Revenue on top five e-commerce platforms jumps 79 per cent

A livestream session to sell agricultural products on TikTok. More than 766 million items were sold on these platforms in the first quarter, up 83 per cent. — VNA/VNS Photo Đinh Văn Nhiều

The e-commerce market of Việt Nam was robust in the first quarter of this year with total revenue of the top five platforms, including Shopee, TikTok Shop, Lazada, Tiki and Sendo, reaching more than VNĐ71 trillion (US$2.79 billion), an increase of 79 per cent over the same period last year, according to a recent report by Metric.

The report pointed out that more than 766 million items were sold on these platforms in the first quarter, up 83 per cent. Nearly 511,000 stores had orders, up 9 per cent. The number of sellers on e-commerce platforms also rose by 9.22 per cent.

Beauty, household and women’s fashion are among top industries in terms of revenue and sales volume on e-commerce platforms.

The beauty industry earned a revenue of VNĐ11.25 trillion, bolstered by promotion programmes compared to offline stores.

Notably, household electrical appliances, phones – tablets and men’s fashion saw a breakthrough in revenue with a growth rate of more than 146 per cent, and volume by 370 per cent.

“Besides the economic recovery, businesses are increasingly confident in the development of the online retail market. E-commerce will be a must if sellers want to reach a huge number of customers,” Phạm Bảo Trung, sales director of Metric said.

The report pointed out that Hà Nội and HCM City took the lead in revenue and volume, accounting for 70 per cent. However, e-commerce is no longer the playground of sellers in major cities but is spreading to localities.

Metric predicted that e-commerce sales would continue to be robust in the second quarter of this year with revenue to reach around VNĐ85 trillion with more than 882 million items to be sold.

Trung said that geo-political developments were affecting the supply chains, while with expansion of foreign sellers and policy changes of some e-commerce platforms would be major challenges to sellers in 2024. — VNS