Industry: ICT & Media | Publish Date: 13-Nov-2024 | No of Pages: 101 | No. of Tables: 71 | No. of Figures: 36 | Format: PDF | Report Code : IC2258
The Vietnam Digital Marketplace Market size was valued at USD 10.57 billion in 2023, and is predicted to reach USD 18.23 billion by 2030, at a CAGR of 8.0% from 2024 to 2030. Digital marketplace market, also known interchangeably as online marketplaces or digital commerce platforms, function as virtual hubs where individuals engage in transactions involving the purchase or sale of goods, services, or information. These platforms serve as intermediaries, facilitating transactions between various parties, including buyers and sellers, within a centralized online environment specifically designed for effortless product discovery, purchasing, and delivery. Prominent examples of online marketplaces include well-established e-commerce platforms such as Amazon, eBay, and Alibaba, as well as service-oriented platforms such as Upwork and Fiverr.
Utilizing sophisticated technology, these platforms streamline transaction processes, ensuring prompt and secure payment processing while safeguarding the financial data of all involved parties. Moreover, they enhance user experiences by offering features such as customer reviews, ratings, and mechanisms for resolving transaction-related issues. Consequently, online marketplaces leverage technology to enhance the overall online shopping experience, making it more convenient and secure for both buyers and sellers. They play an indispensable role in the modern economy by bridging the gap between businesses and consumers across different geographic locations, thereby enabling seamless and convenient global commerce.
The initiatives undertaken by the government to expand the e-commerce industry in Vietnam significantly propel the digital marketplace market in the country. For example, in July 2023, the Department of E-Commerce and Digital Economy, operating under Vietnam's Ministry of Industry and Trade (MoIT), spearheaded an initiative to establish a unified e-commerce platform encompassing all 63 cities and provinces.
This endeavor aims to streamline and enhance the e-commerce landscape nationwide, facilitating smoother online transactions, increasing accessibility for businesses and consumers, and fostering economic growth by leveraging digital technologies to broaden e-commerce opportunities. The proactive engagement of the government fuels the growth and competitiveness of the market in Vietnam, positioning it as a pivotal driver of economic development and innovation in the nation.
The increasing initiatives by key market players, such as LUSH, a renowned handmade cosmetics brand from the UK, to introduce online shopping websites tailored for Vietnamese beauty enthusiasts, are driving the digital marketplaces market in the country. For instance, in December 2023, LUSH officially launched an online shopping website, Lushvietnam.com, offering direct purchase features and regular updates on the latest products and news.
This online platform complements LUSH's three official stores in Vietnam, enhancing the shopping experience for customers and reinforcing the brand's presence in the Vietnamese market. This initiative not only extends LUSH's market reach but also stimulates competition and innovation within the market trends in Vietnam.
Obstacles stemming from cybersecurity threats and consumer trust issues hinder the expansion of the market. When consumers perceive online platforms as vulnerable to cyberattacks, they hesitate to share personal information or conduct transactions due to concerns about privacy breaches or financial harm.
This leads to reduced usage of digital marketplaces and reluctance to engage in online shopping, thus impeding Vietnam digital marketplace market growth. Additionally, occurrences of data breaches or fraudulent activities tarnish the reputation of online marketplaces, dissuading both consumers and businesses from active participation in the online marketplace environment.
The integration of AR and VR technologies offers an opportunity for online marketplaces to enhance user experiences. By incorporating AR and VR, digital marketplaces provide users with immersive and interactive shopping experiences. These technologies enable consumers to visualize products in real-world settings, virtually try them before making a purchase, and explore dynamic virtual environments.
Such immersive experiences not only enhance customer engagement and foster brand loyalty but also drive sales. Moreover, AR and VR empower businesses to effectively showcase their products by offering detailed information and personalized recommendations to users. Thus, the integration of AR and VR technologies transform the future of online marketplaces by delivering innovative and compelling shopping experiences.
The key market players operating in the Vietnam digital marketplace industry include Alibaba, Shopee, Asos, Lazada, Sendo, ChoTot, Amazon Inc, AeonEshop, Yes24, Nguyen Kim and others.
Desktop
Mobile
Tablets
Business to Business (B2B)
Business to Consumer (B2C)
Consumer to Consumer (C2C)
Commercial
Personal
REPORT SCOPE AND SEGMENTATION:
Parameters |
Details |
Market Size in 2023 |
USD 10.57 Billion |
Revenue Forecast in 2030 |
USD 18.23 Billion |
Growth Rate |
CAGR of 8.0% from 2024 to 2030 |
Analysis Period |
2023–2030 |
Base Year Considered |
2023 |
Forecast Period |
2024–2030 |
Market Size Estimation |
Billion (USD) |
Growth Factors |
|
Companies Profiled |
10 |
Market Share |
Available for 10 companies |
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
Alibaba
Shopee
Asos
Lazada
Sendo
ChoTot
Amazon Inc
AeonEshop
Yes24
Nguyen Kim