Growing Impact of E-commerce in Vietnam’s Retail Sector
The rapid development of e-commerce supported the retail industry. Photo: VNP Shopping for goods on e-commerce platforms and social networks, such as Zalo and Facebook, is now a common practice among consumers. The application of technology has completely transformed the retail industry, leading to a decrease in physical stores and a rise in online marketplaces. Increasing convenience Tran Phi Long, the owner of a retail chain in Hanoi, previously had four physical stores. However, since switching to online business and expanding to e-commerce platforms, his sales have significantly increased due to cost reductions. “By moving online, I have been able to cut down on rent and focus more on promoting and taking care of customers, resulting in a more efficient and faster operation,” said Long. The Covid-19 pandemic has further accelerated the shift towards e-commerce. Instead of visiting physical stores and supermarkets, consumers prefer the convenience of online platform...