“Re-emerging” after a 6-year steadfast model transition, the enterprise consecutively received 20 awards and certificates of merit from organizations and partners within a short time. Once again, Bibo affirmed its strong creative capacity and pioneering position in the tech retail sector.
RECEIVING PRESTIGIOUS AWARDS
In October 2024, Bibo Mart made a remarkable breakthrough in several reputable rankings, notably: the Fastest-Growing Retailer on Shopee, Top 3 Retailer on Lazada, and especially the Fastest-Growing Retailer in the Mom & Baby industry across all e-commerce platforms in Vietnam.
Additionally, in Q3 2024 alone, Bibo Mart was honored with 19 awards from various brands, excelling in sales, market share, and outstanding growth across the market.
Bibo Mart’s recognition by leading suppliers underscores its outstanding performance in sales growth, solidifying its leadership and prominence in the Mom & Baby industry.
A BRILLIANT STRATEGIC SHIFT
Amid its development trajectory, Bibo Mart rapidly expanded its physical store network, quickly covering various routes in provinces and cities. However, in late 2017, the company made a surprising decision to “recall its troops” by halting the opening of new physical stores and shifting its focus to a new business model.
While occupying a leading position in the Mom & Baby retail industry, continuing to expand physical stores could have helped the enterprise dominate and surpass its competitors. Nevertheless, Bibo Mart chose a distinct path: investing in technology and embracing a tech-based retail model.
Bibo Mart is a dynamic and creative enterprise known for its unconventional decisions. As the pioneer of the Mom & Baby retail chain model in Vietnam, even with just over 20 stores, Bibo Mart successfully convinced the CEO of Walmart and the CFO of Dairy Farm to join its Board of Directors. This move enabled the company to adopt international standards in building and operating a physical retail chain, swiftly conquering the leading position in the market.
Initially aspiring to open thousands of physical stores, Bibo Mart unexpectedly altered its strategy in late 2017, redirecting its focus toward technology. They invested millions of dollars to engage experts from Amazon, Taobao, and Silicon Valley, launching a series of massive technology projects.
In recent years, there have been numerous questions and speculations about Bibo Mart’s direction. Only recently, with Bibo Mart’s impressive resurgence on e-commerce platforms and remarkable figures, has the company’s strategic vision and steps become clear to the market.
EXTRAORDINARY GROWTH ON E-COMMERCE PLATFORMS
Since late May 2024, Bibo has actively promoted its business on e-commerce platforms such as Shopee, Lazada, and TikTok. However, within just three months, the company has achieved astonishing results.
Bibo swiftly rose to the top of the sales growth ranking in the Mom & Baby industry on Shopee, witnessing a staggering 12-fold growth. The company also secured a spot in the Top 3 Sellers in the Groceries and Mom & Baby categories on Lazada, while quintupling its sales on TikTok.
Beyond its prominence on e-commerce platforms, Bibo Mart has made significant strides in boosting business on its proprietary apps and websites. With the continuous launch of new websites and apps that facilitate seamless communication with suppliers, logistics partners, factories, offices, stores, and millions of customers, Bibo has offered a user-friendly and feature-rich experience. Consequently, sales from Bibo’s apps and websites soared by an astonishing 200% in Q3 2024.
Behind these achievements lies a synchronized and modern technology foundation. To materialize its technology vision, Bibo implemented a highly commendable strategy.
The certainty and consistency throughout the execution stemmed from Bibo’s initial focus on investing in building a business model and solution architecture, technology transfer, and support in team development by leading global experts. Subsequently, they trained and utilized domestic resources to construct the solution. This steadfastness over six years involved building layers: from digitization, computation, and automated suggestion of actions to the application layer, personalizing offers to customers, and connecting and optimizing the entire supply chain…
This solid foundation has propelled Bibo Mart’s remarkable growth and recognition from numerous reputable suppliers. Magicwave JSC (Meiji milk brand) acknowledged Bibo Mart as a multi-channel retail platform with a breakthrough 200% growth, while Vitadairy Vietnam JSC honored Bibo Mart as the multi-channel retail platform with the largest market share. Similarly, Tan Phu Vietnam JSC recognized Bibo Mart as the multi-channel retail platform with the highest sales…
TRANSFORMATION INTO A MODERN MULTI-CHANNEL RETAIL PLATFORM
With its accomplishments, Bibo Mart is transitioning from a traditional retailer to a modern multi-channel retail platform. The enterprise not only provides products but also offers advanced technology solutions and digital services, enabling individuals and organizations to seamlessly embrace digital transformation and cater to consumption needs in the 4.0 era.
Ms. Trinh Lan Phuong, CEO of Bibo Mart, shared: “Bibo Mart has been undergoing a robust transformation into a multi-channel retail platform. With our vision for sustainable development, unbounded by industry, geography, or sales channels, we believe that Bibo Mart will attain even greater success in the future, not only in Vietnam but also in the international arena.”
ASPIRING FOR GLOBAL EXPANSION
In the 4.0 era, the multi-channel retail model and cross-border shopping have become inevitable trends. However, only a few enterprises possess the capacity to develop this model successfully. Bibo Mart’s triumph stems not only from its superior technology foundation but also from its modern warehouse system and stable supply chain.
Bibo has clearly identified and steadfastly built three sustainable competitive advantages: 1. Connecting with all factories to ensure a stable supply. 2. Collaborating with warehouse and transportation partners through technology for an optimized logistics system. 3. Leveraging data and personalization to understand and serve customers best.
Over the past six years, Bibo Mart has developed thousands of micro-services, in-house built its entire ERP and CDP systems, and developed dozens of application clusters. The company’s fulfillment warehouse system can process tens of thousands of orders daily, enabling it to meet customers’ multi-channel shopping demands. The Gateway system connects with over 400 manufacturing plants.
Bibo Mart nurtures the ambition to expand internationally, armed with a strategy for multi-industry, multi-channel, and multi-country retail and distribution development. With its modern technology foundation, robust creative capacity, and strategic vision, Bibo Mart is confident in its continued robust growth on the international stage, not limited to the Mom & Baby industry but also spanning various other sectors.
“Pioneering is never easy, but with our modern technology foundation, stable supply chain, and relentless innovation, Bibo Mart is destined to thrive not only in Vietnam but also globally,” affirmed Ms. Trinh Lan Phuong.
The awards bestowed upon Bibo Mart in Q3 2024 are not just acknowledgments of its efforts and achievements but also a solid stepping stone for future advancement. With its grand vision and aspiration to go global, Bibo Mart cements its pioneering position in the retail and technology sectors.
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