In 9 months, Vietnamese consumers spent 8.9 billion USD on e-commerce platforms.

227,700 billion VND, equivalent to 8.9 billion USD, is the amount of money Vietnamese people spent on shopping on e-commerce platforms in the first 9 months of 2024.

In the third quarter online retail market report and fourth quarter forecast just released by data platform e-commerce Metric announced that over the past 9 months, Vietnam's e-commerce market continued to maintain positive growth momentum.

Accordingly, the total transaction turnover of 9 months reached 227,700 billion VND, an increase of 37.66% over the same period in 2023. In the third quarter alone, it contributed 84,750 billion VND, an increase of 15.9% over the third quarter of 2023 with 897 million products.

Metric's statistics cover the 5 largest platforms currently, Shopee, TikTok Shop, Lazada, Tiki and Sendo, filtering out fake orders and gift products. Of which, TikTok Shop and Shopee are the 2 e-commerce platforms that recorded 110.6% and 11.3% growth in sales compared to the same period in 2023.

In 9 months, Vietnamese consumers spent 8.9 billion USD on e-commerce platforms. Photo: MH

However, only Tiktok Shop and Shopee recorded positive growth compared to both the second quarter and the same period in 2023. After a period of decline, Tiki was an unexpected bright spot with total transaction revenue in the third quarter recovering strongly, up 38.1% compared to the second quarter, considered a positive turning point for the domestic platform.

Looking at each platform separately in the third quarter, Shopee, TikTok Shop and Tiki all recorded high sales growth from July, peaking in August, then decreasing slightly in September. Lazada and Sendo, on the other hand, saw sales gradually decrease each month.

The last quarter of the year is a time of many holidays and seasons. shopping the most exciting of the year. Along with that, Lunar New Year 2025 comes earlier than last year, so shopping to prepare for Tet will fall most strongly in late November and December.

" Therefore, sales on e-commerce platforms are expected to increase the most during this time period," Metric's research team released its latest report on October 23.

According to Metric, growth in October, November, and December is forecast to reach about 10%, 20%, and 35%, respectively, compared to the same period last year. This speed will help bring sales on the 5 largest online retail platforms in Vietnam (including Shopee, Tiktok Shop, Lazada, Tiki, and Sendo) to the milestone of 80.6 trillion VND.

Suitable products can include fall and winter fashion , Tet fashion products, beauty products...

Additionally, sellers can create dual shopping promotions that combine year-end and Tet shopping to encourage customers to make early purchases.

From the beginning of the year to the end of September 2024, the Vietnamese e-commerce market continued to maintain positive growth momentum with total sales reaching nearly VND228 trillion, up nearly 38% over the same period last year, according to Metric's online retail market overview report.

In the context of fierce competition between platforms, only Tiktok Shop and Shopee are the two platforms that recorded positive growth compared to both the second quarter of this year and the same period in 2023.

Notably, Tiktok Shop has achieved double-digit sales growth compared to the same period last year, demonstrating an effective strategy in combining shopping and entertainment models.

Tiki was also a surprising bright spot in the third quarter when it recorded a strong recovery with an increase of more than 38% compared to the previous quarter, creating a positive turning point for this domestic platform.

One of the notable trends in the last quarter was the strong growth of genuine stores on the floor - shop malls. Although accounting for only 5% of the total number of shops generating orders, shop malls contributed nearly 1/3 of the total sales of the entire market, with an increase of more than 53% compared to the same period in 2023.

Source