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30% of Vietnam's Population Will Shop Online by 2020

Online shopping is becoming more popular in Vietnam in recent years.

During a conference on e-commerce in Vietnam, Deputy Chairman of the Ministry of Industry and Trade Cao Quoc Hung said that 30% of shoppers in Vietnam will buy their goods online by 2020, CafeF reports. By then, each consumer will spend an average of US$350 shopping online annually.

Over the last five years, e-commerce in Vietnam has been considered a fast-growing market, with revenue increasing by more than 20% each year. It is predicted that by 2020, e-commerce revenue will reach US$10 billion. Clothing and cosmetics is the most popular shopping category, followed by technological devices and household goods.

Cash-on-delivery (COD) remains the most common payment method among Vietnamese online customers, according to the news source. In 2013, 74% of online shoppers used COD, while this figure increased to 84% in 2017. The conference also noted that customer satisfaction rose from 29% in 2013 to 54% in 2017.

Despite these positive signs, many corporations have warned of cyberfrauds, as well as the high percentage of customers who cancel orders in COD transactions. The constantly changing landscape in e-commerce technologies and platforms is also making it harder for authorities to track and control this market. Thus, many experts recommended that policies and regulations regarding e-commerce need to be updated, especially when it comes to the protection of personal data and resolving online conflicts.

[Photo via Creative Commons]

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