yStats.com, a specialist in E-Commerce and online payment market intelligence, has released a new publication titled “Vietnam B2C E-Commerce Market 2017”. The report synthesizes most important facts and trends about online retailing in Vietnam and contains B2C E-Commerce sales forecasts for 2020 and beyond. Among the key trends identified by the secondary market research firm based in Germany is the high popularity of social and mobile commerce in Vietnam.
E-Commerce currently accounts for only about 1% of the overall retail market in Vietnam. This figure is projected to enlarge by multiple times by 2020 and continue on the growth path for at least five years after, according to different forecasts cited in yStats.com’s report. Increasing Internet and smartphone penetration and the growing affinity of consumers to online purchases are listed among the top factors contributing to Internet retail’s expansion in Vietnam. On the other hand, poor logistics infrastructure and the dominance of cash payments represent some of the most significant challenges. Vietnam’s E-Commerce market champions such as FPT Corporation, Mobile World, Lazada, and Tiki embraced the necessity of heavy investments into their own delivery and payment capabilities in order to meet the growing demand.
A defining characteristic of the Vietnamese online shopping market is that Facebook is ranked along these top online retailers as a platform facilitating purchases over the Internet. According to recent surveys cited by yStats.com in this report, a double-digit share of online shoppers places orders via this social network. More over one in five digital buyers admitted using Facebook more than any other website for the purpose of shopping online.
Another important trend in Vietnam’s E-Commerce is the rise of mobile retail. 3G connections reached a medium double-digit figure in millions in 2016, according to statistics revealed by yStats.com in this report. The number of smartphone users is projected to add several millions by 2020. More than 50% of online shoppers already resort to their smartphones for making purchases over the Internet, though computers and laptops still have a clear lead over mobile devices.