Reflecting on the development of social commerce in Vietnam, the Department of E-Commerce and Digital Economy (Ministry of Industry and Trade) shared that this shopping channel began to boom in Vietnam in the 2010s with the emergence of online shopping platforms such as Lazada and Tiki.
More and more consumers are choosing to shop via social media
However, it was not until the strong development of social media that the concept of Social Commerce, or e-commerce through social media, became popular. This involves combining social media and e-commerce to boost online sales, with the participation of cross-border platforms such as Facebook and Tiktok.
According to research by Datareportal and Wearesocial, as of January 2024, the number of social media users in Vietnam reached approximately 72.7 million people, equivalent to 73.3% of the population. On average, a social media user in Vietnam spends about 2 hours and 25 minutes on social media activities daily (ranking in the top 20 worldwide).
This indicates the high level of engagement and dependence of Vietnamese people on social media.
These figures, along with the responsiveness of social media platforms, present vast opportunities for businesses engaging in Social Commerce to reach and interact with potential customers.
However, one of the biggest challenges of social commerce, as acknowledged by the Department of E-Commerce and Digital Economy, is data security and privacy.
“Sharing personal information and transacting on social media platforms pose potential risks to cybersecurity,” the Department stated.
Therefore, businesses are advised to ensure that customer information is protected and that data security regulations are complied with.
Experiences related to personal information loss and privacy invasion can cause a loss of trust and, consequently, customers.
Along with this, product quality and service are also prominent issues accompanying the rapid development of social commerce.
This necessitates businesses to ensure product and service quality and build their brand reputation on social media.
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