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Tuesday, July 23, 2024

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The live commerce boom

Although it accounts for just 5% of total revenue, live commerce is shaking up the market and capturing the interest of consumers in Vietnam. Live commerce started gaining traction in Vietnam in 2016 with the introduction of Alibaba Live. Although Facebook Mentions (later Facebook Live) appeared earlier, it was slower to gain popularity. By leveraging the power of social media and influencers (key opinion leaders—KOLs, and key opinion consumers – KOCs) for real-time selling and enabling consumers to interact with these influencers, this shopping channel has brought a new dynamic to Vietnam’s e-commerce market. Early live streaming In 2016, Nguyen Thanh Van was among the pioneers who livestreamed women’s office fashion items on Facebook. This early adoption helped him develop the Gumac fashion brand. Today, the CEO employs seven to eight live streamers and about 30 order takers working in shifts daily. Live streaming sales, mainly on Facebook and TikTok, contribute to one-third of Gumac’s sales revenue. TikTok launched TikTok Shop in early 2022 to compete with established e-commerce platforms in Vietnam. By May 2024, this social media and e-commerce platform had expanded to Indonesia, Malaysia, Thailand, the Philippines, Singapore, the UK, and the U.S. This summer, it plans to […]
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