iPrice: Sendo, Tiki & Adayroi see positive Q1

Local e-commerce players continue to show strong progress in first quarter, according to iPrice's latest report.

iDEA: Internet economy to be worth $15 bn by 2020

Ecommerce on the rise as customers go mobile

Ecommerce market size set to peak at US$15 billion by 2020 

iPrice: Sendo, Tiki & Adayroi see positive Q1

Tiki, Sendo, and Adayroi recorded positive results in the first quarter of this year, according to the latest report released on April 25 by the iPrice Group, a meta-search website.

Google has projected that Vietnam will be the fastest-growing e-commerce market in Southeast Asia by 2025, but along with this prediction comes heated competition for dominance in the market.

With Lazada and Shopee’s deep pockets, there have been concerns about the future of local e-commerce players. The latest figures, however, show that local companies like Tiki and Sendo have reason to believe in a bright future.

Positive progress at the top

The first quarter also saw several positive trends for local players, especially Tiki, Sendo, and Adayroi.

iPrice’s latest data shows that even though this past quarter included the Tet (lunar new year) holiday, which is usually time e-commerce business in general may struggle, these three merchants still managed to maintain good results traffic-wise.

Best in this regard was Tiki. Similar to the fourth quarter of 2018, the website continued to receive over 35 million visits each month on average in the quarter, putting it solidly in second position nationally, higher than international competitor Lazada Vietnam and not too far behind the top-ranked Shopee. The result also means that Tiki’s web traffic has been growing at a rate of 23 per cent per quarter on average since last year’s second quarter.

 

These signs help confirm the upward direction Tiki has been taking in recent times, ever since it secured investment from JD at the beginning of 2018.

Sendo and Adayroi have also seen encouraging signs. According to iPrice’s Map of E-commerce, the two companies both have an average traffic growth rate of over 16 per cent per quarter.

Sendo’s CEO Tran Hai Linh told foreign media that his company was on track to achieve its target of $1 billion in gross merchandise volume (GMV) much earlier than the previously projected 2020.

Local players fighting

“2019 will be an inflection point,” Mr. Linh went on. “The market will grow much faster and we will see sizable businesses becoming comparable to regional players, with customers becoming more familiar with e-commerce.”

iPrice’s previous report in 2018 agreed with such predictions. The report showed that Sendo, Tiki, and thegioididong, three local e-commerce players, did well enough last year to be ranked among the top 10 e-commerce players in Southeast Asia in terms of website traffic.

This ranking on one hand helps prove the enormous interest in online shopping among Vietnamese consumers and on the other hand shows that local players such as these three are fully capable of surviving the fierce competition from regional giants.

Mr. Jeremy Chew, Regional Market Analyst at iPrice, explained that a familiarity with the market and consumer mindsets are particularly important when it comes to e-commerce. And this is exactly the strengths local players who choose to focus on one single market like Tiki, Sendo, and the like hold.

Proof of this can be found in their successful campaigns for the Tet holidays. Sendo’s “Cho Tet” campaign proved a success on social media, gathering a strong wave of support from local people, which led to it being included in Buzzmetric’s top 10 most influential social campaigns last January. Not to be overtaken, Tiki’s video campaign for the holiday was noted by Google for its success.

iPrice concluded in their report that once local e-commerce companies gain access to more funding, they all have the ability to fight strongly and win big in the market.

VN Economic Times

 
 

Other News

.
ASEAN pushes forward with 5G connectivty cooperation
ASEAN pushes forward with 5G connectivty cooperation
BUSINESSicon  17/10/2020 

As ASEAN chair this year, Vietnam is playing a crucial role in further cementing joint activities within the bloc via boosting the application of high technologies to adapt to Industry 4.0, which is sweeping throughout the region.

Real estate stocks await cash flow
Real estate stocks await cash flow
BUSINESSicon  17/10/2020 

Domestic and foreign capital flow is expected to bolster real estate shares after the COVID-19 pandemic as many investors are paying attention to the industry.

Many hoteliers intend to divest capital due to heavy losses
Many hoteliers intend to divest capital due to heavy losses
BUSINESSicon  16/10/2020 

Over the past eight months, hotel room tariffs have plunged and hotel room occupancy rates have remained low, forcing several hoteliers to divest capital with many financially weak hotels in the local market being put up for sale.

Meeting expectations of the corporate bond market
Meeting expectations of the corporate bond market
BUSINESSicon  16/10/2020 

A new government decree tightens conditions on the issuance of corporate bonds. However, before the decree came into effect, enterprises flooded the market with new issuances.

