Online shopping

Vietnam’s online shopping boom continues in 2022

HANOI (Vietnam News/Asia News Network): Online shopping will still be booming this year even if the Covid-19 pandemic is over, experts have said.

The digital economy has seen massive growth in Southeast Asia over the past year, driven by the rise of e-commerce, according to a recent report by e-commerce platform Lazada.

The regional e-commerce market has grown 24 times over the past six years, growing from US$5 billion in 2015 to US$120 billion in 2021. It is expected to reach US$234 billion in 2025.

The Vietnamese market is also expected to quadruple to $39 billion by 2025 from $13 billion last year.

The pandemic has triggered major changes in customer buying behavior and habits, according to the report, as 58% of Vietnamese surveyed said they would continue to shop in online marketplaces because it was practice.

This habit is likely to continue in the future as 53% of respondents indicated that shopping online is now part of their life.

Đặng Hoàng Hải, director of Vietnam’s Electronic Commerce and Digital Economy Agency (iDEA), said e-commerce was a key distribution channel, maintaining supply chains and boosting sales of agricultural products, especially during the severe resurgence of Covid-19.

Sales on e-commerce sites hit $13 billion last year, up 16% from 2020, making Vietnam one of Southeast Asia’s top three countries with the highest online retail sales growth.

Demand for e-commerce has skyrocketed since the start of the pandemic, said Nguyễn Ngọc Dũng, chairman of the Vietnam Electronic Commerce Association (VECOM). More than 70% of the Vietnamese population has access to the Internet; nearly 50% shop online and 53% use e-wallets and embrace digital payments, he noted.

James Dong, CEO of Lazada Thailand and Vietnam, said the waves of Covid-19 have led to major changes in customer behavior and shaped new trends.

Five key trends in 2021 are expected to continue to have profound impacts on the e-commerce ecosystem this year, namely social commerce, user-generated content (UCG), personalized customer experience, digital payment and multi-channel shopping, he said.

Although shoppers are returning to physical stores, there are no signs of a decline in online shopping, said Tracey Ryan O’Connor, vice president of Qubit Group, adding that in fact the trend continues. grow.

Even if the pandemic ends, online shopping will continue to thrive as it has become a consumer habit, she said.