Vietnamese shoppers spend nearly $32M a day online

Sales on Shopee, Lazada, Tiki, Sendo, and Tiktok Shop totaled VND143.9 trillion, a 54.91% rise from a year ago, according to a report by e-commerce data tracker Metric.

TikTok Shop and Shopee saw sales increase by 150.5% and 65.9%. The other sites also had double-digit growth.

The report noted: "Most households are tightening their belts amid uncertainties in the economy. Therefore, consumers prioritize affordable products that suit their budget."

TikTok Shop, which specializes in low-value items and offers various discounts via livestreaming, benefited from this trend, chalking up a 240% increase in the number of items sold.

Beauty, women's fashion and home and lifestyle products were the top sellers.

Le Hoang Long from market research company NielsenIQ Vietnam said the industry is changing as fast as it is growing, and sellers must quickly adapt to new trends.

"Livestreaming may be the driving force for [online sales] this year and next, but the online environment changes drastically in a short timeframe," he said at a recent event. "Hence, it is necessary [for sellers] to always observe and catch up with upcoming changes."

Data from Metric shows that while sales grew at breakneck speed, the number of sellers on the top five e-commerce platforms fell by 7.54% to 573,800.

Sellers face increasing competition due to the need to offer discounts and lower prices during livestream sessions to draw customers.

The market is also growing more competitive because large brands and businesses are boosting their online presence.

In the past half-year market regulators have raided many online warehouses suspected of selling counterfeit goods or products of unverified origin.

The HCMC People’s Committee said in a document issued last month that the local market regulator is "particularly concerned" about violations by online businesses and livestream sellers.