Nearly 50,000 E-commerce Sellers Withdraw From Vietnam Market
Jayson 02 Nov 2023 10:49
The Metric market data platform (Metric) has just released the e-commerce market report for the third quarter of 2023. It is reported that in the first nine months of this year alone, 49,500 Vietnamese sellers on the five largest e-commerce platforms Shopee, Lazada, Tiki, Sendo, and TikTok stopped operating, an increase of 12% compared to the same period last year.
The reasons pointed out by Metric come from objective market factors. Against the backdrop of an unstable overall world economic situation, Vietnam's economy is facing many difficulties and challenges. At the same time, consumers are tightening their belts and becoming more cautious with their money, which has directly had a negative impact on e-commerce platform sellers.
However, Metric believes that the main factor that causes sellers to leave e-commerce comes from the business mistakes of the company itself. Data from Metric shows that despite nearly 50,000 sellers leaving the market, Vietnam's five largest e-commerce platforms still saw outstanding revenue growth in the third quarter.
Total revenue in the first nine months reached VND163 trillion, 7% higher than the total revenue in 2022, accounting for approximately 3.5% of total retail sales of goods and consumer services revenue. This is a positive number in a context where the economy remains unstable.
At the same time, at a cross-border e-commerce conference hosted by Amazon in Ho Chi Minh City, Vietnam, Viet Anh, deputy minister of the Department of E-Commerce and Digital Business (IDEA) of the Ministry of Industry and Information Technology, said that currently, Southeast Asia is the fastest growing e-commerce region in the world.
Among them, Vietnam has become one of the three leading e-commerce markets in Southeast Asia in terms of market size and growth rate. It is expected that its growth rate will reach 20% in 2023, with a revenue of approximately US$10 billion.
The reasons pointed out by Metric come from objective market factors. Against the backdrop of an unstable overall world economic situation, Vietnam's economy is facing many difficulties and challenges. At the same time, consumers are tightening their belts and becoming more cautious with their money, which has directly had a negative impact on e-commerce platform sellers.
However, Metric believes that the main factor that causes sellers to leave e-commerce comes from the business mistakes of the company itself. Data from Metric shows that despite nearly 50,000 sellers leaving the market, Vietnam's five largest e-commerce platforms still saw outstanding revenue growth in the third quarter.
Total revenue in the first nine months reached VND163 trillion, 7% higher than the total revenue in 2022, accounting for approximately 3.5% of total retail sales of goods and consumer services revenue. This is a positive number in a context where the economy remains unstable.
At the same time, at a cross-border e-commerce conference hosted by Amazon in Ho Chi Minh City, Vietnam, Viet Anh, deputy minister of the Department of E-Commerce and Digital Business (IDEA) of the Ministry of Industry and Information Technology, said that currently, Southeast Asia is the fastest growing e-commerce region in the world.
Among them, Vietnam has become one of the three leading e-commerce markets in Southeast Asia in terms of market size and growth rate. It is expected that its growth rate will reach 20% in 2023, with a revenue of approximately US$10 billion.
