Vietnam among world’s top five competitive retail markets

Vietnam’s retail market is one of the top five competitive compared to others in the world

Over the past decade, most shopping activities have been conducted on smartphone and mobile platforms, rather than on more traditional laptops. Tapping into this trend, a number of retailers have come up with new business models to adapt to virtual shopping experiences and information searches online.

Jason Moy from the Boston Consulting Group highlighted the need to build proper models that forecast consumption trends, using advanced technologies and artificial intelligence.

In order to survive the rapid waters of modern technology, he suggested improving traditional models with online shopping apps.

He advised them to stay well connected with loyal consumers, and increase interaction and brand recognition.

Le Thi Thuy Trang, director of Niesel Vietnam’s consumer behavior research unit, said that consumers today spend more on goods rather than fast consumption ones such as electronics and pharmaceuticals.

According to experts, retailers could do with learning about consumers’ tastes to better meet their demand via big data analysis.

Nguyen Anh Duc, permanent Deputy General Director of the Saigon Union of Trading Cooperatives (Saigon Co.op), said the union will adopt technology to lead the market in food and organic products.

It will also develop new retail models to reach 2 million consumers across more than 2,000 points of sale in Vietnam and nearby regions by 2020.

Source: VNA