Major trends in vietnam's e

Vietnam’s e-commerce market is expected to lớn continue khổng lồ boom in 2021, & e-commerce revenue may exceed 12 billion USD.

This will be an opportunity for domestic enterprises to lớn build a new business strategy, and approach a modern và prestigious distribution channel.

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High growth rate

According to a report by Vietnam e-Commerce và Digital Economy Agency (governed by Ministry of Industry và Trade), with 53% of the population shopping online, the e-commerce market in Vietnam grew by 18% in 2020, reaching 11.8 billion USD, which accounted for 5.5% of total retail sales of consumer goods và services.

According lớn the National E-Commerce Development Master Plan for the period 2021 – 2025, 55% of the population will have participated in online shopping by 2025 with the average value of online purchases of goods & services reaching 600 USD / person / year. Revenue of B2C e-commerce model is forecasted khổng lồ increase by 25% / year, reaching 35 billion USD, accounting for 10% of total retail sales of goods & services.

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Compared khổng lồ other countries in Southeast Asia, Vietnam is among the fastest growing retail markets. Since 2015, the growth rates of the three largest digital economies in the region have averaged around 35 - 36%. In particular, that of Vietnam ranked 2nd và reached 36%, following Indonesia with 41%.

Research by Nielsen shows that, since the outbreak of the Covid-19 pandemic, the demand for shopping on e-commerce platforms has increased sharply. Last year, 70% of Vietnamese people had access khổng lồ the Internet, & 53% of e-wallet users made payments when buying online, an increase of 28% compared lớn 2019.

According khổng lồ Amazon Vietnam, Vietnamese sellers have exceeded 1 million USD in sales in 2020 on Amazon, a tripling from 2019.

Major trends in 2021

Experts predict that e-commerce will continue lớn thrive in 2021 và create a new impetus for economic growth. At the same time, this is also an opportunity for Vietnamese businesses to build new business strategies, và approach modern distribution channels, thereby expanding markets & recovering from the pandemic.

Major online shopping platforms in Vietnam have added entertainment games, livestreams, & social truyền thông media vibes.

According khổng lồ Mr. Tran Tuan Anh, Managing Director of Shopee Vietnam, due to the social distancing period, consumers started lớn use online platforms lớn both satisfy essential daily needs và entertainment purposes. Therefore, e-commerce applications must integrate many interactive elements such as games & livestreams to increase connection with users.

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Shopee predicts that there are 3 main development trends in 2021 including increasing adoption of digital payments, promoting logistics, và changing the way sellers sell their products.

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Specifically, the total number of orders paid through Airpay on Shopee across Southeast Asia grew 4 times. In particular, most users making digital payments are over 50 years old.

In the context of government moving towards a cashless society, the Covid-19 epidemic has become a driving force behind this process in some fields where most transactions are conducted in cash.

In addition khổng lồ increasing wallet usage on e-commerce, traditional stores are also accepting wallet payments. The number of partner stores in Vietnam using AirPay wallet payments also doubled in 2020.

In the year 2021, consumers expect more efficient deliveries. Therefore, businesses & sellers need khổng lồ use technology effectively to lớn ensure that goods are delivered quickly and economically. To vì this, it is necessary lớn monitor the entire process from moderation lớn delivery, including the continual strengthening of logistics networks và warehouse capacity.

Shipping is the key to lớn many online shopping platforms. It has been incorporated into Tiki"s development strategy in 2021. Mr. Richard Trieu Pham, Chief Financial Officer of Tiki, said the platform has invested dozens of millions of dollars in technology & logistics systems each year, and the figure is projected to lớn increase in the future.

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The technology và the end-to-end supply chain of Tiki help ensure the shortest order processing time & delivery time with the lowest cost thanks to lớn the reduction of intermediary steps, optimizing the use of resources which helps identify the fastest route.

In 2020, Tiki recorded a reduction of more than 25% in logistics costs per order và a return rate of less than 1%.

The pandemic has encouraged businesses from high-end brands khổng lồ small businesses to lớn promote online businesses. This has led khổng lồ the third trend where businesses & sellers have khổng lồ adopt an innovative digital strategy lớn approach users in the context of social distancing.

For example, last year, Shopee combined with Pond"s brand to integrate AI into shopping và skin care consulting for customers.