"A gold mine," but you need to know how to exploit it.
Ms. Dang Thuy Minh Anh (Cau Giay, Hanoi) has been involved in e-commerce business for over 5 years. Through hard work, perseverance, and learning from family and YouTube videos , her current income is nearly 40 million VND per month.
However, e-commerce platforms are not a "gold mine" for everyone. Nguyen Hoang Nam's family (Gia Lam, Hanoi ) has been selling cosmetics for over 10 years. Thanks to a stable customer base from their traditional business, their two stores generate approximately 100 million VND per month. Facing the trend of online business, Mr. Nam also joined the trend, opening online stores on e-commerce platforms.
"My parents know almost nothing about digital technology . I only have a basic understanding, and following the trend, I created an account on an e-commerce platform to sell my family's products. I asked friends to support the account to get more purchases and reviews. However, the number of customers from outside the platform hasn't been significant yet," Nam sighed as he shared.
Looking back, Mr. Nam believes that most of the products he updates on the e-commerce platform have already existed and are very popular in the market.
"I think this is a lucrative market, but I probably need to learn a lot more about communication skills and how to introduce new products in order to thrive," Nam added.
Market research plays a core role.
Mr. Nguyen Van Thanh, Director of the E-commerce Development Center - Department of E-commerce and Digital Economy, believes that thorough market research and understanding the essential needs of the people are crucial for doing business on e-commerce platforms.
Based on that, we will design products, from packaging and labels to methods of packing goods, that are suitable for the platform and the needs of buyers.
In addition, it is also necessary to offer competitive prices and develop better product brands and labels in the future.
"We have collaborated with business associations, the Vietnam E-commerce Association, and universities to train students. We are committed to supporting businesses in selling their products. Based on that, some students have successfully sold their goods, and this is a practical approach," Mr. Thanh said.
Sharing more about brand building strategies, Ms. Dang Thuy Ha - Director of Nielsen Northern Region - said: "Businesses need a brand strategy and identity, combined with effective marketing. This will help increase market share, sales, profits, and customer loyalty."
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