Shopee and TikTok Shop dominate e-commerce market

Shopee continued to maintain its leading position with a huge revenue of VNĐ62.38 trillion, accounting for 71.4 per cent of the GMV market share. — Photo congthuong.vn

HÀ NỘI — The revenue gap between the leading multi-industry e-commerce platforms in Việt Nam is increasing.

It is revealed in a new report from YouNet ECI, an e-commerce channel development consulting and analysis company.

The Gross Merchandise Volume (GMV) on the four largest platforms, Shopee, TikTok Shop, Lazada and Tiki, reached VNĐ87.37 trillion (US$3.6 billion) in the second quarter of this year, up 10.4 per cent over the previous quarter.

In particular, Shopee continued to maintain its leading position with a huge revenue of VNĐ62.38 trillion, accounting for 71.4 per cent of the GMV market share.

TikTok Shop ranked second with VNĐ19.24 trillion, equivalent to 22 per cent of the market share.

In total, these two platforms accounted for 93.4 per cent of the GMV market share, up from 91.25 per cent in the first quarter.

While Shopee expanded its market share, the remaining platforms such as Lazada and Tiki witnessed a decline, with only 5.9 per cent and 0.7 per cent market share, respectively.

This development shows that the online retail market is now a ‘two-horse race’ between Shopee and TikTok Shop.

The e-commerce market was gradually changing, with the need to professionalise at every point of customer interaction, said Nguyễn Phương Lâm, Director of market analysis at YouNet ECI.

Capturing data and analysing it to develop new strategies was a must for success, he added. In the long term, the main trends including daily online shopping habits, shopping for high-value items and developing shoppertainment would be the main drivers of growth for Việt Nam’s e-commerce. — VNS