Vietnam a potential market for shoppertainment: report

March 31, 2023 | 15:00

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Vietnam is one of the most potential markets in the Asia-Pacific region for shoppertainment - a trend that combines online shopping with entertainment, according to a report named “Shoppertainment: APAC’s Trillion-Dollar Opportunity” by the US-based Boston Consulting Group (BCG) and TikTok.

Vietnam a potential market for shoppertainment: report | Business | Vietnam+ (VietnamPlus)

Illustrative image (Source: baodautu.vn)

Hanoi – Vietnam is one of the most potential markets in the Asia-Pacific region for shoppertainment - a trend that combines online shopping with entertainment, according to a report named “Shoppertainment: APAC’s Trillion-Dollar Opportunity” by the US-based Boston Consulting Group (BCG) and TikTok.

The report shows that the shoppertainment opportunity in the region is projected to expand to a market value of over 1 trillion USD by 2025, doubling from the 500 billion USD value last year.

Indonesia, Japan, and the Republic of Korea will contribute 67% of gross market value (GMV) in shoppertainment by 2025, reflecting their large and established e-commerce bases.

Meanwhile, Indonesia, Vietnam, and Thailand add to the mix of some of the region’s most exciting growth markets, and, alongside Australia, will contribute to a remarkable 63% compound annual growth rate (CAGR) over the next three years, quadrupling the market value from 24 billion USD to 100 billion USD.

The fact shows that since the shoppertainment platform TikTok Shop appeared in Vietnam about a year ago, this trend of shopping has been on the rise in the country.

Accordingly, in the past six months, the total value of TikTok Shop's goods increased 11 times, of which the number of orders reported a six-fold rise.

TikTok Shop has also organised over 10 training courses on digital transformation in Vietnamese localities, and plans to continue holding more this year, and relaunch the hashtag #DacSanVietNam (Vietnamese specialties) on the platform to promote trade connectivity.

Online shopping traffic drops in first quarter

Online shopping in the first quarter of this year has dropped compared to the same period last year, according to a research by iPrice Group.

Online shopping is on the rise in HCM City

The e-commerce market in HCM City has developed significantly, with total online spending growth up by more than 12 per cent annually since 2015, according to the city Department of Industry and Trade’s report on e-commerce development.

Visa and Moca team up to accelerate online shopping and digital payments

Visa, the world’s leader in digital payments, and Moca, a leading digital payments service in Vietnam, have teamed up to encourage consumers to save their Visa payment card-on-file to make fast, convenient, and secure online payments via Moca's payment solutions on the Grab app and other e-commerce platforms.

MM Mega Market Vietnam promotes online shopping solutions

Thai-backed company MM Mega Market Vietnam (MM) is offering online shopping solutions to provide the customers with a safe and convenient shopping experience amid the COVID-19 outbreak.

70 million people in Southeast Asia have adopted online shopping due to COVID-19

According to the recent "Southeast Asia, the home for digital transformation" report from Facebook and Bain & Company, 70 million people in Southeast Asia, including six countries, have shopped online due to strict social distancing measures. Nearly half of them, or around 30 million people, became digital consumers from 2020 to 2021 alone.

Meta discusses latest report on Southeast Asian digital consumers

On October 14, Meta and Bain & Company published important findings on the digital economy and the future of e-commerce in the region through the annual SYNC Southeast Asia study. The research examined over 16,000 digital consumers and covered interviews with 20 customer experience managers in six Southeast Asian countries. Meta's country director for Vietnam Khoi Le talked to VIR’s Linh Le about the report’s focus and the implications for Vietnam.

By VNA

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