Vietnam’s online retail market experienced robust growth in the first quarter of 2021, with Shopee maintaining its dominance by capturing more than half of the market share. According to a report by YouNet ECI, consumers spent a significant amount shopping on Shopee, solidifying its position as the leading platform in Vietnam’s e-commerce landscape.
Following Shopee, TikTok Shop emerged as the runner-up with a market share of 23.2%, showing a significant increase from the previous quarter. The growth of TikTok Shop reflects its appeal to Vietnamese consumers, who spent a substantial amount shopping on the platform in the first three months of the year.
The top five platforms, including Shopee, Lazada, Tiki, Sendo, and TikTok Shop collectively saw significant revenue growth and an increase in successful product deliveries during the first quarter. The success of these platforms can be attributed to various factors such as domestic consumption stimulation programs and increasing adoption of online shopping as a daily habit.
E-commerce development is playing a crucial role in strengthening Vietnam’s digital economy, with businesses increasingly investing in technology and digitalization. The growth of digital services is expected to meet customer expectations for convenience and improve operational efficiency.
As businesses continue to focus on cost control and revenue generation while undergoing digital transformation, they are advised to leverage shoppertainment features that enhance the shopping experience for consumers. Integrating entertainment elements into online shopping processes is expected to drive market growth and increase consumer engagement.
Overall, Vietnam’s e-commerce industry looks promising with continued growth expected in the coming years. Businesses must remain competitive by adapting to changing trends and leveraging technology to meet customer demands for convenience and operational efficiency while also maintaining profitability through cost control measures and effective revenue generation strategies.
