Nghiên cứu sơ bộ về thực trạng mua sắm trực tuyến của thế hệ y tại Việt Nam

Nội dung text: Nghiên cứu sơ bộ về thực trạng mua sắm trực tuyến của thế hệ y tại Việt Nam

1. INTERNATIONAL CONFERENCE FOR YOUNG RESEARCHERS IN ECONOMICS & BUSINESS 2019 ICYREB 2019 PRELIMINARY RESEARCH ON MILLENNIALS’ ONLINE SHOPPING IN VIETNAM NGHIÊN CỨU SƠ BỘ VỀ THỰC TRẠNG MUA SẮM TRỰC TUYẾN CỦA THẾ HỆ Y TẠI VIỆT NAM Nguyen T.V.Anh, Dinh T.Len, Le V. Nga, Nguyen T. H. Nga, Nguyen T. Nhung Academy of Finance vananhnguyen@hvtc.edu.vn ABSTRACT Online shopping has been an indispensable trend globally. In Vietnam, the trend of online shopping is becoming popular and gaining strong development steps. With the characteristics of a young population, it is essential to look at the state of online shopping in Vietnam among the Millennial age group (18 to 35-year-old). The paper first examines the development of online shopping in Vietnam in general, then the state of online shopping in the Millennials age group in particular. Finally, the authors present a preliminary investigation on the online shopping behavior of the Millennials in Vietnam and propose some directions for future research. The quantitative results show that millennials in Vietnam are increasingly shopping online but products purchased online are often of low value; movie tickets and food are two new items preferred, and social networks and e-commerce floors are favorite channels for online shopping of millennials. Further research could focus on the factors that may influence the online purchasing decisions of millennials in Vietnam, reasons behind low spending, the potentials of entertainment and food sectors, and reasons behind the choice of social networks and e-commerce sites. Key words: Online shopping, consumer behavior, millennials, preliminary research. TÓM TẮT Mua sắm trực tuyến là một xu thế tất yếu trên toàn cầu. Tại Việt Nam, mua sắm trực tuyến đang trở nên phổ biến và đạt được các bước phát triển mạnh mẽ. Với đặc điểm của dân số trẻ, việc nghiên cứu tình trạng mua sắm trực tuyến tại Việt Nam trong nhóm tuổi thế hệ Y (từ 18 đến 35 tuổi) là điều cần thiết. Bài báo trước tiên xem xét sự phát triển của mua sắm trực tuyến ở Việt Nam nói chung, sau đó, tình trạng mua sắm trực tuyến của thế hệ Y nói riêng. Cuối cùng, các tác giả trình bày kết quả thống kê mô tả về hành vi mua sắm trực tuyến của thế hệ Y tại Việt Nam và đề xuất một số hướng nghiên cứu trong tương lai. Kết quả từ nghiên cứu định lượng cho thấy, thế hệ Y tại Việt Nam đang ngày càng mua sắm trực tuyến nhiều hơn nhưng các sản phẩm mua trực tuyến thường có giá trị thấp; vé xem phim và thực phẩm là hai mặt hàng mới được ưa chuộng; và mạng xã hội và sàn thương mại điện tử là các kênh yêu thích để mua sắm trực tuyến của họ. Nghiên cứu sâu hơn có thể tập trung vào các yếu tố có thể ảnh hưởng đến quyết định mua hàng trực tuyến của thế hệ Y tại Việt Nam, lý do đằng sau mức chi tiêu thấp cho mua sắm trực tuyến, tiềm năng của ngành giải trí và thực phẩm, và lý do đằng sau sự lựa chọn kênh mạng xã hội và sàn thương mại điện tử. Từ khóa: Mua sắm trực tuyến, hành vi mua, thế hệ Y, nghiên cứu sơ bộ. 1. Introduction Online shopping is an indispensable trend globally. In Vietnam, the trend of online shopping is becoming popular and gaining strong development steps. At the recent conference "Consumer protection in e-commerce" taken place in Ho Chi Minh City, Mr. Nguyen Sinh Nhat Tan, Head of the Competition and Consumer Protection Department quoted that currently nearly one third of Vietnam population (around 30 million people) involved in online shopping (Sanh, 2019). The total revenue of e-commerce reached 8 billion USD in 2018, up 30% compared to 2017, double compared to 2015 (ibid, 2019). At the Online Marketing Forum 2019, “Personalizing experiences” organized by the Vietnam E-Commerce 128
