E-commerce towards creating digital trust

However, e-commerce experts are concerned that new business trends on social networks, online websites, etc. could become barriers to sustainable e-commerce development if they cause customers to lose trust.

E-commerce has consistently maintained its position as one of the top growth rates in the world, affirming its pioneering position in the development of the digital economy in recent years. According to statistics in Vietnam, in 2022, e-commerce will grow by 20%, reaching a scale of 16.4 billion USD.

In 2023, the growth rate of e-commerce will reach 25% and the total market size will increase by more than 4 billion USD compared to 2022. Experts say that in the coming time, maintaining the growth rate depends largely on the support of businesses. Because the business method, product quality, as well as customer care services of businesses are the necessary and sufficient conditions to retain customers.

New business trends on social networks, online websites… can become barriers to sustainable e-commerce development.

Mr. Hoang Ninh - Head of Digital Government Department, Department of E-commerce and Digital Economy, Ministry of Industry and Trade , analyzed: “In the past 10 years, although our e-commerce has grown very rapidly in quantity, the biggest reason why Vietnamese consumers are still hesitant to buy online is that the quality does not match the advertisement. Second, they do not trust the seller, it is difficult to verify the quality of goods, counterfeit goods, goods that violate intellectual property rights, and many other factors. From the perspective of State management, we will continue to improve the law on competition in the e-commerce environment”.

From January 1, 2022, when Decree No. 85/ND/CP amending and supplementing a number of articles of Decree No. 52/ND/CP on e-commerce takes effect, enterprises and organizations providing e-commerce services must be responsible for providing e-commerce services, and are responsible for designating a focal point to receive requests and provide online information to State management agencies about subjects showing signs of violating the law.

From there, this focal point will provide information within 24 hours (from the time of receiving the request) to promptly serve the inspection, examination, handling of violations and settlement of complaints and denunciations.

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Mr. Lam Quang Nam, Vice President of the Vietnam Software and Information Technology Services Association (VINASA), said that with new e-commerce shopping trends, there is also a need for additional regulations to help create digital trust for customers.

“The digital trust stamp covers both the merchant's trust and the platform's trust. This stamp will be evaluated regularly and will directly contribute to creating and strengthening customer trust, leading to transactions. Second, the stamp will act as a bridge for the state management functions of specialized ministries. Third, it promotes e-commerce. So, that's what if we want to talk about digital trust, then we have to make it tangible to become something (if we can't hold it, we have to see it), so that we can promote transactions in the digital environment and indirectly promote the digital transformation process" - Mr. Lam Quang Nam said.

E-commerce will continue to be a very strong growth driver for the retail industry, if merchants, organizations, and individuals doing business on different digital platforms continue to pay attention to customer satisfaction. Only then will the forecast of a 25% annual growth rate in the next 5 years by YouNet ECI (an e-commerce market data analysis unit serving brands in Vietnam) become a reality.

Mr. Nguyen Phuong Lam - Director of YouNet ECI Market Analysis Department, YouNet Group Corporation commented: “The future trend is high value and combined shopping and entertainment, these are the growth drivers of e-commerce. To make consumers willing to spend tens of millions on e-commerce, the platforms, companies, and brands need to solve the problem of warranty policies, as well as after-sales services. That is, no matter which channel consumers buy from, warranty and after-sales services are still implemented on offline channels as usual”.

According to vov.vn

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