One recent morning at Darling Café on Tam Trinh street in Hanoi, Hoang Mai, the cafe owner, received an order from Be, a Vietnamese ride-hailing service. This was the eighth order from Be that morning.

At her cafe, data about customers' purchasing behavior is stored and analyzed. The next time, when the user wants to order drinks, the shop and products he used will be displayed as a suggestion.

In 2024, improvements in data collection and analysis will not only help small and medium enterprises like Mai’s café earn more money, but will also open up brighter prospects for the entire economy.

According to Why Market Research Is Important, 60 percent of companies that survey the market with data will be able to make higher profits than companies that do not.

Forrester Research reported that 54 percent of businesses said data analysis will have direct impact on their revenue, while 44 percent think the action will create a competitive edge against rivals.

Setting up a strategy based entirely on data will be a way to help businesses have reliable "guidelines", especially on e-commerce platforms.

The data analysis allows enterprises to make business decisions far more quickly, creates a competitive edge in implementation speed and workers’ capability, and avoids waste of resources.

Metric reported that it has seen great changes in the performance of many enterprises which use data when making business decisions.

In late 2022, a distributor of electronic products reported losses amid the gloomy market. The business decided to slash the selling prices of products, but this led to a profit decrease. The company also shut down some branches, but this could not be a long-term solution.

When analyzing collected data, the company discovered that a TV model was selling very well on e-commerce platforms. The company decided to focus on selling the TV model. This allowed its revenue and market share to improve significantly.

For the business community, data helps them minimize the number of errors, and promotes sustainable development instead of short-term strategies, such as following trends or dumping products. 

Analyzing data is the most feasible solution to help business obtain fast and long-term growth.

Once traditional driving forces for economic growth show signs of decline, the data economy will be the new driving force which brings opportunities to diversify Vietnam’s economy.

Business fields like e-commerce, fintech, healthcare technology and smart production all depend on data-based solutions. The growth of these business fields will make significant contributions to the total output of the economy.

Experts believe that Vietnam’s data economy will see steady growth in 2024. Cross-border agreements and initiatives on knowledge exchange will help Vietnam in technology transfer and increase market access opportunities.        

Experts said the data economy reflects an awareness of the importance of data as a resource for creation and innovation. The development of a green, circular and shared economy based on data is becoming the driving force for economic growth.

Trong Dat