The economy started to show signs of recovery in the third quarter, and consumers started spending more aggressively.
Domestic businesses also “take advantage” of promotions
Capturing the market situation, and the needs of consumers, brands and e-commerce platforms are constantly launching promotions. Many promotions declared “biggest of the year” officially kicked off.
The Singles’ Day online shopping festival is considered the largest festival in the world and falls on 11/11 every year, showing that the heat of promotions is still very much. Accordingly, Vietnamese e-commerce floors recorded double sales compared to previous promotions in the first hours of organizing discounts.
Health and beauty, home and life, mobile phones and accessories are the most popular categories of consumers in Vietnam. For example, on the Shopee floor there are more than 4,500 makeup removers of a French brand sold in the first 8 hours.
However, Vietnamese consumers also make the most of promotions to shop for the luxury goods they love. Specifically, on 11/11, Shopee recognized smartphones and motorbikes as popular items purchased online, with the highest transaction value up to 100 million VND.
And at Tiki, morning sales reached double the record number of October 10. The number of concurrent orders exceeded the total orders at the same time of 9/9 and 10/10 earlier combined.
Lazada said that he sold 20,000 smartphones, 3,000 TVs and 50,000 dining coupons for 1,000 VND in the first 2 hours. This floor said that the number of orders in the first hour of this year doubled compared to the same period in 2019. From 0am to 2am, consumers also put products in their shopping carts 2 times more than the festival. 11/11 2019 shopping.
One of the reasons that helped Lazada double the volume of goods in the first hour of this year was due to “violence” to spend on promotions. This floor launched a total of 11 million products with discounts up to 50%, the total value of discount codes was 22 billion VND.
Alibaba increased revenue compared to last year
On a large scale, this year’s Singles Ceremony is considered an indicator of China’s economic recovery after the pandemic because consumers are not allowed to go abroad to shop as usual. This is an opportunity for Chinese e-commerce companies such as Alibaba, JD.com and Pinduoduo to launch strong discounts on their platforms.
This year, Alibaba increased the time to launch discounts, adding 3 more days to 1-3 / 11, instead of just 24 hours on 11/11 as usual. The company also calculated the total value of goods traded on the exchanges in the first 11 days of the month. In addition to discounts, buyers on Alibaba platforms can also play games to hunt for promotions and combine forms of shopping and ordering early to get the best price.
More than 340 companies, including Apple, L’Oreal and Huawei Technologies, recorded sales of over 100 million yuan. 13 brands recorded GMV of over 1 billion yuan, according to information from Alibaba.
The total value of goods (GMV) traded on Alibaba platforms on 11/11 surpassed last year’s record, with 498.2 billion yuan ($ 74.1 billion). In 2019, customers spent $ 38.4 billion when shopping on Alibaba’s e-commerce platforms, Tmall and Taobao.
A survey by consulting firm Oliver Wyman showed that during this year’s festival, 86% of Chinese consumers are willing to spend equal to or more than in 2019. Both Alibaba and JD.com, two e-commerce companies China’s biggest death, with discounts starting October 21, three weeks before Singles’ Day. Some brands and businesses have lowered their selling prices and earned hundreds of millions of yuan (tens of millions of dollars) in just a few hours.
According to a new report published by Google, Temasek and Brain & Company, the size of Vietnam’s e-commerce market in 2020 will reach 7 billion USD, up to 46% compared to 2019. This also explains the step platforms. First noted positive effects from this shopping festival and waited in the upcoming shopping festivals that last until the end of the year.
Translated by Hoai Thi
Source from: Brands Vietnam