A report indicates that in the first quarter of 2024, the revenue of four e-commerce platforms: Shopee, TikTok Shop, Lazada, and Tiki reached 79,120 billion VND, a 16% decrease compared to the fourth quarter of 2023. However, on a positive note, the total market size in March recovered rapidly, increasing by 39% compared to February and equaling the level of November 2023, with revenue reaching 30,908 billion VND.
Notably, the transaction value was concentrated on major platforms: Shopee (67.9%), TikTok Shop (23.2%), Lazada (7.6%), and Tiki (1.3%).
 E-commerce market share concentrated on two leading giants |
TikTok Shop, a newcomer to the market since 2022, has experienced a remarkable increase in market share by pioneering the trend of shoppertainment, which combines shopping with entertainment.
Also in the first quarter of 2024, 768.44 million product units were sold, with an average price per unit of 109,182 VND. Notably, although Tiki has a low market share, its average transaction value per product is 3.6 times higher than the average of the four platforms.
According to a report by YouNet ECI, the four aforementioned e-commerce platforms have approximately 509,000 sellers, with Shopee having the highest concentration at 262,000 sellers.
E-commerce market share concentrated on two leading giants |
In the first quarter of 2024, each store on Shopee had an average revenue of 222 million VND, TikTok Shop 151 million VND, Tiki 90 million VND, while Lazada had only 54 million VND.
YouNet ECI forecasts that Vietnam’s e-commerce market will continue to grow by an average of 25% annually until 2025, driven by the development of shoppertainment and the official entry of major brands into e-commerce.
According to e-commerce experts, business on platforms is becoming increasingly challenging, with many sellers leaving but also many new sellers joining. The continuous updates in policies by the major platforms have made selling online more difficult than before, forcing sellers to operate more professionally to achieve business efficiency.
News and photos: Ngoc Anh
