Shopee Leads Vietnam's E-commerce Market, Q2 GMV Surges 16.1%
Jayson 20 Aug 2024 11:19
According to the YouNet ECI report, Vietnam's e-commerce market performed strongly in the second quarter of 2024, with the combined GMV of the four major platforms Shopee, TikTok Shop, Lazada and Tiki reaching 87.37 trillion VND, a month-on-month increase of 10.4%.
Shopee led with a GMV of 62.38 trillion VND, a market share of 71.4%, and accounted for more than half of all e-commerce industry groups. TikTok Shop ranked second with 19.24 trillion VND, Lazada and Tiki ranked third and fourth with 5.16 trillion and 584.77 billion VND respectively.
Shopee's GMV growth rate in the second quarter reached 16.1%, far exceeding TikTok Shop's 4.8%, mainly due to the different reliance of the two on the fashion accessories category. When demand for this category declined in the second quarter, TikTok Shop was more affected because this category accounted for 37.5% of its GMV, while Shopee only accounted for 24%.
Although the overall transaction volume of the fashion accessories category fell by 3%, other categories such as food and beverages and maternal and child products all achieved double-digit growth. Fashion accessories remained the best-selling category with a GMV of VND22.679 trillion, followed by beauty, home living, technology and home appliances.
TikTok Shop's GMV in technology and home appliances increased by 14% and 28% respectively, showing the growth potential of high-value products on its platform, although its market share still lags behind Shopee.
It is worth noting that the number of active sellers decreased by 26,000 this quarter, but the average revenue per seller increased by 9% and the average product value increased by 7%, indicating that the market tends to develop in depth rather than breadth.
Shopee led with a GMV of 62.38 trillion VND, a market share of 71.4%, and accounted for more than half of all e-commerce industry groups. TikTok Shop ranked second with 19.24 trillion VND, Lazada and Tiki ranked third and fourth with 5.16 trillion and 584.77 billion VND respectively.
Shopee's GMV growth rate in the second quarter reached 16.1%, far exceeding TikTok Shop's 4.8%, mainly due to the different reliance of the two on the fashion accessories category. When demand for this category declined in the second quarter, TikTok Shop was more affected because this category accounted for 37.5% of its GMV, while Shopee only accounted for 24%.
Although the overall transaction volume of the fashion accessories category fell by 3%, other categories such as food and beverages and maternal and child products all achieved double-digit growth. Fashion accessories remained the best-selling category with a GMV of VND22.679 trillion, followed by beauty, home living, technology and home appliances.
TikTok Shop's GMV in technology and home appliances increased by 14% and 28% respectively, showing the growth potential of high-value products on its platform, although its market share still lags behind Shopee.
It is worth noting that the number of active sellers decreased by 26,000 this quarter, but the average revenue per seller increased by 9% and the average product value increased by 7%, indicating that the market tends to develop in depth rather than breadth.
