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Vietnamese consumers are open to experience new brands

The English content below is automatically generated by Google translate. Please ignore any wrong wordings or you can read the Vietnamese version here or simply by changing the default language into Vietnamese.

Previously, when deciding to buy, Vietnamese consumers tended to choose to buy back used products or buy from well-known brands in the market. However, recently, according to a survey by Facebook, Vietnamese people are willing to pay for new products on the market, especially during "super" discount shopping events.

Consumers are more open to new brands

According to Facebook's 2020  “Digital Consumers of Tomorrow, Here Today” report, Southeast Asian (“SEA”) consumers are increasingly open to trying new brands. This trend is even more evident during the super-discount shopping days (also known as Mega Sale Shopping Day). In which, in Vietnam, 95% of respondents are willing to try new brands that they have never used before, higher than the average rate of 6 Southeast Asian countries surveyed by Facebook (91%).

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Super sale shopping events are happening more often

Black Friday is always one of the most exciting shopping events of the year. Many discount programs are launched by brands to attract consumers, such as buy 1 get 1 free, storewide discount up to 50%, sweepstakes, etc. These activities partly motivate customers to choose to try new brands and new products, bringing great profits to brands. In 2019, Vincom's Black Friday campaign achieved nearly 3 times more profit than in 2018, attracting the attention of more than 30 million people.

Facebook's recent Q2 2021 survey also shows that 70% of consumers are willing to try a fashion brand experience, followed by categories such as home appliances and groceries (69%). , toys and children's supplies (69%). However, industries that rely heavily on personal preferences such as cosmetics, beauty, and body care still enjoy the "loyalty" of consumers, with more than 40% of survey respondents saying they will continue. Use old brands.

After experiencing new brands, 75% of consumers tend to continue using those new products instead of returning to previously familiar brands. This figure in Vietnam is 85%, in which new electronic products have the ability to "retain" the most users, with more than 60% of users saying that they will continue to use the newly purchased brand.

Social media plays an increasingly important role in purchasing decisions

In the face of the complicated development of the Covid-19 epidemic, many online shopping services have experienced strong growth, in which shopping via social networks accounts for the largest proportion. According to a report by Bain & Co., Vietnam's e-commerce via social networks leads Southeast Asia, accounting for 65% of the total value of 22 billion USD of the e-commerce market in 2020, up strong compared to only 4.2 billion USD in 2018.

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E-commerce activities via social networks in Vietnam grow strongly

Now, social networks are not only a channel to convey information about new products to customers, but also a useful tool for consumers to research, compare and evaluate products to buy. 63% of respondents said they found not only key information about the product, but also reviews from people who have tried the product before. This helps them feel more secure when deciding to use a new product.

Also according to Facebook, In-stream ads (short ads embedded in the beginning or between other videos) are currently the advertising method that has the most influence on shoppers, especially in increasing the awareness of customers. super discount campaign 62% of respondents said they decided to buy after seeing these promotional videos.

Opportunity or challenge?

The fact that Vietnamese consumers are "less loyal" to the products they have used in the past is both an opportunity and a challenge for retail businesses in Vietnam.

With brands that already have a certain popularity and customer base, businesses are not satisfied, "sleeping" on the previous successes achieved, need to continuously improve as well as launch more products. new products to retain consumers. This is also a good motivation to help businesses grow stronger and have the opportunity to reach out to the world.

As for young businesses, if they are really drastic and know how to keep up with trends, this new consumption trend will be a great opportunity for businesses to win the trust and choice of customers. row.

In addition, the effective use of communication methods, especially social networks, will help businesses reach more potential customers and increase sales during the Covid period.

It can be said that the Mega Sale shopping festival is an opportunity for businesses to attract the initial attention of consumers, but it is important for businesses to always be alert and not fall into the fall trap. price. Creating shopping habits should be built from the foundation of product quality and customer experience, helping to retain customers and also attract more loyal customers./.