2024 witnessed a surge in imported goods with more than 324.1 million products, generating VND 14,200 billion in revenue, an increase of 42.9% over the same period.
According to the Online Retail Platform Market Overview Report 2024 and Forecast 2025 recently released by e-commerce data analytics platform Metric, the total sales of the five platforms e-commerce The most popular e-commerce platforms in Vietnam today (Shopee, Lazada, TikTok Shop, Tiki and Sendo) in 2024 will reach 318,900 billion VND, an increase of 37.36% compared to 2023.
Sales boom but vendors decline
Along with sales, total output also reached 3.4 million products, a sharp increase of 50.76%. The figures show that the market's purchasing power remains high.
However, the number of stores generating orders decreased by 20.25%, reflecting increasingly fierce competition.
Many small or ineffective retailers have had to leave the market, giving way to brands with clear business strategies, product portfolios that suit tastes and more flexible operations.
Metric's data also shows that the second half of 2024 will record significant sales growth thanks to a series of major shopping events such as the back-to-school season, Vietnamese Women's Day (October 20), Vietnamese Teachers' Day (November 20), Christmas, New Year and Lunar New Year.
These occasions create high shopping demand, opening up opportunities for sellers to take advantage of Promotional programs, diversifying product portfolio according to consumer trends and promoting marketing activities.
In addition, Shop Mall on Shopee and TikTok Shop recorded strong sales growth (69.79% and 181.31% respectively), reflecting the trend of consumers increasingly prioritizing reputable brands and highly trustworthy stores.
The Rise of Imports and Changing Consumer Behavior
2024 witnessed a significant increase in imports with more than 324.1 million products imported into Vietnam, generating VND 14,200 billion in revenue, with output and sales growth of 37.9% and 42.9% respectively over the same period.
This change comes from several key factors such as improved logistics systems that enable faster shipping times and reduce the risk of lost or delayed deliveries.
E-commerce platforms also offer return policies, consumer protection better, helping to reduce the risk of purchasing from abroad.
In addition, competitive prices from international brands are also an important factor, as many imported products have better prices thanks to low production costs. This is an important signal for domestic businesses, requiring them to optimize their products and pricing strategies to be able to compete with international brands.
Beauty, home - living, women's fashion are the three product categories that bring the most sales to e-commerce platforms. However, grocery - food is the outstanding product category with a growth rate of up to 76.3% - the highest among the product categories.
This trend shows a clear change in shopping behavior, as consumers increasingly prefer to order online instead of shopping at traditional markets or supermarkets.
Factors driving the growth of this industry include convenience and faster delivery speeds, which save consumers significant time. In addition, attractive promotions and discount codes also make online food shopping more economical .
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