Sustainable eCommerce will connect individual shopping behaviors towards long-term shopping trends including search, selection, purchase, payment, and exchange.
This is one of the sustainable development trends for Vietnam's e-commerce market which is predicted in a report called “Sustainable Development in eCommerce: Driving Force for the Digital Economy” released by the Vietnam Chamber of Commerce and Industry (VCCI) and the e-commerce Platform, Lazada.
From in-depth analysis and assessment of areas in e-commerce sustainable development, the report asserts that Vietnam's e-commerce is entering a new stage of development, focused on sustainable development based on market technology development, through selective investment and cost optimization during a phase of elevated economic uncertainties.
According to the report, the rate of e-commerce users in Vietnam is continuously increasing, reaching 52 million in 2022, a 13.5% increase year on year, and within them has risen a new generation of consumers – generation Z – with clear manifestations that have led to significant changes in shopping.
Current consumers also shop smarter, looking for more refined experiences and expecting higher value as opposed to hunting discounts; they are also increasingly seeking eco-friendly products.
Data from Lazada shows that 57% of Vietnamese consumers have purchased certain products or services because of their impact on the environment.
The application of technology is indispensable to effectively improve customer experience. Current effective technologies for consumer experience on e-commerce include shoppertainment, customization, personalization, and virtual reality.
The other trend in the market is that sustainable e-commerce will continue to focus on long-term investments in infrastructure, technology, logistics, and human resources.
In the current time, building a sustainable business model based on Environment, Society, and Governance (ESG) has become indispensable for businesses, helping them gain a clear vision and strategic direction within fast-paced, digitalized industries.
Sustainable e-commerce will also create more value for stakeholders as it builds a community based on synergized values for and from partners, businesses, and consumers.
Sustainable e-commerce will also give priority to connecting technologies, such as the usage of Application Programming Interface (API) at all touchpoints with partners to connect and leverage partner services on e-commerce platforms.
Another trend is in the payment sector, where payment in e-commerce will grow in features and options, connecting to a variety of financial partners and transitioning towards ‘buy now, pay later’ to meet consumer demands while making purchases on e-commerce increasingly more flexible and easier.
Sustainable e-commerce will bridge the gap in knowledge and understanding of e-commerce for businesses and consumers nationwide, contributing to increased knowledge according to the national e-commerce development plan for the period 2021-2025, the report said.
As part of the release of the 2023 e-commerce report, Lazada Vietnam will continue to work with VCCI and experts to bring the report to thousands of local businesses, while also participating in a series of talks at universities and exploring speaking opportunities at industry events to promote sustainable development in e-commerce.