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Retail sector urged to reap profits online
The internet, social network and mobile phone will open new opportunities for Vietnam’s retail industry as consumers choose more high-tech products, according to an industry official.
“Retailers who are not concerned about the use of the internet or social networks in marketing communication will be out of the current global digital battle,” said Dinh Thi My Loan, secretary general and vice-chairwoman of the Vietnam Retailer Association.
The conference was organized at the Vietnam Forum-Consumer in Focus on December 6 by the Nielsen company to discuss influences on consumption and retailers’ strategies for changes in consumer purchases.
According to FTA Market Research and Consultant Co, consumers have shown interest in sectors that use digital marketing, including textile and garments, fashion, household appliances, cosmetics and travel services.
Under the influence of science, technology and e-commerce, online shopping and TV shopping will become more popular with customers, Loan said.
By May this year, there were nearly 640 supermarkets and 100 shopping centres and by the end of this year, the country will have a total of nearly 8,600 markets, so, they should focus on offering green or safe products, which will help give them a competitive advantage over other competitors at a time when there is increasing alarm about food safety and hygiene, Loan said.
They should also conduct research into consumer trends and improve their service quality to develop appropriate strategies.
Chang Park, executive director of analytics and consulting of Nielsen Greater China, cited another cause for low consumption power that is rising electricity and fuel prices.
According to a Nielsen survey, Vietnam’s consumer confidence stood at 96 points for the third quarter of this year, dipping seven points since the beginning of the year.
Nguyen Anh Duc, deputy CEO of Saigon Union of Trading Co-operative (Saigon Coop), said that the domestic retail market seemed to reach saturation.
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