Metric’s 2024 Online Retail Market report showed that total revenue of Vietnam’s five leading e-commerce platforms (Shopee, Lazada, TikTok Shop, Tiki, and Sendo) reached VND318.9 trillion, reflecting a 37.36 percent increase compared with 2023. The total product consumption reached 3.421 billion items, a 50.76 percent increase.

The 2024 Vietnamese e-commerce market witnessed significant growth with many outstanding trends, characterized by impressive sales and changes in consumer behaviors.

Statistics indicate that while purchasing power in the Vietnamese e-commerce market was robust, the number of shops having orders decreased by 20.25 percent, which reflected the increasingly stiff competition. Many small retailers or ineffective shops had to leave the market.

The number of shops that had orders on Shopee platform in 2024 decreased by 86,300. The figure was 55,300 shops on TikTok Shop, 7,000 on Lazada, 800 on Tiki and 15,500 on Sendo.

Data showed significant sales growth in the second half of 2024, driven by major shopping events like the back-to-school season, Vietnamese Women's Day (October 20), Vietnamese Teachers' Day (November 20), Christmas, New Year's, and Tet (Lunar New Year).

These events spurred high shopping demand, allowing sellers to run sale promotions, diversify product offerings to fit consumer trends, and intensify marketing efforts.

2024 also saw a significant rise in imports, with over 324.1 million products arriving in Vietnam, generating VND14.2 trillion in sales, which meant a 42.9 percent increase year-on-year.

After many years, Vietnamese consumers are now less hesitant to order products online from abroad. These changes are attributed to improved logistics system that helps to shorten delivery times and reduce the risks of loss or delay.

Additionally, e-commerce platforms now offer better customer policies, mitigating risks from international purchases.

Competitive pricing from international brands plays a crucial role. Many imported products benefit from lower production costs, resulting in more attractive prices.

These developments compel local businesses to optimize products and pricing strategies to compete with international brands.

Beauty services, Home & Lifestyle, and Women's Fashion are the top-grossing categories on Vietnamese e-commerce platforms. However, Grocery & Food stands out with a growth rate of 76.3 percent.

This trend signifies a significant marked change in shopping behavior as consumers increasingly prefer ordering online instead of shopping at traditional markets or supermarkets.

The factors driving growth in the Grocery & Food category on e-commerce platforms include convenience and faster delivery, saving consumers’ time.

Attractive promotions and discounts also make online food shopping more economical.

Amid stiff competition, the rise of imports and changing consumer habits, local businesses face numerous challenges when selling products in the e-commerce environment.

Trong Dat