“Unleashing E-commerce Potential: Strategies for Vietnamese Businesses to Thrive in the Global Market”
Vietnamese businesses can boost their e-commerce sales and expand their global reach by identifying product trends that resonate with international customers.
PRODUCTS WITH HIGH GROWTH POTENTIAL ON E-COMMERCE PLATFORMS
According to Amazon Global Selling, Vietnamese businesses have witnessed a remarkable >300% increase in sales on Amazon over the past five years. Thousands of small and medium-sized enterprises (SMEs) from Vietnam are now exporting through Amazon, with a nearly tenfold surge in the number of businesses achieving annual revenues above $1 million.
The mid-year period presents a prime opportunity for Vietnamese e-commerce businesses to boost their sales, provided they can tap into the consumption trends of global customers.
To seize the mid-year shopping peak, Vietnamese businesses need to optimize and evolve their product strategies selectively. Amazon Global Selling’s insights reveal that tech accessories, gifts, outdoor gear for summer, and school supplies are product categories with high cross-border sales potential. By focusing on these categories, Vietnamese sellers can effectively drive e-commerce sales.
The National Retail Federation of the United States reports that personal spending on back-to-school shopping has significantly increased over the past two years, even surpassing holiday season spending. To capitalize on this mid-year shopping surge, Vietnamese SMEs should strategically diversify their product offerings.
Outdoor gear for summer, school supplies, tech accessories, and back-to-school gifts are all product categories that present lucrative opportunities for e-commerce sellers during this pivotal period.
According to Statista, the gardening market is booming and is projected to reach a market value of $80.86 billion by the end of 2024. Additionally, a separate study found that over 80% of US households engage in gardening activities, underscoring the vast potential of this market.
Vietnamese businesses should take note of this trend and adapt their products to cater to the global market. Many Vietnamese companies have already recognized the growing demand for garden-related products and are actively exploring this emerging market.
By leveraging local materials such as bamboo, coconut coir, forest moss, and recycled plastic, Vietnamese sellers on Amazon have developed an eco-friendly range of gardening products, including biodegradable planters, climbing stakes, and organic fertilizers, catering to the environmentally conscious consumer segment.
Through the utilization of these renewable resources and sustainable production practices, Vietnamese businesses are well-positioned to meet the rising global demand for eco-friendly and nature-oriented gardening solutions.
INFUSING PRODUCTS WITH “EMOTIONAL VALUE” AND DIVERSIFYING OFFERINGS
Consumers on e-commerce platforms also attach great importance to the emotional value of products, be it gifts or electronic devices. Therefore, to forge emotional connections with consumers, businesses can focus on refined designs, personalized experiences, and brand storytelling that reflects profound values.
Manufacturers, brands, and sellers who successfully integrate emotional value into their products will have a competitive edge during peak shopping seasons, such as the current mid-year period.
An analysis of the 10,000 best-selling gift items on Amazon in 2023 revealed a diverse range, spanning from premium electronics to personal care items and essential home goods.
Vietnamese sellers have a significant opportunity to tap into these emerging gift-giving trends and thrive in the future. By diversifying their product portfolios to cater to these diverse gifting needs, e-commerce businesses can maximize their sales potential during the back-to-school shopping season.
Cross-border e-commerce in Vietnam is experiencing robust growth. The 2023 E-commerce Report indicates that retail e-commerce revenue in Vietnam grew by 25% in 2023 compared to 2022, reaching $20.5 billion. This places Vietnam among the top 10 countries with the fastest-growing e-commerce markets globally.
The global e-commerce market is projected to exhibit strong growth, with revenues expected to hit $7.4 trillion by 2025.
As Vietnam deepens its integration into the global economy, coupled with opportunities presented by new-generation free trade agreements, the shift from traditional business models to digital platforms is seen as a strategic move for businesses to expand their export markets. The Ministry of Industry and Trade aims to reach $35 billion in e-commerce revenue by 2025, with 55% of the population engaging in online shopping and 50% of payments being made digitally.
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