Revenue on top five e-commerce platforms jumps 79%

The e-commerce market of Vietnam was robust in the first quarter of this year with total revenue of the top five platforms, including Shopee, TikTok Shop, Lazada, Tiki and Sendo, reaching more than 71 trillion VND (2.79 billion USD), an increase of 79% over the same period last year, according to a recent report by Metric.

The report pointed out that more than 766 million items were sold on these platforms in the first quarter, up 83%. Nearly 511,000 stores had orders, up 9%. The number of sellers on e-commerce platforms also rose by 9.22%.

Beauty, household and women’s fashion are among top industries in terms of revenue and sales volume on e-commerce platforms.

The beauty industry earned a revenue of 11.25 trillion VND, bolstered by promotion programmes compared to offline stores.

Notably, household electrical appliances, phones – tablets and men’s fashion saw a breakthrough in revenue with a growth rate of more than 146%, and volume by 370%.

“Besides the economic recovery, businesses are increasingly confident in the development of the online retail market. E-commerce will be a must if sellers want to reach a huge number of customers,” said Pham Bao Trung, sales director of Metric.

The report pointed out that Hanoi and Ho Chi Minh City took the lead in revenue and volume, accounting for 70%. However, e-commerce is no longer the playground of sellers in major cities but is spreading to localities.

Metric predicted that e-commerce sales would continue to be robust in the second quarter of this year with revenue to reach around 85 trillion VND with more than 882 million items to be sold.

Trung said that geo-political developments were affecting the supply chains, while with expansion of foreign sellers and policy changes of some e-commerce platforms would be major challenges to sellers in 2024./.
VNA