Men's purchases saw a 100 percent growth rate in the last half of 2023 against the previous six months. The items were listed among the top 5 bestsellers.

E-commerce and retail will be one of the major driving forces for the national economy in the time to come, according to analysts. 

Vietnam’s GDP is predicted to grow by 6.7 percent in 2023-2028, and retail by 12.1 percent and e-commerce 25 percent (the figure is calculated based on the statistics of large e-commerce platforms, not including tourism and hotel service sale pages).

YouNet ECI, a market analysis firm, has found that consumers not only make purchases on ‘mega sale’ days, but make deals every day. The two major factors affecting their habits and shopping behaviors are prices and convenience.

According to Buzzmetrics, in 2022-2023, the daily frequency of accessing e-commerce platforms increased by three times, while the number of orders surged from 10-20 orders per month in 2022 to 20-30 in 2023 and the value of each order increased by 10.5 percent.

Meanwhile, a report from Meta and Bain & Company showed that thee out of every four consumers shopping on e-commerce platforms belong to Gen Z. As the major labor force of Vietnam in the next five years (31 percent) with average income of VND200-600 million, Gen Z will be the key consumers that businesses should target.

Nguyen Phuong Lam from YouNet ECI, said in the first days of e-commerce, women were the major buyers, who mostly ordered fashion and beauty care products. 

But male consumers have also increased their purchases recently. They mostly buy technological products and electric household appliances. The sales witnessed a 100 percent growth rate in the second half of 2023 compared with earlier that year.

Surveys have found big changes in gender and ages of e-commerce shoppers. Essential goods, products which are mostly bought offline, have recently seen considerable growth rates online.

YouNet ECI has predicted two tendencies in online shopping in the next five years, including the purchase of valuable products and entertainment. Phones and vacuum cleaners are two examples for the first tendency.

In the fourth quarter 2022, the average phone selling price on an e-commerce platform was VND7.5 million, while the figure increased by twofold 12 months later to VND15 million.

Nowadays, e-commerce is not only a place for consumers to buy products with low value of up to VND1-2 million. Sellers, with post-sale service policies, can persuade consumers to buy more valuable products worth tens of millions of dong.

Trong Dat