The total revenue of Vietnam’s five leading e-commerce platforms—Shopee, Lazada, TikTok Shop, Tiki, and Sendo—reached VND318.9 trillion ($12.51 billion) last year, reflecting a 37.36-per cent increase year on year (YoY), Metric’s 2024 Online Retail Market report showed.
The total product consumption reached 3.421 billion items—a 50.76-per cent increase YoY.
The country’s e-commerce market saw significant growth last year with many outstanding trends, characterised by impressive sales and changes in consumer behaviour.
The total product consumption reached 3.421 billion items—a 50.76-per cent rise YoY.
The number of online shops with orders on these platforms dropped by 20.25 per cent YoY last year.
The number of online shops with orders on the top five e-commerce platforms in the country dropped by 165,000, or 20.25 per cent, YoY last year. Many small retailers or ineffective shops had to leave the market.
The number of shops that had orders on Shopee platform last year 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, a domestic media outlet reported.
Data showed significant sales growth in the second half of 2024, driven by major shopping events, which led to high shopping demand, allowing sellers to run sale promotions, diversify product offerings to fit consumer trends and intensify marketing efforts.
Last year also witnessed a significant rise in imports, with over 324.1 million products arriving, generating VND14.2 trillion in sales—a 42.9-per cent increase YoY.
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.
Beauty services, home and lifestyle, and women's fashion are the top-grossing categories on Vietnamese e-commerce platforms.
Fibre2Fashion News Desk (DS)