Double Dip! Shopee And Lazada See Market Share Eroded In Vietnam
Jayson 26 Oct 2023 09:06
Recently, Metric released a report showing that the total revenue of Vietnamese e-commerce platforms in the third quarter of this year reached 63 trillion VND, a year-on-year increase of 54.4% and a quarter-on-quarter increase of 22.66%.
What is rare is that this is a positive growth rate against the backdrop of general difficulties in the economy and many other industries. In the third quarter of 2023, a total of 602 million products were successfully delivered to 443,000 stores.
In the first nine months of this year, Vietnam's e-commerce platform revenue reached 163 trillion VND, and 1.576 billion products were successfully delivered.
Metric said TikTok Shop's e-commerce revenue contributed significantly to VND25 trillion in the past nine months.
Shopee still achieved revenue growth, reaching 43.713 trillion VND in the third quarter of 2023, but the platform's Vietnamese market share has dropped to 69%, compared with 72% in the same period last year; Lazada is also facing a similar situation, with its market share dropped from 21% to 14%, reaching VND8.768 trillion; Tiki's market share dropped from 3% to 1%.
At the same time, TikTok Shop's market share in Vietnam increased from 3% to 16%, with revenue reaching VND10.122 trillion, continuing to be higher than Lazada.
Metric specifically stated that the number of store sales in the third quarter still dropped significantly by 12%, equivalent to more than 49,500 stores closing.
According to forecasts for the last quarter of this year, Vietnam's e-commerce growth will reach an average of 44% and revenue will exceed VND79.24 trillion, excluding TikTok Shop, which will reach VND90 trillion if included.
What is rare is that this is a positive growth rate against the backdrop of general difficulties in the economy and many other industries. In the third quarter of 2023, a total of 602 million products were successfully delivered to 443,000 stores.
In the first nine months of this year, Vietnam's e-commerce platform revenue reached 163 trillion VND, and 1.576 billion products were successfully delivered.
Metric said TikTok Shop's e-commerce revenue contributed significantly to VND25 trillion in the past nine months.
Shopee still achieved revenue growth, reaching 43.713 trillion VND in the third quarter of 2023, but the platform's Vietnamese market share has dropped to 69%, compared with 72% in the same period last year; Lazada is also facing a similar situation, with its market share dropped from 21% to 14%, reaching VND8.768 trillion; Tiki's market share dropped from 3% to 1%.
At the same time, TikTok Shop's market share in Vietnam increased from 3% to 16%, with revenue reaching VND10.122 trillion, continuing to be higher than Lazada.
Metric specifically stated that the number of store sales in the third quarter still dropped significantly by 12%, equivalent to more than 49,500 stores closing.
According to forecasts for the last quarter of this year, Vietnam's e-commerce growth will reach an average of 44% and revenue will exceed VND79.24 trillion, excluding TikTok Shop, which will reach VND90 trillion if included.
