On average, Vietnamese consumers buy online 4 times per month, twice as high as the survey in 2023, according to NielsenIQ Vietnam.
This number is also twice as high as the monthly frequency of Vietnamese people going to the supermarket, according to this market research company.
Cheap online products are not the biggest reason to convince consumers.
In previous years, Vietnamese people went to e-commerce mainly to buy non-essential goods such as electronics, fashion or household appliances.
According to NielsenIQ, customers buy an average of 6.5 product types.
Commenting at the recent event, Mr. Le Hoang Long, Head of Retailer Vertical NielsenIQ Vietnam, said online shopping has become the "new normal." "Online shopping is becoming a common activity, essential items are increasingly popular," he commented at TikTok SMB Summit 2024 on June 28.
Previously, the first quarter report of e-commerce data firm Metric said that Vietnamese people "spend more heavily" on online shopping, far exceeding the forecasts of the exchanges. The five largest platforms include Shopee, Lazada, Tiki, Sendo, TikTok Shop, with total retail revenue reaching VND 71,200 billion, up to 78.69% growth over the same period in 2023.
E-commerce is maintaining a better growth rate than the general retail market.
Mr. Hung Huynh, Country Director in charge of TikTok for Business SMB Vietnam, commented that the online commerce market is still very open and potential but has not been properly exploited by medium, small and micro enterprises.
In the second half of 2024, TikTok Shop Vietnam plans to support 10,000 small and medium enterprises with a total budget of one million USD.
20 provinces, cities and more than 10 industry associations have submitted lists. "We also plan to organize a livestream festival in a province one week," said Mr. Nguyen Lam Thanh, Representative of TikTok Vietnam on June 28.
Vien Thong_VN Express
