The platforms, including Shopee, Lazada, Tiki, TikTok Shop and Sendo, are predicted to see total revenue increasing from VND232.134 trillion in 2023 (an increase of 53.4 percent over 2022) to VND310 trillion in 2024, up 35 percent over last year, according to Metric.

Metric said that Vietnam is the fastest growing country in Southeast Asia in terms of online shopping. Stalls selling authentic products from China and South Korea have become favored on retail platforms in Vietnam. The platforms also regularly offer preferences to stimulate demand, including ‘buy first, pay later’ campaigns.

Livestreams and omni-channels are the key methods that will help increase sales in 2024. Meanwhile, combos of products will be favored by consumers because of reasonable prices.

2024 is expected to continue to see a boom in the e-commerce market. However, this doesn’t mean opportunities for everyone. In 2016-2018, most online sellers could make a profit, but now only keen businesses with reasonable strategies can stay in the market.

Metric’s report named outstanding trends in Vietnam in 2024. 

DTC – Direct to Consumer – is believed to become more popular, i.e., instead of using distributors, manufacturers now can sell products directly to consumers via e-commerce platforms. This allows manufacturers to control their operation process, from production to marketing to sales. Also, they won’t have to pay fees to intermediaries, which will optimize profits.

If using the B2B2C (Business to Business to Customer) model, they will have to pay 35-40 percent of total costs to sales agents. And if they sell products directly to consumers, the figures would be much lower, less than 10 percent. The money they can save can be deducted from selling prices or used to develop products’ features.

The manufacturers selling their products themselves may ignite a stiff price competition in 2024.

AI, Machine Learning and Big Data are used to boost sales. The technologies have changed the way sales are implemented and the way consumers buy things. Now, consumers can easily see ads and updated information, as well as products suggested specifically for them.

Le My