Double Day sales this quarter will not match those of past years since inflation remains a worry for consumers, businesses have said.
Sales on days such as November 11 and December 12 are the year’s highest as many firms and e-commerce companies run massive promotion programs.
According to data from French online display advertisements provider Criteo, online retail sales on November 11, December 12 and Black Friday last year were 128%, 143% and 92% higher than on normal days.
However, on October 10 sales in Vietnam increased by only 48% compared with 125% last year.
Sales on November 11 and December 12 would not rise by as big rates as before, Mark Gubbels, Criteo’s commercial head for Southeast Asia, said, noting that consumers would be more cautious in spending.
Retail sales increased only 17.1% year-on-year in October compared with more than 36% the previous month.
Inflation accelerated after the end of the third quarter, surging by 4.3% year-on-year in October.
Nguyen Chanh Chung, owner of cosmetics brand Lagivado, said demand would not be as strong this year as in the past, while e-commerce platforms would not offer as big promotions in the last quarter as they normally do.
To attract customers, Shopee and Lazada are organizing live online music shows, while the former is also offering vouchers and discounts.
Nguyen Manh Tan, marketing director of Haravan Technology Corporation, said consumers currently like omnichannel (combining online and offline sales), the direct-to-consumer model, conversational commerce, and livestreams on social networks.
“E-commerce businesses should apply these four business models to approach and attract customers, increase revenues and cut costs and build their brand reputation.”
There are around 100 e-commerce platforms in Vietnam with hundreds of thousands of vendors.
In 2020 Shopee had 210,000 vendors and Tiki had 8,800, according to tax authorities.
The e-Conomy Southeast Asia 2021 report by Google, Temasek and Bain & Co. forecast Vietnam to surpass Thailand by 2025 to become the second biggest Internet economy in Southeast Asia at US$57 billion after Indonesia ($146 billion).
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