Vietnam’s leading e-commerce platforms Shopee, Lazada, Tiktok Shop, Tiki, and Sendo posted a total revenue of VND39 trillion ($1.66 billion) in the first quarter of 2023, up 21.8% year-on-year, according to local e-commerce analyzer Metric.vn.
However, the figure fell 8.84% versus the last quarter of 2022, partly due to the week-long Tet (Lunar New Year) holiday, it noted.
The number of sellers also dropped 17.21% year-on-year, indicating that small-scale and amateur vendors were under pressure to leave the market, leaving the door open to professional organizations, Metric.vn added.
In Q1, 412,769 sellers recorded orders for 390 million products. Singapore-headquartered Shopee took the lead with a revenue of VND24.7 trillion ($1.05 billion) for 289.7 million items, followed by Lazada with VND7.5 trillion ($319.3 million) and 55.2 million products, and Tiktok Shop with VND6 trillion ($255.4 million) and 42.1 million goods.
Tiki and Sendo, two local players, posted revenues of VND846.5 billion ($36.4 million) and VND55 billion ($2.3 million), for sales of 2.8 million and 290,000 items, respectively.
In terms of sellers, Shopee also topped the list with 211,609, followed by Lazada with 105,921, Tiktok Shop with 68,411, Tiki with 16,179, and Sendo with 10,646.
For Q2/2023, Metric.vn estimated the market’s total revenue, not including Tiktok Shop, could reach VND37 trillion ($1.58 billion) with year-on-year growth of 22%.
Beauty products lead the way
Beauty products accounted for the largest portion of e-commerce with revenue of VND6.6 trillion ($281 million) for 62.3 million items, followed by female clothing and household goods.
In terms of beauty products, skincare items led the way with 35% of the total revenue, followed by cosmetics with 17%, tools and equipment with 11%, haircare with 8%, and fragrances with 7%.
Among 12,896 brands, La Roche-Posay accounted for the biggest revenue portion of 25%, followed by Focallure with 12%, and Innisfree with 10%. In terms of numbers of sold items, Focallure topped the list with 34%, followed by Vaseline, Cocoon, La Roche-Posay, and Simple with 9% each, and Maybeline with 8%.