Revenue in the third quarter of 2024 contributed VND 84.75 trillion (37% of total e-commerce revenue in the first 9 months of the year), an increase of 18.15% compared to the second quarter of 2024. Output in the third quarter reached 897 million products, an increase of 16.96% compared to the previous quarter, thereby bringing the total e-commerce revenue of Vietnam in the first 9 months of 2024 to VND 227.7 trillion...
In the online retail market overview report for the third quarter of 2024 and forecast for the fourth quarter of 2024 recently released by Metric, in the first 9 months of 2024, the Vietnamese e-commerce market continued to maintain positive growth momentum with total sales reaching VND 227.7 trillion, up 37.66% over the same period in 2023; output reaching 2,430 million products, up 49.8% over the first 9 months of 2023; the number of operating shops was 580.3 thousand shops, down about 1% over the same period in 2023.
SALES OF LAZADA AND SENDO SHOW “WORRYING” SIGNS
The three platforms Shopee, Tiktok Shop, and Tiki all had high sales growth from July, peaking in August and decreasing slightly in September. The two platforms Lazada and Sendo both had sales decreasing month by month.
In the context of fierce competition between platforms, only Tiktok Shop and Shopee recorded positive growth compared to the second quarter of 2024 and the same period of 2023. Notably, TikTok Shop achieved double the sales growth in the same period last year, demonstrating an effective strategy for combining shopping and entertainment models.
Tiki's revenue improved compared to the previous quarter (growth of 38.1%) in the third quarter of 2024, although it still had negative growth compared to the same period in 2023, creating a positive turning point for this domestic platform.
One of the notable trends in the third quarter of 2024 is the strong growth in the number of Shop Mall stores and Shop Mall sales (genuine stores). Although Shop Mall accounts for only 5% of the total number of shops generating orders, It contributes nearly 1/3 of the total sales of the entire market, with an increase of 53.11% compared to the same period in 2023.
This shows that consumers increasingly prioritize genuine and quality products, especially high-priced products - reflecting the trend of shifting online consumption in Vietnam.
Among e-commerce platforms, Shopee and Tiktok Shop are the two platforms that recorded growth in both sales volume and Shop Mall revenue. Although Tiktok Shop has fewer official stores than Shopee, its sales growth rate is 3 times higher.
LOW PRICE PRODUCTS DOMINATE THE MARKET
Another highlight of the market in the third quarter of 2024 was the strong product increase in the low-cost segment. Products priced under VND200,000 accounted for more than half of total market sales, with a 9% increase in market share compared to last year.
In particular, the segment under VND100,000 increased by 5% market share, while the segment from VND100,000 to VND200,000 increased by 4%. This shows the great attraction of low-cost products to consumers, reflecting the trend of smart consumption in the context of economic fluctuations.
In the third quarter of 2024, the product segment priced under VND 200,000 accounted for more than half of the total market sales, up 9% over the same period in 2023.
In the third quarter of 2024, the Vietnamese e-commerce market continued to record strong growth, especially in key product categories such as beauty, men's footwear, groceries, and fashion accessories. Data shows that the beauty industry continues to hold an important position with sales of VND 15,508 billion, accounting for 18% of the market share in the quarter, up 26.58% over the same period last year.
According to analysis in 2023, on the Shopee platform, the beauty industry recorded strong growth in the second half of the third and fourth quarters. This was driven by the demand for gifts during year-end festivals and weather factors, increasing the demand for skin, body and hair care products. In addition, major shopping events such as the 12/12 sale also played an important role in boosting year-end sales.
In the phone and tablet industry alone, only Apple and Oppo achieved positive growth in sales compared to the same period last year, especially Oppo with a growth rate of over 200%.
Metric forecasts that in the fourth quarter of 2024, total sales on the five largest online retail platforms in Vietnam will reach VND80.6 trillion with 870 million products sold; growth in October, November, and December will be 10%, 20%, 35% respectively compared to the same period in 2023. Partly because Tet 2025 comes early (January 29, 2025), so shopping to prepare for Tet will fall the most in late November and December 2024, and sales on the platforms are expected to increase the most during this period.
Metric's Online Retail Market Report Q3 2024 collects data on the top 5 e-commerce platforms in Vietnam: Shopee, Lazada, Sendo, Tiki and TikTok Shop during the period from July 1, 2024 - September 30, 2024.
(vneconomy.vn)
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