Metric's report on the online sale market said the estimated growth rate was 9.6 percent, with total goods and service retail turnover in 2023 surpassing the targeted level (8-9 percent). 

E-commerce continued to be a bright spot as it had a positive impact on the digital economy, and promoted domestic distribution and consumption.

However, businesses had a tough year in 2023. Analysts say there are still many barriers, including stiff competition in the market with hundreds of businesses selling the same kinds of products.

Secondly, counterfeit, fake and low-quality products are rampant, which negatively affects the reputation of authentic business brands and the e-commerce economy.

Many consumers only go online to buy products that have low prices and are not that important to them. They will visit physical shops to buy valuable products because they want to see products.

Metric reported that in 2023, the total revenue of the e-commerce market reached VND498.868 trillion, including VND232.134 trillion from the five largest e-commerce platforms.

E-commerce revenue was higher in the last two quarters with the highest growth rate, 89.9 percent, reported for September. The revenue reached VND21.1 trillion in Vietnam.

The months from August to December were the high sales season. Reports show that beauty care products, home decor and women’s fashion have had the highest revenue over the last six years.

Household appliances, mobile phones and tablets were popular online. Sports and tourism products witnessed the highest growth rate of 92.1 percent, and the number of sellers increased by 3.1 percent compared with 2022.

2023 saw new shopping models, especially livestream and omni-channel sales, which brought huge revenue to professional e-commerce sellers.

In 2023, more than 105,000 sellers on four e-commerce platforms (Shopee, Lazada, Tiki and Sendo) left the market. About 95,000 new sellers appeared on TikTok Shop.

Trong Dat