Total retail revenue of 5 e-commerce platforms Shopee, Lazada, Tiki, Sendo, Tiktok Shop in the first quarter of 2024 reached more than 71,000 billion VND, of which a large part came from skin care items.
Along with the strong recovery of the domestic economy, the picture of Vietnam's e-commerce market in Quarter 1/2024 shows many bright colors.
According to Metric's data, in Q1/2024, retail revenue on the 5 largest e-commerce platforms in Vietnam (Shopee, Lazada, Tiki, Sendo, Tiktok Shop) reached VND 71,200 billion, an increase of 78.69% compared to Q1/2023.
This number far exceeds expectations, because according to many forecasts, e-commerce market sales in 2024 will only increase by about 35% compared to 2023. Furthermore, the data in the report does not include revenue from livestream sessions, meaning the actual revenue of the exchanges may be even higher.
<
figure class=”kg-card kg-image-card kg-card-hascaption”>
Also according to Metric data, 766.7 million product units were successfully delivered to consumers in the past 3 months, an increase of 83.21% over the same period.
With many domestic consumption stimulation programs implemented, people are tending to spend more freely than in the post-Covid-19 period.
Along with the rapid growth in sales and sales volume, Quarter 1/2024 also recorded an extremely positive index.
In addition to the recovery of the economy, businesses are increasingly confident in the development of the online retail market.
However, this is always a fierce market.
The data also shows that local businesses have made strong strides in the e-commerce market.
E-commerce is no longer a private playground for businesses in large cities but has tended to expand its influence to the provinces.
Mr. Pham Bao Trung, Metric Sales Director, said that the industry Beautify is showing its influence when ranked number one in the rankings of industries with the highest revenue.
In the first 3 months of 2024, the industry Beautify bringing in 11,250 billion VND based on data from all 5 top e-commerce platforms. There, facial care is the most popular product group with sales of 3,223 billion VND, including 22.32 million products sold.
“The reason the Beauty industry can maintain its position from year to year comes from three industry characteristics: products with high repurchase power, many promotional programs compared to offline stores, and mostly female customers - the main customer base of e-commerce platforms.“, Mr. Trung analyzed.
The first quarter of 2024 also witnessed the rapid development of the household electrical goods industry, with sales growing by 146.8% and sales volume increasing by nearly 370%.
The top best-selling products in the household electrical industry all have high prices, typically projectors, robot vacuum cleaners... This shows that consumers are no longer afraid to buy valuable items on the online platform, if the seller proves their reputation and product quality.
According to Metric's forecast, in Q2/2024, the total sales of the 5 largest online retail platforms in Vietnam today will reach VND 84,870 billion, with 882.12 million product units sold, an increase of 19.2% and 13.57% respectively compared to Q1/2024.
However, geopolitical fluctuations affecting the supply chain, intrusion from foreign sellers and policy changes from some e-commerce platforms are challenges that online sellers will have to face in the rest of 2024.
Trong Dat_ Vietnamnet
