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Vietnam’s e-commerce market trends: Confident growth predicted for youthful nation

Vietnam’s business to consumer e-commerce market is worth $6.2 billion,15 and it has been expanding rapidly, growing by 36.6 percent in 2017 alone.16 However, it is still dwarfed by bricks-and-mortar retail in Vietnam, with e-commerce accounting for just five percent of total retail.17 This represents a significant opportunity for online merchants to take market share and capitalize on an e-commerce market that is still in its relative infancy.

As a result, Vietnam has one of the highest predicted growth rates of the countries surveyed in our report series,* at a 19 percent compound annual growth rate to 2021.18 Numerous factors play into this confident growth prediction. Vietnam’s 95.6 million-strong population is heavily skewed towards younger age groups,19 with an average age of 30.9 years.20 Nearly a quarter of the population (23.3 percent) is aged 14 and under, which represents millions of potential new online shoppers over the coming decade.21

Internet penetration, at 49.7 percent,22 means almost half the population is at present without access. However, 37.1 percent of the population has shopped online,23 suggesting strong uptake of e-commerce by those who do have internet access. In early 2019, the World Bank urged the Vietnamese government to invest further in its rollout of internet access and the digital economy.24

Electronic sales and cross-border spending key to Vietnam’s e-commerce growth

Consumer electronics are the most-purchased e-commerce category, accounting for 33.6 percent of sales. Travel is the second most popular category, taking a 21.6 percent share of sales.25 Chinese-owned sales platform Lazada is a highly-frequented e-commerce site, as is Shopee and consumer to consumer sales platform, Sendo.26

A third (33 percent) of Vietnamese e-shoppers has shopped cross-border,27 and international e-commerce makes up 36 percent of total e-commerce spend in the country.28 China, South Korea and Japan are the top three most popular markets.29 At least 90 percent of investment into the Vietnamese e-commerce industry is from international sources, particularly south east Asian e-commerce merchants such as Lazada and its parent company Alibaba.30 Western e-commerce players are also beginning to notice the sales opportunity Vietnam represents. In 2018 Amazon announced a partnership with the Vietnam E-commerce Association in a move interpreted as signaling its intent to expand its presence in the country.31

Vietnam’s infrastructure challenges could hinder e-commerce growth

Barriers to Vietnam’s e-commerce growth include relatively underdeveloped infrastructure to support both the digital processes involved with e-commerce and also physical transport and delivery infrastructure to complete orders. Vietnam has rural and mountainous regions currently underserved by e-commerce providers,32 leading to high logistic costs for online merchants who do sell in these regions.

Logistics costs are estimated to take 30 percent of revenues in Vietnam for e-commerce companies. In comparison, logistics cost an average five to 15 percent of revenues for e-commerce merchants operating in India, and 11 percent for U.S.-based logistics for Amazon.33

However, Vietnam’s logistics capabilities are improving. Vietnam jumped 25 places in the World Bank’s logistics performance index in 2018, from 64th out of 160 countries in 2016 to 39th in 2018.34

Cautious online shoppers

Driving up basket spend and encouraging Vietnam’s online shoppers to buy full-price items may represent another challenge. Annual total online spend per person is currently $175.15,35 a figure that is among the lowest of the countries included in our report series.

Vietnam’s online shoppers are price-conscious, with 74 percent always checking the product price on other sites before committing to buy.36 Offering a review function on merchant sites could help drive confidence and willingness to buy, as 60 percent of Vietnam’s online shoppers will check reviews before completing an order.37

Top 21 vietnam has a lot of players tổng hợp bởi Lambaitap.edu.vn

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ACA Football Partners and VTV broadcast a rich documentary series

• Tác giả: acafp.com
• Ngày đăng: 03/23/2022
• Đánh giá: 2.52 (50 vote)
• Tóm tắt: We hope, after the broadcast, the program will receive a lot of … Indeed, Vietnam has many young players with great potential who would …
• Khớp với kết quả tìm kiếm: A video streaming service incorporating Web3 “Watch&Earn” concept run by ACAFP. Viewers may enjoy the contents just like playing games by letting them get rewards depending on their actions such as number or length of viewership. Also we plan to …
• Nguồn: 🔗

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Vietnams Emerging Cosmetics Industry: Strong Potential for Growing Market

• Tác giả: vietnam-briefing.com
• Ngày đăng: 09/14/2022
• Đánh giá: 2.09 (182 vote)
• Tóm tắt: Vietnam has risen to a middle-income from a low-income country, … Foreign players’ dominance in the market is mainly due to the …
• Khớp với kết quả tìm kiếm: Another challenge in the market is that it is highly price sensitive. Since a large proportion of consumers are young people with a lower income, they tend to go for products of the lower end rather than high-end products. To compete, it is …
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Thần Trùng – Meet Your Fears In This Vietnamese Horror Game Set In Hanoi

• Tác giả: thesmartlocal.com
• Ngày đăng: 01/23/2022
• Đánh giá: 2.11 (116 vote)
• Tóm tắt: Thần Trùng is an indie horror game that puts players in the shoes of Dũng … Despite the large number of ghost stories in Vietnamese media, …
• Khớp với kết quả tìm kiếm: On the other hand, the indie horror shines the most in its environmental design, with a lot of design elements Vietnamese players may find some familiarity in, such as the moldy, cracked walls of an old house in Hà Nội, images of Buddhas neatly …
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