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How are Vietnam's 5 largest e-commerce platforms doing business in the first 6 months of the year?

According to Metric statistics, in the first 6 months of 2024, the total revenue of the 5 largest e-commerce platforms in Vietnam is estimated to reach 156,000 billion VND.

According to statistics from the Metric e-commerce data platform, in the second quarter of 2024, the estimated total revenue on the 5 largest online retail e-commerce platforms in Vietnam including Shopee, Lazada, Tiki, Sendo, Tiktokshop reached about 85,000 billion VND, an increase of 78% over the same period in 2024.

In the first 6 months of 2024, total revenue on 5 exchanges is estimated to reach 156,000 billion VND, an increase of 78% over the same period in 2023.

Previously, in the first quarter of 2024, retail revenue on these 5 e-commerce platforms reached VND 71,200 billion (excluding revenue from Livestream sessions), an increase of 78.6% compared to the first quarter of 2023.

This growth figure also far exceeds the forecast that Vietnam's e-commerce market revenue in 2024 will only increase by about 35% compared to 2023. In particular, the Shopee platform continues to lead with 53,740 billion VND, reaching a 67.9% market share. Ranked 2nd is TikTok Shop with 18,360 billion VND, accounting for 23.2% market share. Lazada and Tiki respectively reached 6,030 billion VND (accounting for 7.6% market share) and 997.06 billion VND (accounting for 1.3%).

In the latest report on Vietnamese consumer shopping behavior by NielsenIQ Vietnam, it is said that consumers are twice as likely to shop online compared to 2023. Specifically, on average, each person buys online. shop online nearly 4 times per month, and spend more than 8 hours per week shopping online. This number is nearly double the monthly frequency of Vietnamese people going to the supermarket.

Accordingly, on average, each person uses 3.2 platforms for online shopping. "Mobile phones are the most used device to make purchases, accounting for 94%" - said a NielsenIQ representative.

The 3 most purchased items are food, beverages, and cosmetics. Next are fashion - sports items, home care, and technology, mothers and babies, digital services such as service registration, online booking, and freight transportation... Thus, this habit has changed, because previously users only used e-commerce for non-essential items such as electronics, household appliances, and fashion. Nowadays, Vietnamese people go to online markets more often to shop for daily necessities.

Notably, cheap price is no longer the biggest reason for deciding on online shopping behavior. The two reasons most people are interested in are buying to store for family consumption (25%) and serving food immediately (21%).

“The above numbers show that online shopping has become a popular activity, and shopping for essential items has also become popular. Therefore, e-commerce needs to find soon new growth drivers to meet the needs of today's consumers" - NielsenIQ commented.

E-commerce data platform Metric also forecasts that the market's peak business season will accelerate from the second quarter of 2024, with an increase of 19.2% compared to the first quarter of 2024, equivalent to an increase of about 78% compared to the second quarter of 2023. In the remaining months of 2024, the online retail market will continue to show positive growth signals.

According to the Department of E-Commerce and Digital Economy, in recent times, policies to develop the digital economy and e-commerce in Vietnam have created many advantages for businesses, including completing the legal framework, Provide financial support for businesses, encourage investment, develop digital infrastructure, protect data and network security, promote cross-border e-commerce, and increase research and development of new technology.

E-commerce allows Vietnamese businesses to reach customers easily. This is especially important for small and medium-sized businesses, helping to scale and grow quickly. The application of digital technologies such as artificial intelligence (AI), big data (Big Data), and the Internet of Things (IoT) helps businesses optimize production and business processes.

E-commerce is a pioneering field of the digital economy. E-commerce development focuses on sustainable development, aiming to optimize the process from production, and business to consumer experience with solutions that have a positive impact and balance between 3 development factors. economic development, social justice, and environmental protection. In particular, businesses and consumers are the main force in sustainable e-commerce development, the State has the role of managing and building infrastructure, creating conditions for the sustainable development of e-commerce.



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