Thai billionaire, European brewer lose money in Sabeco investment deal
Thai billionaire, European brewer lose money in Sabeco investment deal
BUSINESSicon  16/10/2020 

The Sabeco price has seen a strong recovery in the last half a year, but is still at a low price. Both Thai billionaire and the big brewer Heineken have lost money because of the drop in Sabeco share price.

Investors lose billions of VND as land prices keep rising
Investors lose billions of VND as land prices keep rising
FEATUREicon  17/10/2020 

A lot of real estate traders have missed opportunities to make huge profits because they decided to postpone purchasing plans, hoping that prices would decrease further.

Salary increases in 2020 lowest in 10 years: survey
Salary increases in 2020 lowest in 10 years: survey
BUSINESSicon  16/10/2020 

Salaries increased by 6.5% this year at multinational companies (MNCs) and 5.2% at Vietnamese companies, and are forecast to increase by 7 per cent and 7.7% next year, according to the Talentnet – Mercer Total Remuneration Survey.

The right structural adjustments help Vietnam achieve long-term growth aspirations
The right structural adjustments help Vietnam achieve long-term growth aspirations
BUSINESSicon  17/10/2020 

No nation has escaped the threat of COVID-19 to lives and livelihoods, with many countries seeing cases resurge recently. 

State firms more resilient than foreign, Vietnamese private companies: survey
State firms more resilient than foreign, Vietnamese private companies: survey
BUSINESSicon  15/10/2020 

Business resilience is highly correlated with level of digitisation, the Business Pandemic Resilience Diagnostic conducted by Grant Thornton...

Pandemic a test of fire for Vietnamese enterprises
Pandemic a test of fire for Vietnamese enterprises
BUSINESSicon  15/10/2020 

The COVID-19 pandemic has been a test for Vietnamese businesses as many have been and will be struggling to recover for the foreseeable future. 

Five expy projects unlikely to attract private investors
Five expy projects unlikely to attract private investors
BUSINESSicon  15/10/2020 

Although the National Assembly Standing Committee has given its approval to switch three of the eight subprojects of the North-South Expressway from the public-private partnership (PPP) format into wholly State-invested, 

Only 5% FDI projects in Vietnam use high technologies
Only 5% FDI projects in Vietnam use high technologies
BUSINESSicon  15/10/2020 

Vietnam is home to 32,539 valid foreign direct investment (FDI) projects with registered capital of a combined US$381 billion, of which US$233 billion has been fully disbursed.

The Vietnamese brain will decide
The Vietnamese brain will decide
FEATUREicon  16/10/2020 

"Vietnamese have nothing but brains to develop the country in the future." 

Stable outlook expected for Vietnamese dong
Stable outlook expected for Vietnamese dong
BUSINESSicon  16/10/2020 

While Vietnam is at risk of being listed as currency manipulator by the US, such a risk appears low, as the US will likely continue to reduce its dependence on Chinese exports by reorganizing its supply chain with other partners.

Vietnam banking sector to suffer in 2020 before rebounding in 2021
Vietnam banking sector to suffer in 2020 before rebounding in 2021
BUSINESSicon  15/10/2020 

Fitch Solutions expected credit growth to weaken to 7% in 2020 from 13.7% in 2019, but the growth is predicted to pick up to 12% one year later.

Realising revised growth ambitions
Realising revised growth ambitions
BUSINESSicon  15/10/2020 

Vietnam’s fourthquarter economic outlook is brighter on the back of a rise in domestic consumption and public investment.

Businesses line up for further support
Businesses line up for further support
BUSINESSicon  15/10/2020 

Continued facing with massive woes, the business community in Vietnam is in dire need of the government’s assistance for investors and enterprises to struggle through the global health crisis and grabbing new business

Infrastructure development at the centre of PPP decree direction
Infrastructure development at the centre of PPP decree direction
BUSINESSicon  16/10/2020 

Further clarifying the legal framework for infrastructure development via wider participation of private investors is expected to help the country attract more funding into the industry.

Gov’t support aids automobile industry
Gov’t support aids automobile industry
BUSINESSicon  14/10/2020 

The domestic automobile industry was forecast to thrive, given the Government’s supports in tax policies for imported automobile components coupled with the increasing income of citizens.

Digital economy and fintech see growth amid COVID-19
Digital economy and fintech see growth amid COVID-19
BUSINESSicon  15/10/2020 

The Prime Minister’s Economic Advisory Group met with the local fintech firm MoMo in HCM City on Monday.

 
 
 
Leave your comment on an article

OR QUICK LOGIN