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Vietnamese people are not afraid to spend tens of millions of dong to "close orders" for high-value goods on e-commerce platforms

Product groups that men buy a lot on e-commerce such as technology and electrical appliances will grow more than 100% in 2023 and are in the top 5 largest categories.

E-commerce in particular and retail in general are some of the strong growth drivers of the Vietnamese economy in the coming time. From 2023 - 2028, Vietnam's GDP is forecast to continue to grow at 6.7%, while retail is expected to grow at 12.1% and e-commerce at 25% (only counting large exchanges, not yet included). including pages selling hotel and travel services).

Sharing at the Workshop "Digital Trust and Cross-border E-commerce Development" within the framework of the Vietnam-Asia Digital Transformation Summit 2024 on the afternoon of May 29, Mr. Nguyen Phuong Lam, Director of Market Analysis Department YouNet ECI School, has outlined the portrait and shopping trends of the future consumer generation as well as the main growth drivers of e-commerce in the next 5 years.

Consumers "close orders" every day

According to an analysis by YouNet ECI, an interesting thing is that consumers not only watch for purchases on "mega sale" days but also "close orders" every day. The two main factors that help change shopping habits and behavior are price and convenience.

According to data from Buzzmetrics, in the period 2022 - 2023, the frequency of users accessing e-commerce platforms every day will increase three times. The number of orders also increased sharply, from 10-20 orders/month in 2022 to 20-30 orders/month in 2023. Furthermore, order value also increased by 10.5%. From habits and behaviors, it can be seen that e-commerce revenue comes from times when there are no promotions.

Vietnamese e-commerce

It can be seen that the gender and age of e-commerce shopping are shifting strongly. In addition, the group of essential goods - usually purchased through offline channels - is now also growing strongly on online channels. The diversity of habits, behaviors, and purchasing objects is a significant driving force for e-commerce development.

YouNet ECI representative pointed out that in the next 5 years, the growth momentum of e-commerce will continue to be maintained by two factors: Shopping for high-value items combined with shoppertainment (entertainment combined with shopping). Phones and vacuum cleaners are two clear examples of the first factor.

Specifically, in the fourth quarter of 2022, the average selling price of a phone in a genuine store on the e-commerce floor was 7.5 million VND but 12 months later it doubled to 15 million VND. In October 2023, when Apple opened selling the iPhone 15 on the e-commerce platform, for 12 consecutive weeks, the iPhone 15 Pro Max was the best-selling product. Meanwhile, vacuum cleaners or robot vacuum cleaners also have starting prices from 4 million VND to more than ten million VND.

It can be seen that e-commerce is not only for items priced at 1-2 million VND or less. The key to helping businesses solve the problem of convincing people to spend tens of millions of dong on e-commerce comes from warranty and after-sales policies. Whether you buy online or offline, the services are of equal quality. If manufacturers place high-end products on e-commerce platforms, considering this as a strategic channel to reach buyers, the value of the products will not only be 2 million VND.

The remaining trend, shoppertainment, is also noteworthy. For example, in December 2023, an electric motorbike business teamed up with a KOL to sell on TikTok Shop and brought in much more revenue than other platforms. It shows that consumers are willing to embrace new product trends, not only watching livestreams to buy fashion items but also higher value items.



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