The first quarter of 2023 witnessed a significant growth in the Vietnamese e-commerce market, as the top five platforms generated a total revenue of VND 39,000 billion, according to the Q1 report of Metric, a data analysis company. This figure represents a 21.8% increase in the market’s revenue compared to the same period last year. The report also showed that Shopee, Lazada, Tiki, Sendo, and TikTok Shop accounted for the majority of the market share, with Shopee holding the largest portion of 63.1%.
The report further stated that there were 412,769 sellers on the five e-commerce platforms, with over 390 million products delivered successfully. Shopee, with 211,609 sellers, recorded revenue of over VND 24,700 billion, delivering 289.7 million products. In contrast, Lazada came second but with a wide margin, recording only VND 7,500 billion from 105,921 sellers and 55.2 million products. Despite being the latest addition in , TikTok Shop’s revenue surpassed Tiki and Sendo, with VND 6,000 billion and 41.2 million products from 68,411 sellers. Tiki and Sendo, on the other hand, had revenue of only VND 846.5 billion and VND 55 billion, respectively, with relatively limited products and sellers.
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The report revealed that the beauty, fashion, home, and lifestyle sectors were the most popular categories across all e-commerce platforms. Additionally, products priced between VND 100,000 to 500,000 were the highest revenue generators, with the 200,000-500,000 VND category being the most profitable at 25.8%, followed by the 100,000-200,000 VND range at 24.1%. Meanwhile, the 10,000-50,000 VND category had the highest sales volume on all five major platforms.
Metric’s statistics showed that while the revenue of regular shops on Shopee, Lazada, and Sendo in Q1 decreased by 0.46% compared to the same period last year, the total revenue still increased by over VND 4,000 billion to VND 24,300 billion. The report also revealed that Shop Mall, which helps improve credibility and revenue on e-commerce platforms, experienced growth in both market share and actual revenue compared to . Currently, there are about 28,400 Shop Mall shops (8.25%) and 315,779 regular shops (91.75%) on the five platforms.
Metric stated that although the total revenue and sales volume of the e-commerce market in Q1 2023 increased by approximately 22% compared to the same period last year, the number of shops with sales decreased significantly by 17%. This indicates that small and unprofessional sellers may gradually withdraw from the market, and profits will flow to those who are truly professional and invest in selling on e-commerce platforms.
The e-commerce market in Vietnam shows no sign of slowing down, with the leading platforms continuing to grow and adapt to changing trends and consumer demands.
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