While we have been concentrating on e-commerce markets such as the US, Canada, Europe and even India, we have to acknowledge that many of the growing markets in this space are being left behind. But that does not mean they are not making progress in the space and the fact is that they are making quite a lot of progress.
Talking about progress and e-commerce revenue, the biggest marker for any market is the turnover that e-commerce generates for them. This is the total amount of sale that the entire market is making regardless of profit or loss or gross revenue and all those figures.
This is also a good figure to be pointed out when we are looking at the raw data of any market’s contribution to the economy. Now, we have a new report regarding Vietnam and this shows that one of the biggest markets was being neglected by us in being reported. As per the report, Vietnam is expecting to have a strong turnover of close to $35 billion by the year 2025 which is in the next five years.
Also, these are not just numbers given by the Vietnam government but they have made an action plan for the same as well which has been announced on Monday in the country.
According to the Vietnamese officials, “more than half of Vietnam’s 96 million people are set to shop online by 2025”. This way, they will be able to generate more revenue and turnover from online sales rather than offline and local markets.
The government also mentions that “Each online shopper is expected to spend an average of $600 a year by 2025”. It also mentions that “online shopping should account for 10% of Vietnam’s total retail sales of goods and services by then”. As of 2019, Vietnam’s turnover in e-commerce is said to be $19 billion and the country hopes to double this in next five years.
