In the third quarter of 2024, TikTok Shop and Shopee showcased remarkable growth in online retail, while local platforms like Tiki and Sendo faced significant declines. TikTok Shop reported a staggering 110.6% increase in sales compared to the same period last year, while Shopee saw an 11.3% rise. In contrast, Lazada experienced a sharp drop of 70.5% in sales.
Tiki and Sendo, both Vietnamese e-commerce platforms, suffered notable revenue declines, with Tiki dropping by 32.1% and Sendo by 65.3%. This shift indicates a rapid change in market share, with foreign-backed e-commerce platforms gaining dominance.
Nguyễn Lâm Thanh, CEO of TikTok Vietnam, noted that over 3.7 million individuals and organizations have earned income through digital platforms in the first half of 2024 alone. The Vietnamese e-commerce landscape is evolving quickly, attracting attention from international players eager to tap into its vast consumer base of over 100 million.
Experts predict increased competition as foreign platforms continue to enter the market, posing challenges for local players like Tiki and Sendo. Factors such as pricing, delivery times, and promotional strategies will be crucial in this evolving landscape.