The total transaction value on Shopee, Lazada, TikTok Shop and Tiki in November was more than 31,915 billion VND, of which two-thirds were "closed" at Shopee.
Data provided by YouNet ECI's EcomHeat e-commerce data platform, through collection, processing and analysis from 2.6 million online stores, covering all 4 multi-industry online platforms: Shopee, Tiki, Lazada and TikTok Shop.
Vietnamese people's spending on online shopping increased last month due to many year-end shopping stimulus activities, the biggest being the "super sale" on Singles' Day on November 11. As a result, about 405,000 sellers "exploded orders" on 4 platforms last month.
In terms of market share, Shopee leads with 72.7%, equivalent to VND 22,670 billion. In all product categories, Shopee is the leader in revenue, far surpassing other platforms. According to Shopee's announcement, on November 11 alone, the number of users participating in shopping increased 38 times more than usual.
Graphics: YouNet ECI
TikTok Shop and Lazada have market shares of 17.2% and 9% respectively, but have advantages in different product categories. TikTok Shop is a place to trade in easy-to-buy, easy-to-use product categories such as fashion & accessories; beauty; food & beverages.
Meanwhile, Lazada is strong in high-value products. Vietnamese people often come here to buy technology products, household appliances, and audio equipment. With 385 billion VND, technology is the product group that brought in the most revenue for Lazada in November.
For that reason, TikTok Shop ranks lowest in terms of average product value. On average, a product sold here costs only about 108,000 VND (Shopee is 116,000 VND and Lazada is 162,000 VND).
Behind the positive stimulus month of e-commerce platforms in the peak month just passed, there were at least 2 popular tactics that the platforms utilized.
First , livestream sales continue to explode. In its Singles Day sales results report, Shopee recorded a total of 722 million interactions and 603 million views of livestream programs on the platform during the period.
On November 11 alone, the total number of live viewers increased 11 times compared to normal days, with an average seller livestreaming for up to 7 hours, increasing the number of products sold via Shopee Live by 44 times. Mr. Tran Tuan Anh, CEO of Shopee Vietnam, said that the revenue results throughout the 11.11 event proved that the strong investment in livestreaming "is on the right track".
The "runner-up" TikTokShop itself has also risen with one of its "trump cards" being livestream sales. According to the first half of 2023 report, this platform said that the community of sellers and content creators - the forces capable of leading livestream sessions, grew by 210% and 330% respectively.
A livestream session during the OCOP livestream sales festival in Can Gio, Ho Chi Minh City in October. Photo: TikTokShop
Livestreaming also effectively expands the output for some industries. For example, last month, YouNet ECI recorded that fashion & accessories were the most purchased product group on the platforms, with revenue of VND8,104 billion, nearly double the second-ranked industry group, beauty (VND4,617 billion).
This result is partly due to the fact that fashion & accessories and beauty are benefiting greatly from livestream sales thanks to the growth of TikTok Shop and Shopee's recent bold investments in Shopee Live, according to YouNet ECI.
Second , affiliate marketing is booming. Affiliate marketing is a model in which marketers, usually KOLs (influencers), KOCs (consumer influencers) on social networks, advertise products with a link to the store selling them. If customers "close the deal" through that link, the marketer will receive a commission.
Shopee said that affiliate marketing is becoming one of the effective sales-boosting tools in promotional campaigns. For example, on November 11 alone, the number of active affiliate KOLs increased 79 times. Meanwhile, TikTok's content creators are a large force for affiliate marketing, in addition to leading livestreams.
Looking ahead, Visa’s Green Shoots Radar study reveals some positive signs. 59% of Vietnamese consumers surveyed believe that now is the best time to buy big-ticket household items such as furniture, appliances and electronics. Up to 75% of Vietnamese consumers remain optimistic about the country’s economic outlook.
As a result, 55% intend to spend more in 2024. However, the majority of Vietnamese still intend to allocate a larger budget for savings purposes. With savings ranging from 10-29% of monthly personal income, 43% of respondents expect to increase their savings, higher than the Asia-Pacific average of 36%.
Telecommunications
Vnexpress.net
Source link
Comment (0)