E-CommerceHow you can take advantage of Vietnam's growing e-commerce industry
E-commerce is Growing Rapidly
E-commerce is the term used to describe the business model that lets firms and individuals buy and sell things over the internet. Reasons for its recent emergence and rapid growth primarily concern the ease of accessibility to an online marketplace. Vietnamese brands that sell online are no longer limited to traditional store hours. Instead, sales can happen around the clock.
Vietnam’s considerably young population demographic paired with booming internet usage and smartphone ownership, present opportunities for the growth of e-commerce in the nation. According to Statista, Revenue generated by e-commerce is expected to grow at an annual rate (CAGR 2020-2024) of 9.0%, resulting in a projected market volume of US$8.508m by 2024.
Still an Infant Industry
Despite its recent growth and development, the Vietnamese e-commerce industry is still at an early stage of development. It is fragmented and competitive with the diversification in every segment and participation of SMEs, business households and individuals. Besides, e-commerce market poses some challenges for players such as high COD or immature infrastructure. The general trend is that large enterprises are increasing customer base and raising more capital while new and smaller enterprises are trying to start with niche markets or brand new business models.
What can TBRC help you with in the e-commerce industry?
Our team has a wide network and extensive experience in market research. We will assist you in your search for potential partners or investors, while providing concept development advice for e-commerce models. Business strategy development by market research, analysis and modeling are our core values.
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