Mining gold mine online business

"Gold mine" but must know how to exploit

Ms. Dang Thuy Minh Anh (Cau Giay, Hanoi) has been involved in e-commerce business for more than 5 years. Through her efforts, hard work, learning from relatives and watching videos on YouTube, her current income is nearly 40 million VND/month.

However, e-commerce platforms are not a "gold mine" for everyone. Mr. Nguyen Hoang Nam's family (Gia Lam, Hanoi ) has been trading cosmetics for over 10 years. Thanks to a stable customer base from traditional business, his two establishments earn about 100 million VND/month. Facing the trend of online business, Mr. Nam is not left out, opening online stores on e-commerce platforms.

"My parents almost don't know about digital technology . I only have a basic understanding, so I followed the trend and created an account on an e-commerce platform to post and sell my family's products. I asked my friends to support me so that my account could have more purchases and reviews. However, the number of outside customers is not much" - Mr. Nam sighed and shared.

Looking back, Mr. Nam said that the products he updated on the e-commerce platform almost existed before and were very popular in the market.

"I think this is a lucrative market, but perhaps we need to learn a lot more about communication skills and how to introduce new products to be able to develop it," Nam added.

Market research plays a pivotal role

Mr. Nguyen Van Thanh - Director of the Center for E-commerce Development - Department of E-commerce and Digital Economy - said that thorough market research and understanding of people's essential needs are very important in doing business on e-commerce platforms.

On that basis, we will design products from packaging, labels to packaging methods suitable for the platform and needs of buyers.

Besides, it is also necessary to offer competitive prices and develop better brands and product labels in the future.

"We have coordinated with the Business Association, the Vietnam E-commerce Association as well as universities to train students. We are committed to supporting businesses to sell their products. On that basis, some students have sold their products and this is a practical direction," said Mr. Thanh.

Sharing more about the brand building strategy, Ms. Dang Thuy Ha - Director of Nielsen North - said: "Businesses need to have a strategy and brand identity, combined with effective marketing. This will help increase market share, sales, profits and customer loyalty."

Source