EcomHeat, powered by e-commerce intelligence solutions company YouNetECI, compiles, processes and analyzes data from 2.6 million online sellers across the four major e-commerce platforms mentioned above.
It revealed that 405,000 sellers received new orders during the month thanks to multiple promotional events, including the Singles’ Day super sale centered around November 11.
In terms of market share, Shopee took the lead with 72.7%, equivalent to VND22.7 trillion, followed by TikTok Shop and Lazada with 17.2% and 9%, respectively. This left Tiki at the bottom with a market share of just 1.1%.
Shopee also significantly outperformed all other sites in all product categories.
Lazada has seen significant sales of high-value technology products such as home appliances and electronics.
Sales of these products, worth a total of VND385 billion, contributed the most to Lazada’s revenue in November.
Meanwhile, people usually turn to TikTok Shop for low-value products like cheap clothing, accessories, cosmetics, food, and drinks.
For this reason, the average value of products sold on TikTok Shop was the lowest, at just 108,000 VND, while the figure on Shopee was 116,000 VND and 162,000 VND on Lazada.
The two most common tactics used by all four platforms to attract buyers in November were live streaming and affiliate marketing.
During Shopee’s Singles’ Day super sale, which ran from October 20 to November 15, livestreams on the site received a total of 722 million interactions and 603 views, according to EcomHeat data.
On the single day with the most promotions, November 11, streaming viewership on Shopee was estimated to be 11 times the normal figure, with the average seller streaming live for seven hours.
Sales through Shopee Live, the platform’s live streaming channel, jumped 44 times that day.
Tran Tuan Anh, CEO of Shopee Vietnam, said the event’s revenue was proof that investing in live streaming was the right strategy. Live streaming was also the focus of TikTokShop.
According to its report for the first half of 2023, the number of livestreaming sellers and content creators on the platform increased by 210% and 330%, respectively.
Affiliate marketing is a model in which marketers, usually key opinion leaders (KOLs) and key opinion customers (KOLs), promote products and share a link to the web page of the seller on their social media sites, and receive a commission each time a consumer purchases the product. some products.
Shopee claims that this is one of its most effective tools for increasing sales during promotional campaigns.
For example, on November 11, the number of active KOLs on the site increased 79 times.
In a survey conducted as part of the Green Shoots Radar study by payment service provider Visa, 59% of Vietnamese consumers said that the last months of the year are usually the best time to buy expensive products like furniture, appliances and electronic devices.
The survey also showed that 75% of local consumers in Vietnam were optimistic about the country’s economic growth.
Thus, 55% of Vietnamese consumers say they would spend even more money in 2024.
However, a large portion of Vietnamese consumers will still invest more money in savings, as 43% of participants who prioritized savings said they would save 10-29% of their income.
