After immense growth in 2021, online shopping is projected to further expand this year even as lockdowns are lifted, experts predicted in a report.
In Vietnam, the e-commerce market last year grew by 16% from 2020 to US$13 billion and is expected to further expand to US$39 billion by 2025. This puts Vietnam in the top three Southeast Asian countries with the highest online retail sales growth.
The report also said about 58% of surveyed Vietnamese said they will continue online shopping for its convenience, while 53% of respondents revealed online shopping has become a habit.
Digital payments have also grown in the past two years. In 2021, non-cash payments accounted for 70% of total transactions in Vietnam. A survey of 15,000 retailers showed that cashless payments in 2021 made up 72.8% of total transactions, up 9% year-on-year. Retail payments through bank accounts increased in popularity, accounting for 36.5% of total transactions in retail shops, restaurants, and cafés. This was followed by cash (29.8%), e-wallets (14.8%), QR codes (9.9%), bank cards (8.5%), and payment gateways (0.5%). Meanwhile, 89.3% of retailers view non-cash payments positively at present and in the future.
The e-commerce market in Southeast Asia grew from US$5 billion in 2015 to US$120 billion in 2021 and is seen to reach US$234 billion by 2025. Five key trends are expected to continue pushing e-commerce: social commerce, user-generated content, personalized customer experience, digital payment, and multi-channel shopping.