In the context of Vietnam's e-commerce boom, major e-commerce platforms such as Shopee, Lazada, TikTok Shop... have been implementing a series of special promotional programs to stimulate year-end shopping.
11/11 - Singles' Day is one of the key events that platforms are making maximum efforts to stimulate shopping.
Race for incentives and user benefits
The end of the year is the time when e-commerce platforms in Vietnam compete with a series of attractive promotional programs to attract consumers.
For buyers, this is a golden opportunity to own their favorite products at preferential prices, from household appliances, electronics to fashion and cosmetics.
Therefore, from November onwards is always the time chosen by e-commerce platforms to launch the biggest promotional programs of the year, especially the event "11.11 Super Sale".
The “11.11 Super Sale” event is a shopping festival with “huge” incentives, marking a fierce race between platforms to stimulate consumer demand before the year-end shopping season and Lunar New Year.
From big names like Shopee, Lazada, Tiki to emerging platforms like TikTok Shop, all are offering big discounts, integrating convenient and user-friendly shopping experiences.
Shopee is currently the market leader, with a market share of 67.9% and a gross merchandise value (GMV) of US$2.12 billion in Q1 2024.
In the upcoming "11.11 Super Sale" event, Shopee attracts users with free shipping vouchers up to 500,000 VND and a chance to win a VinFast electric motorbike.
Shopee also supports small retailers to participate in promotional programs at low costs, helping to increase competitiveness and prioritize Vietnamese products, contributing to promoting domestic goods.
Although Lazada accounts for 7.6% of the market share, to compete, the platform has applied artificial intelligence (AI) to the shopping experience to personalize and optimize product recommendations.
During Lazada's "11.11 Super Sale" event, the platform offers discounts of up to 90% on a wide range of products along with livestream activities lasting 20 hours continuously, helping consumers discover products through live broadcasts.
Lazada also offers discount vouchers of up to 1 million VND and free shipping for orders during the event.
TikTok Shop is a new platform but has quickly captured 23.2% market share and recorded GMV of 721 million USD in Q1/2024.
Unlike other platforms, TikTok Shop attracts young consumers through livestream programs and interactive activities.
TikTok Shop also promotes its partner ecosystem, helping sellers increase interaction with consumers through advertising tools such as Shop Ads and Video Shopping Ads.
Tiki and Sendo also participated in the “11.11 Super Sale” with attractive promotions. Tiki provided discount codes and free shipping, especially for technology and household products - the product categories that have great appeal at the end of the year. Sendo promoted promotions on fashion and food products, while enhancing fast delivery services.
Year-end promotions not only benefit consumers, helping them save costs, but also boost e-commerce platform revenue.
A representative of the Department of E-commerce and Digital Economy, Ministry of Industry and Trade, commented: "E-commerce is becoming the main retail channel in people's daily lives. With strong incentive programs, consumers will increasingly stick to online platforms."
Vietnam's e-commerce market is on the rise
With rapid growth, Vietnam's e-commerce has become a key economic sector, with an average annual growth rate of over 25%.
According to the Ministry of Industry and Trade, e-commerce accounts for about 8% of total retail sales of consumer goods and services. The explosion of platforms such as Shopee, Lazada and TikTok Shop has dramatically changed the shopping habits of Vietnamese consumers.
The e-commerce market reached VND85,000 billion in revenue in the second quarter of 2024, up 78% year-on-year and is expected to reach VND156,000 billion by the end of the year. This is a testament to the attractiveness of e-commerce and the growing demand for online shopping.
E-commerce platforms have not only grown in the number of orders but also improved profits thanks to investment in technology. Shopee and Lazada have actively applied AI and Big Data to their operations, enhancing experiences and personalizing services.
Shopee also invests in its logistics ecosystem and warehouse expansion to ensure fast delivery, maintaining its leading position in delivery speed and reliability, especially in remote areas.
In particular, Lazada with GenAI feature and TikTok Shop with “Shoppertainment” form have created their own attraction. Lazada helps consumers experience shopping through product search feature by image, personalizing suitable recommendations.
TikTok Shop, with its shopping and entertainment activities, quickly attracted the love of young people - those who are passionate about interactive online shopping experiences.
However, fierce competition among platforms also poses great challenges. Ms. Lai Viet Anh, Deputy Director of the Department of E-commerce and Digital Economy, commented: "To survive and develop, e-commerce platforms must constantly improve user experience and optimize operating costs. Relying solely on a discount strategy to attract customers will not bring long-term sustainable results."
It is forecasted that by 2025, Vietnam’s e-commerce will maintain its growth momentum, aiming to reach 39 billion USD thanks to flexible strategies and technology investment. However, as competition becomes increasingly fierce, e-commerce platforms must improve their services and bring real value to consumers.
In a constantly changing market, embracing technology and enhancing experiences will be key for platforms to stay ahead of the competition.
Source: https://baohaiduong.vn/cuoc-dua-kich-cau-mua-sam-cuoi-nam-cua-cac-san-thuong-mai-dien-tu-397592.html
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