The estimated sales revenue on the five largest e-commerce platforms in Vietnam reached 40,000 trillion Vietnamese dong, increasing by 1.5 times compared to the same period in 2023. In total, over 437 million products were sold.
Revenue on e-commerce platforms in the first 2 months of the year increased sharply compared to 2022-2023. Photo: Phuong Lam.
According to a recent report from the e-commerce data analytics platform Metric, despite forecasts of a sluggish economic year, sales revenue on the five largest e-commerce platforms in Vietnam, including Shopee, TikTok Shop, Lazada, Tiki, and Sendo, exceeded 40,000 trillion Vietnamese dong in the first two months of the year.
This figure increased by 51% compared to the same period last year and by 110% compared to the same period in 2022.
Consumers tended to increase shopping activity in the early and late stages of January. Moving into February, closer to the Tet holiday, sales revenue on e-commerce platforms gradually decreased, reaching a low of 2,000 trillion dong during the Tet holiday week (February 8-14). However, just two weeks after returning to work after Tet, this figure tripled.
In total, in the first two months of the year, over 437 million products were sold from 441,000 different stores.
In the upcoming second quarter, Metric forecasts that sales revenue on the five e-commerce platforms could reach 65,000 trillion dong, a 25% increase compared to the same period in 2023. Sales volume during this year’s summer shopping season could also increase by 28% to 650 million products.
“The economic situation in 2024 is still expected to be sluggish, and consumers are becoming more sensitive to prices. Overall, revenue growth is expected to be lower than the growth in sales volume,” a representative from Metric shared.
Looking back at 2023, most sectors witnessed revenue growth. Some sectors such as beauty, fashion, electronics, and mother and baby products even saw revenue growth rates of 50-60% compared to 2022.
However, paradoxically, the number of stores generating sales is gradually decreasing. Only a few sectors such as home-living, phones and tablets, computers/laptops and office equipment, automobiles and motorcycles, and women’s footwear continue to increase the number of stores, but not significantly.
Last year, the price segments of 100,000-200,000 dong and 200,000-500,000 dong continued to generate the most revenue for stores. Among them, the 100,000-200,000 dong segment saw a 40% revenue growth compared to the previous year, while the 200,000-500,000 dong segment saw a 37% growth.
However, the revenue growth of the 100,000-200,000 dong segment somewhat reflects that consumers are becoming more price-sensitive and paying more attention to promotional programs.
In fact, on the four platforms Shopee, Lazada, Tiki, and Sendo, the average price paid by buyers decreased from 100,344 dong in 2022 to 98,781 dong last year.
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Source: Vietnam Insider