Retail in Vietnam: An accelerated shift towards omnichannel retailing
HANOI, Jul 2020 - Deloitte Vietnam publishes a report: “Retail in Vietnam: An accelerated shift towards omnichannel retailing”. This report provides insights on consumer behaviors’ changes after the Covid-19 pandemic, thereby stressing the importance of channel strategy reconsideration of retailers.
Due to early Covid-19 containment efforts, Vietnam is forecasted to be among the fastest growing economies in 2020 in Southeast Asia. However, the Covid-19 has made numerous irreversible impacts on the economy. Social distancing measures and a greater health-and-wellness focus have created two major changes in consumer trends: stay home, stay safe and broad-based shift towards e-commerce.
When consumer behavior shifts towards minimizing purchases in physical stores and maximizing online buying is high time for retailers re-examine consumer preferences and habits, and then re-consider their channel strategies.
In order to assist businesses in navigating and initiating channel strategies, Deloitte Vietnam has published the report: “Retail in Vietnam: An accelerated shift towards omnichannel retailing”. This report provides the overarching perspective of the economy and the shift in the retail industry after the COVID-19 pandemic, including three main parts: Economic resilience in the face of COVID-19; How COVID-19 is changing the Vietnamese consumer?; and Segment analysis.
Sharing the opinions on the retail industry in Vietnam after the pandemic, Mr. Vu Duc Nguyen, Deloitte Vietnam’s Consumer Industry Leader, said “When the COVID-19 pandemic exploded, consumers have immediately changed their priorities in consuming: from “convenience” to “safety”, from “cost” to “simple availability ”, from “wants” to “basic needs”. With priorities being changed, consumers can find and buy products from all sales channels. Therefore, retailers can take this pandemic as an opportunity to quickly expand and promote omnichannel retailing strategies.”
Please find the detailed report here.
About Deloitte Vietnam
Deloitte Vietnam, a pioneer in the Advisory and Audit industry with nearly 30 years of experience in the Vietnam market, is part of the Deloitte Global network, the largest professional services organization in the world. Our clients are served by over 1,000 staff located in our Hanoi and Ho Chi Minh City offices with access to the full strength of our Deloitte Asia Pacific member firms from more than 100 cities across the region, including Auckland, Bangkok, Beijing, Hanoi, Hong Kong, Jakarta, Kuala Lumpur, Manila, Melbourne, Osaka, Seoul, Shanghai, Singapore, Sydney, Taipei and Tokyo. Through our extensive network, Deloitte Vietnam delivers value-added services in Audit & Assurance, Consulting, Financial Advisory, Risk Advisory, Tax & Legal, and Professional Training to both private and public sectors across a wide range of industries.
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