Baemin Vietnam fast-forwards sustainable development

The information was shared by Jinwoo Song, CEO of Baemin Vietnam, at the E-commerce - Sustainable Development Trends seminar held on December 2 in Binh Duong province. This event was part of TECHFEST Vietnam 2022 and organised by the Vietnam Economic News in collaboration with the Vietnam E-commerce and Digital Economy Agency and the National Agency for Technology Entrepreneurship and Commercialisation Development.

According to Song, the online food delivery market in Vietnam has three factors that contribute to its strong potential: Customers’ readiness, well-built infrastructure, and highly skilled tech experts.

"Consumers are tech-savvy and catch up with trends quickly. They are open to new cultures and always push businesses to invest in developing new features. In terms of infrastructure, with the outstanding development of digital banks and online payment platforms, applications can serve customers faster and more conveniently,” he said.

“In addition, delivery shippers in Vietnam are also particularly attentive and well-trained with great customer service skills. As for the technology factor, the workforce of engineers in Vietnam has increased greatly in number. With a high level of skills and expertise, this talent factor makes the Vietnamese market even more attractive,” added Song.

The CEO believes that the current biggest challenge for the online food delivery market is sustainable development as it is now driven mainly by promotion wars between different applications. Investing in promotional codes helps apps quickly dominate the market by gaining a larger number of users and increasing the number of orders. However, the disadvantage of focusing on promotional codes is that it only serves short-term purposes and sends out misleading signals to consumers and stakeholders.

Song further noted, “Apps with more incentives will attract users. However, if users stick with an application just because there is a good promotion, they will turn away when the promotion is no longer available. That's why at BAEMIN, we focus on the user's in-app experience."

Because the online food delivery market is constantly growing, it is a necessity to improve competitiveness along with sustainable development. In order to do this, state management agencies need to create favourable conditions and each e-commerce platform will need to play its part as well.

“In addition to the current policies and regulations on e-commerce, there’s an urgent need to complete the legal framework in accordance with the actual context. Furthermore, there should be a streamlined contact point, such as a dedicated governmental organisation, to support e-commerce platforms as they often have to deal with a variety of stakeholders such as merchant and rider partners," the CEO of Baemin Vietnam suggested.

He added that for e-commerce businesses, the core factor to improve competitiveness is to focus on users’ experience in-app, satisfying their needs and retaining their loyalty. With their technical nature, applications need to take advantage of cutting-edge technology to give users the best experience. What’s more, e-commerce businesses need to be socially responsible and really aim for sustainable development.

Besides focusing on customer experience and being a socially responsible business, Baemin Vietnam aims to develop a comprehensive ecosystem to accompany partners and the community. In the coming time, the Baemin application will continue to develop new verticals to meet the changing needs of users and help them lead happier and more convenient lifestyles.

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