Before the impressive sales during the livestream, journalist Vu Kim Hanh shared some insights on the new direction for Vietnamese businesses in the booming era of livestream e-commerce on the podcast “5 Minutes of Market Talk”.
In the latest episode of the “5 Minutes of Market Talk” podcast series, journalist Vu Kim Hanh, also known as the “godmother of Vietnamese goods”, shared her sincere insights on livestream trends and the operations of Vietnamese businesses in the fiercely competitive era of e-commerce.
According to the latest survey by Shopee on the shopping behavior of Gen Z in Vietnam, which was released on April 23rd, 54% of the survey participants chose e-commerce platforms as their favorite shopping channel, and for every 5 Gen Zs, 2 of them enjoy watching livestreams that sell products. Therefore, many businesses are not only focusing on traditional advertising models but are also investing more in the livestream format on e-commerce platforms.
However, given the increasingly competitive landscape with more and more competitors joining the livestream race, businesses have realized that they need to find better and more attractive ways to promote their products in order to sell.
From her special experiences participating in the first episode of the Vietnamese local product promotion livestream series “Shopee – Tinh Hoa Viet Du Ky” as a guest, journalist Vu Kim Hanh suggested several potential directions for Vietnamese businesses in this current era of digital transformation.
Firstly, Ms. Hanh shared a basic formula to attract more livestream viewers, which is to try to convey information quickly and concisely, while also incorporating entertainment elements and focusing on the benefits to consumers.
Unlike livestreams that focus solely on selling products at discounted prices, in the opening episode of the “Shopee – Tinh Hoa Viet Du Ky” program, journalist Vu Kim Hanh described the outstanding features of the products while also sharing the process of creating them.
At the same time, she told viewers inspiring stories about the entrepreneurial journeys of farmers, which resonated with them and gave them more confidence in the products.
Ms. Hanh also emphasized that buyers are very concerned about the quality of the products they receive after the livestream. Therefore, businesses need to ensure the quality and consistency of their products in order to retain customers.
In addition, journalist Vu Kim Hanh also shared her actual experience at the studio when Shopee collaborated with businesses to continuously launch shocking discount vouchers and exclusive promotions throughout the live session on April 15th. This promotion format appealed to viewers’ “fear of missing out” (FOMO) psychology, encouraging them to make a decision to close the deal right at the time of the livestream broadcast.
This unique approach to customer engagement attracted a large audience. Journalist Vu Kim Hanh and Shopee had direct discussions with representatives of the businesses and recorded very impressive growth figures.
Specifically, the Tu Bong brand reported that its revenue via livestream on April 15th increased by 30 times compared to the average daily revenue, and the number of orders sold increased by 40 times. Also during this livestream, the Vicosap brand recorded revenue from Shopee Live on April 15th that was nearly equal to its total revenue for the entire month of March.
In addition to livestreaming, Shopee also supports sellers in promoting products on Shopee Video, a feature that Shopee is focusing on investing in during 2024. Journalist Vu Kim Hanh expressed particular interest in this feature, calling it a new “language” for e-commerce platforms. Users can browse videos for entertainment while also learning about and reviewing product information multiple times to make a purchase decision and receive attractive promotions right on Shopee Video.
Furthermore, journalist Vu Kim Hanh stated that enhancing the customer shopping experience requires close collaboration between businesses and e-commerce platforms. She encouraged sellers to fully exploit Shopee’s “360-degree” ecosystem and massive customer database. This allows businesses to reach and engage with potential customers at multiple touchpoints, from providing product information, livestreaming, fast delivery services, to after-sales policies.
With the “Shopee – Tinh Hoa Viet Du Ky” series airing regularly on the 15th of each month from now until December 2024, journalist Vu Kim Hanh hopes that in the near future, Shopee will continue to grow and launch more programs to support sellers, as well as enhance the shopping journey for buyers, creating opportunities for Vietnamese products to reach further.
