Vietnam’s E-commerce is recognized as a pivotal driver of the digital economy and is increasingly regarded as a necessity.
Forecasts from Experts
Researchers from RMIT University Vietnam, Associate Professor Pham Cong Hiep, and Dr. Nguyen Nhat Minh, have emphasized this pivotal shift.
After the tumultuous period of the COVID-19 pandemic, Vietnam’s e-commerce sector is now shifting its focus towards the development and implementation of sustainable strategies. Associate Professor Hiep explained that sustainable e-commerce is essential for creating a thriving business environment and delivering top-tier services and products to users. This, in turn, contributes to the growth of the digital economy.
Four key elements for a sustainable e-commerce development
The researchers outlined four key areas for sustainable e-commerce development: refining the business model, enhancing infrastructure, nurturing a pool of high-quality digital-savvy talent, and incorporating innovative technologies to enhance the customer experience.
The adoption of a sustainable business model rooted in environmental, social, and governance principles has become indispensable for e-commerce companies. It provides them with a clear vision and direction in the digital era. Additionally, companies should strive to boost the value of their offerings through sustainable practices, driven by technology-enabled insights into consumer preferences.
Building a sustainable e-commerce ecosystem is equally critical, particularly in key aspects such as supply chain management and digital payments. Financial management practices should also align with sustainability principles to protect and optimize assets and resources.
Infrastructure investment is a major priority, with businesses focusing on software systems for data management and mining, automation, cloud computing, and artificial intelligence. Ensuring information security is paramount to promote sustainable development in e-commerce.
Efficient logistics is crucial for improving the end-to-end connectivity in the supply chain and enhancing the overall shopping experience. Logistics costs can significantly impact product prices, making the adoption of cutting-edge technologies like machine learning, artificial intelligence, the Internet of Things, and blockchain essential to optimize costs and achieve sustainability goals.
Will Vietnam’s e-commerce stay stable in the future?
Dr. Minh pointed out a disparity between the quantity and quality of e-commerce workforce and market demand. He suggested that universities and colleges should incorporate e-commerce modules into relevant majors to bridge this gap. Additionally, e-commerce businesses should establish talent development and management models that prioritize diversity, equality, and inclusion. Specialized training in technology, leadership, collaboration, and creative problem-solving should be encouraged.
The rise of e-commerce coincides with the emergence of Gen Z consumers who prioritize refined experiences, value, and eco-friendly products over mere price discounts. E-commerce businesses should invest in technology across the entire customer shopping journey to secure long-term customer loyalty.
According to the 2022 e-Conomy SEA report by Google, Temasek, and Bain & Company, Vietnam’s digital economy is projected to grow to $49 billion by 2025, with the e-commerce sector playing a significant role in this growth. The report anticipates a compound annual growth rate of 37% in Vietnam’s e-commerce sector between 2022 and 2025, reaching $32 billion by 2025, accounting for 65% of the entire digital economy in the country.
Source: https://en.vietnamplus.vn/vietnams-ecommerce-entering-new-stage-of-development-sustainability/259541.vnp
