Illustrative image. Source: NLĐ.
E-commerce data analytics platform Metric has released its “Report on the Online Retail Market for the First Half of 2024”, showcasing positive results for major platforms such as Shopee, Lazada, Tiki, Sendo, and Tiktok Shop.
E-commerce continues its sustainable growth, with consumers increasingly favoring authentic products
The five e-commerce platforms combined recorded a turnover of 143,900 billion VND, with 1,533 million products successfully delivered to customers, a respective increase of 54.91% and 65.55% compared to the same period in 2023.
“This growth reflects the sustainable development of the e-commerce market and demonstrates businesses’ ability to seize opportunities amidst the ongoing strong shift from offline to online shopping,” Metric stated.
A notable trend is the rise in market share of ShopMalls (authentic brand stores). In the first half of 2024, the number of ShopMalls increased by 12.29% year-on-year, indicating consumers’ growing preference for products from reputable brands or trusted sellers in the market.
Source: Metric.
In terms of product categories, Beauty, Women’s Fashion, and Home & Living continued to lead in terms of sales and volume across all five e-commerce platforms. These categories not only cater to consumers’ beauty and fashion needs but also contribute to enhancing their home life.
Interestingly, the sub-200,000 VND price segment maintained its strong appeal, with a 3% increase in market share compared to the previous year. With the economy experiencing fluctuations, most families seem to be tightening their budgets, and consumers are still prioritizing affordable products.
Vinamilk is the only Vietnamese brand in the top 10 revenue earners, while Honda makes a surprising appearance
In the first half of 2024, Vietnam’s e-commerce market witnessed the dominance of major brands in the Phone – Tablet category. Out of the top 10 brands by revenue, four belonged to this category: Apple, Samsung, Xiaomi, and OPPO, occupying the top four spots. The leading brand, Apple, achieved a turnover of 2,388.6 billion VND in the first six months.
A surprising entrant in the top 10 was Honda, the Japanese automotive and motorcycle brand. This demonstrates that Vietnamese consumers are now confident in purchasing high-value products online. The development of logistics infrastructure and online payment services has contributed to a favorable environment that promotes this shopping trend.
Vinamilk, the sole Vietnamese brand in the top 10, ranked 9th with a turnover of 259.6 billion VND. According to Metric, this highlights the competitiveness of the e-commerce market and the need for domestic brands to devise more strategic approaches to enhance their online presence and performance.
Source: Metric
In the Beauty category, Cocoon stood out with its unique focus on natural cosmetics. As the only Vietnamese representative in the top 5 revenue-generating brands in the Beauty industry—the highest-earning category across the five e-commerce platforms—Cocoon serves as a testament to the quality and trust that consumers have in locally produced beauty and skincare products.
Looking ahead, Metric predicts that the end of August and early September will be a “golden” period for the Stationery industry on e-commerce platforms, as the back-to-school season approaches. The stationery industry will focus on the sub-50,000 VND price segment, with popular products including pens, notebooks, and various types of paper.
The most extensive bribery case ever in Thanh Hoa: Numerous suspects prosecuted for “Giving and Receiving Bribes”
The Provincial Security Investigation Agency (PSIA) of Thanh Hoa province announced on January 31st that it has made the decision to initiate a prosecution against 23 individuals in connection with the offenses of “Accepting bribes” and “Giving bribes” as stipulated in Article 354(3) and Article 364(2) of the Criminal Code.
Accelerating disbursement of the 120 trillion VND credit package for social housing
Deputy Prime Minister Trần Hồng Hà has recently issued directives regarding the implementation of the 120,000 billion VND credit package for investors and buyers of social housing, workers’ housing, and projects for the renovation and construction of apartment buildings.
“Prosecution of government officials, land registration officers, and tax department employees in the largest bribery case ever”
The Thanh Hoa Police Investigative Agency has initiated legal proceedings against 23 individuals involved in the crimes of “Bribery” and “Receiving bribes”. This is the largest bribery case in terms of the number of suspects ever discovered and apprehended by the Thanh Hoa Police.
Mobile World achieves revenue of VND118,000 trillion: TVs, tablets, and phones all decrease by 10% – 50%, while one product grows in both quantity and revenue.
Mobile World Investment Corporation (MWG) has recently announced its 2023 business results. According to the report, the company’s consolidated revenue reached over 118 trillion Vietnamese dong, equivalent to 89% of the revenue in 2022.
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