Vietnam has emerged as a prominent online shopping market in recent years. Exploring the hottest products in the Vietnamese online market will provide e-commerce insights for foreign merchants who want to enter the Vietnam market. Join us in uncovering the "Top Selling Items Online in Vietnam”.
1. Overview of Vietnam eCommerce until the end of Quarter III/2023
According to the Q3/2023 E-commerce market report published by Metric, the five largest e-commerce platforms—Shopee, Lazada, Tiki, Sendo, and Tiktok Shop—generated a revenue of 63 trillion VND from July 1 to September 30, 2023. This marked a significant increase of over 54% compared to the same period in 2022 and a 22.66% rise from Q2/2023.
Metric's report indicates that in the first nine months of 2023, the total revenue across e-commerce platforms reached 163 trillion VND, reflecting a 58% growth compared to the same period in 2022. The overall revenue for the first nine months of 2023 exceeded that of 2022 by 7%, equivalent to over 10 trillion VND.
Among these platforms, Tiktok Shop contributed 25 trillion VND. Considering that Tiktok Shop was not yet launched in the first nine months of 2023, the revenue on the four platforms—Shopee, Lazada, Tiki, Sendo—increased by 33% compared to the same period.
According to the Ministry of Industry and Trade, the strong growth of e-commerce platforms in Q3 this year and the entire first nine months of 2023 is a result of collaboration between government agencies and localities with major online shopping platforms in Vietnam. This collaboration has assisted thousands of businesses in accessing e-commerce distribution methods.
However, Q3/2023 continued to witness a sharp decline in the number of sellers, with over 49,500 shops ceasing operations on these platforms, a 12% increase compared to the same period last year. The reasons behind this decline stem from both objective factors and market conditions, such as economic fluctuations, consumer spending constraints, and various policy adjustments from online shopping platforms.
2. Top-selling items online in Vietnam in 2023
To have an overview of the top-selling items online in Vietnam in 2023, let's look at the statistical chart of revenue by category of the 4 largest Vietnamese e-commerce platforms in Vietnam.
It can be clearly seen from the chart that beauty is still the leading category in terms of revenue on Shopee, Lazada, and TikTok Shop. Meanwhile, on Tiki, Books are the category that brings in the highest revenue.
Based on this given data, here are top selling items online in Vietnam:
In the third quarter of 2023, the Beauty industry made an impressive 8,690 billion VND in revenue by selling 73.4 million products. This shows a huge 63% increase compared to the same period in 2022. Some of the top-selling product categories were Face Care, Makeup, Bath and Body Care, and Hair Care.
Popular products include:
- facial cleansers
- makeup removers
In the Beauty industry, most products fall in the price range of 200,000 to 500,000 VND, followed by those in the 100,000-200,000 VND and 500,000-1,000,000 VND ranges.
2.2 Home & Living
Home & Living is the industry experiencing the highest growth rate, with a 75% increase compared to the same period in 2022. This surge has propelled the industry's revenue to 8.095 trillion VND, securing its position as the second-highest in total revenue. Furniture, Tools and Utilities, and Kitchen Tools are standout categories within this industry.
Some of the best-selling products include:
- ergonomic chairs
- folding beds
- decorative bookshelves
- air fryers
These products fall within price ranges of 500,000-1,000,000 VND and 1,000,000-2,000,000 VND.
In particular, in comparison to the same period in 2022, the sales of Mall Shops in the Housing and Lifestyle industry have increased by an impressive 104%. Consumer preferences for Housing and Lifestyle products often focus on the latest trends, designs, or functionality rather than brand loyalty. This trend allows many small retailers to thrive. However, the growing market share of Mall Shops indicates a heightened consumer interest in brand reputation, prompting individual sellers to adapt their customer engagement strategies.
3. Top 5 forecasted best-selling product categories on Vietnamese e-commerce platforms in 2024
3.1 Health and Beauty Care
People are more focused on organic health and beauty care than ever before. Health and beauty products are becoming increasingly popular, presenting a fantastic opportunity for e-commerce business. In this type of business, profits can be substantial. The e-commerce health and beauty sector will continue to grow in the future with significant potential. If you have a limited budget and insufficient production capacity, you can start by sourcing products from manufacturers at wholesale prices and labeling them as your own.
