Vietnam’s online retail market witnessed significant growth in the first quarter of the year, with Shopee maintaining its dominance and capturing more than half of the market share. According to a report by YouNet ECI, consumers spent a substantial amount shopping on Shopee, solidifying its position as the leading platform in Vietnam’s online retail market.
Following Shopee, TikTok Shop emerged as the runner-up with a market share of 23.2%, showing a significant increase from the previous quarter. This growth reflects the platform’s appeal to Vietnamese consumers, who spent a considerable amount shopping on TikTok Shop in the first three months of the year.
The top five platforms, including Shopee, Lazada, Tiki, Sendo, and TikTok Shop, collectively saw significant revenue growth and an increase in successful product deliveries. The growth of online retail in Vietnam is attributed to various factors, including domestic consumption stimulation programs and the increasing adoption of online shopping as a daily habit.
The market is forecasted to continue its growth trajectory, with GMV expected to peak at 16.8 billion USD by 2025. E-commerce development is playing a crucial role in strengthening Vietnam’s digital economy, with businesses increasingly investing in technology and digitalization. The growth of digital services is expected to meet customer expectations for convenience and improve operational efficiency.
As the e-commerce landscape evolves, platforms like TikTok Shop and Shopee are leveraging shoppertainment features to enhance the shopping experience for consumers. The integration of entertainment elements into the online shopping process is expected to drive market growth and increase consumer engagement.
Overall, businesses are advised to focus on cost control, revenue generation, and digital transformation to thrive in the competitive digital landscape of Vietnam’s e-commerce industry. With continued growth expected in the coming years, companies must adapt quickly to stay ahead of their competitors and capture new opportunities for success.