According to YouNet ECI, an e-commerce growth consultancy, Vietnam’s online consumer confidence index soared in the first half of the year, reaching 122 points. The most noticeable change in online consumer behavior is that, instead of buying mainly low-priced goods, consumers are now willing to buy the high-priced products they previously preferred to buy in stores.
Bui Thi Phuong Anh, an affiliate marketing consultant in Hanoi, said: “Previously, for products over 1,000 dollars, people generally preferred to shop at a store after comparing prices online. Now I see consumer behavior and trends gradually changing. I just bought a phone on an e-commerce platform. I think young people are increasingly willing to buy higher-priced products, and a wider range of products, online.”
“After a decade of booming growth, Vietnam’s e-commerce sector has begun to enter a stage of maturity. Since the beginning of the year, e-commerce has posted double-digit growth. There’s a shift from small-scale retailers toward larger sellers. Larger sellers and reputable businesses offering quality products are gaining a foothold in the market,” according to Do Huu Hung, Vice Chairman of the Vietnam E-commerce Association (VECOM).
That 68% of businesses have adopted e-commerce, exceeding the annual target of 60-62%, shows that businesses are changing their competition strategies and their approach to management.
