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|Keep abreast of the consumer trends impacting your business|
With just under 94 million people and a gross domestic product (GDP) of $240 billion, Vietnam delivered a GDP per capita of $2,560 in 2018. At the seminar, Cimigo will explore the constraints and opportunities in 2019 for the $240 billion dollar economy. Cimigo will also share the major trends impacting the Vietnamese consumer and their purchase priorities.
One major trend is that the rise in the smartphone usage (that omnipresent sleeping companion), social media, and instant access to services via the internet have dramatically shifted consumer purchase priorities. According to Google and Temasek, the 2018 internet economy reached $9 billion in Vietnam, 3.8 per cent of the GDP, three times as much as the $3 billion in 2015 (1.7 per cent of the GDP).
The internet and smartphones are democratising access to goods and services previously only available to a limited segment. Aggressive financing make it easier to gain access to promotions, discounts, and loans, making purchases more “affordable.”
The 2018 $9 billion Vietnamese internet economy consists of four major areas. The largest is online travel at 39 per cent, followed by online shopping at 31 per cent, online gaming, media, and advertising at 24 per cent, and ride hailing and delivery services at 6 per cent.
Online shopping is a key consumer trend in Vietnam in 2019, having earned consumers’ trust. Smaller transaction values, often around food and beverage, have helped to raise consumer confidence levels and build this trust in online services.
Cimgio expects to see the current low value transaction values rise dramatically. The 60 per cent incidence of online shopping Cimigo found in metropolitan cities suggests growth is set to explode. At the seminar, Cimigo will give an insight into this trend as well as e-payments, e-wallets, and the future of payments to serve online shopping demand.