the hypotheses. The study found that among the three dimensions of customer cooperative capability, search capability and participation capability positively affect customer loyalty through hedonic value and utility value; learning capability positively affects customer loyalty through hedonic value; the effect of hedonic value on customer loyalty is weaker than that of utilitarian value.