According to the forecast of Nielsen Vietnam, with the growth of up to 22% per year, the scale of Vietnam’s e-commerce market can reach 10 billion USD by the end of 2020.
According to research of Nielsen Vietnam, 60% of online shoppers are women and 40% are men. Age of online shoppers from 25 – 29 years old accounts for 55%. Most online shoppers are single people, 55% of online shoppers are office workers using online shopping services. Currently, 35.8 million people use internet connection, the annual increase is 11%.
The Government is supporting a lot to develop e-commerce in Vietnam. Specifically, the Government want to improve logistics and transportation services better by 2025. With the growth of up to 22% per year, the scale of Vietnam’s e-commerce market can reach 10 billion USD by the end of 2020.
However, consumers are still psychologically afraid to buy products online because of fears that products are not as they want when they receive the goods, or they want to touch and test the products… These are the barriers of e-commerce in Vietnam. The future of e-commerce in Vietnam is still available but not growing steadily. Therefore, enterprises need to know whether consumers are willing to buy more or not to have an appropriate investment strategy.
Moreover, very few people buy goods without cash. Specifically, up to 76% of consumers who buy products online when receiving goods are paid in cash. However, this number is expected to decrease from 76% to 66% in the future. So which method will increase? That is the use of debit or credit card payments increased from 29% to 36%; using money transfer to purchase goods also increased from 30% – 33%.
Finding the right business partner in Vietnam is also important. We recommend doing research on the reputation of the company and individual shareholders, corporate or individual, gathering publicly available company information, and performing background checks on key personnel to find potential risks in cooperation. Working with a reliable partner can help achieve economic benefits, saving time and money in business.