3.2 Pet Products
This is one of the most profitable online business sectors to enter, especially given the highly competitive market. People are selective when it comes to pet products and food. You can offer them premium products and easily make a profit. You can also open a store selling pet care products. It is a trending and easily manageable business with high profitability, even with luxury products.
3.3 Sports Accessories
Sports equipment is an excellent field to start an e-commerce business. With everyone focusing on lifestyle and health, the sports fever is on the rise. The competition is low because only new branded products have a strong presence on the e-commerce platform. You can sell shoes or clothing and build a reputation by offering high-quality products.
3.4 Home Decor
Everyone desires beautiful decorations and items in their homes. Starting an e-commerce store is opportune as this business has been booming recently. This industry provides high profits, and users are more attracted to its DIY nature while cutting costs for services. With minimal competition in this field, it should be a top consideration for starting an e-commerce business.
3. 5 Print-on-Demand Store
Starting an e-commerce business with print-on-demand is a fantastic idea. You can begin a business printing personalized gift items for users. This e-commerce niche has very limited risks and high-profit margins. You don't need to invest in inventory and store items for this type of business.
All you need is a printer and design skills to start this business. This online business can also be started through dropshipping or by collaborating with a printing business. It has grown in recent years as personalized value continues to increase.
4. Boost your overseas business on Vietnamese e-commerce platforms with Ezbuy Japan's comprehensive solutions
In the dynamic landscape of Vietnamese e-commerce, Ezbuy Japan emerges as a strategic partner for foreign businesses seeking to expand their reach. With a suite of services tailored to address various aspects of selling on online marketplaces, Ezbuy Japan’s “Sell in Vietnam” service facilitates seamless entry and sustained success in the Vietnamese market.
- Selling account setup
Ezbuy Japan simplifies the often intricate process of creating and managing seller accounts on popular Vietnamese e-commerce platforms. Our platform ensures a hassle-free onboarding experience, allowing businesses to swiftly establish their presence and focus on core operations.
- Online store setup
Setting up an online store is made effortless with Ezbuy's user-friendly interface. We guide businesses in designing and customizing their digital storefronts to resonate with the local audience, creating a visually appealing and trustworthy online presence.
- Product listing and optimization
We aid businesses in effectively showcasing their products by assisting in the creation and optimization of product listings. From crafting compelling product descriptions to optimizing images, we ensure that your offerings stand out in the competitive Vietnamese e-commerce landscape.
- Marketing and SEO strategies
Our team at Ezbuy collaborates with businesses to develop tailored marketing and SEO strategies, enhancing product visibility and driving targeted traffic. By leveraging proven techniques, we help businesses climb the search engine ranks and increase their chances of capturing the attention of Vietnamese consumers.
- Inventory management with OMS
Ezbuy provides a sophisticated Order Management System (OMS) to efficiently handle inventory, synchronize orders across multiple platforms, and streamline the fulfillment process. This ensures that businesses maintain optimal stock levels and prevent stockouts or overstock situations.
- Order fulfillment and last-mile delivery
Ezbuy takes care of the entire order fulfillment process, from receiving orders to last-mile delivery in Vietnam. Our robust logistics network ensures timely and secure delivery, contributing to an enhanced customer experience and fostering repeat business.
In the ever-changing e-commerce scene in Vietnam, the key to success is aligning with market demands. Ezbuy Japan emerges as a crucial ally for businesses aiming to boost revenue on Vietnamese online platforms. From simplifying account setup to optimizing products and managing logistics, Ezbuy Japan streamlines the process, ensuring businesses can tap into the lucrative Vietnamese market seamlessly.
By leveraging top-selling items online in Vietnam and Ezbuy Japan's practical solutions, businesses can position themselves for rapid revenue growth. The winning combination of market-savvy strategies and efficient support from Ezbuy Japan sets the stage for success in the dynamic landscape of Vietnamese e-commerce.