2. INTERNATIONAL CONFERENCE FOR YOUNG RESEARCHERS IN ECONOMICS & BUSINESS 2019 ICYREB 2019 Association (VECOM), Ms. Lai Viet Anh - Deputy Head of E-Commerce and Digital Commerce Department, Ministry of Industry and Trade, said “e-commerce growth in Vietnam is very fast”. According to Ms. Anh, Vietnam's e-commerce market capacity is second to Southeast Asia after Indonesia with about 40 million online shoppers (An, 2019). This impressive development sparks the interest of academic researchers to study the consumer online shopping behavior in the context of Vietnam. The majority of the research so far focus on studying consumer purchase intention (Nguyen et al., 2007; Lee and Ngoc, 2010; Ho and Chen, 2014; Thang, 2015; Hsu and Luan, 2017; Pham et al., 2018); factors affecting online behavior (Khanh and Gim, 2014; Gim, 2014); consumer satisfaction (Nguyen, 2014; Wang and Le, 2015); and consumer perception and attitude (Choi and Mai, 2018; Dang et al., 2018). Studying the factors affection online purchase intention of consumers in Vietnam, Thang (2015) finds that consumers’ age is one of the factors that can influence their intention to purchase online. The author also points out that consumer trust in online shopping and their attitude have a positive relationship with consumer age. This means that there exist differences in online purchase intention and perhaps online purchase behavior between age group. Vietnam has been known as a young-population-nation (Bui, 2018). The total population of the country reached 96 billion people by mid year 2019 with the median age of 30.9 years old (Worldometers, 2019). Of which, the Millennial age group (18-38 years old) accounts for 35% of the population and is the key group in the workforce as well as consumer target (Anjoubault, 2018). The report, Vietnam: Into the minds of Millennial shoppers, by Worldpanel (2018), have explored some distinctive characteristics of Vietnamese Millenials such as they have different thinking, lifestyles, and expectations, therefore purchase behavior from older generations, and digital platforms influence greatly on the Millennials’ social life and each stage of their shopping journey. Therefore, it is very important to look at the situation of online shopping in Vietnam among the millennial age group (18 to 35 year old) for the future direction of the online retail industry. To achieve this, the authors present a preliminary research on the development of online shopping in Vietnam in general and Millennials in particular to propose some directions for future research related to online shopping of Millenials in Vietnam. 2. Online shopping in Vietnam The state of online shopping in Vietnam is first examined in terms of size, growth and potential, then consumer capacity, consumer spending, and finally, segmenation of products purchased online. First, e-commerce market in Vietnam experiences strong growth and high potential. Reported in the conference "Consumer protection in e-commerce" (Sanh, 2019), the total revenue of e-commerce reached 8 billion USD in 2018, up 30% compared to 2017, double compared to 2015. Another report of the Vietnam E-Commerce Association - VECOM in 2017 on online retailing, online revenue in 2017 increased by 35% compared to 2016. This shows that the e-commerce market is growing at the average rate of around 30% annually. The online retail revenue is expected to reach 10 billion USD (Vietnamnews, 2018). With this growth rate, it is certain that online shopping in Vietnam is on a good development path. Since 2016, Vietnam has been one of the six fastest-growing e-commerce markets Southeast Asia (Figure 1, Maybank, 2016). By 2019, the country has risen to the second rank among Southeast Asia fastest-growing internet economies (Google, E-conomy SEA report, 2019). 129
3. INTERNATIONAL CONFERENCE FOR YOUNG RESEARCHERS IN ECONOMICS & BUSINESS 2019 ICYREB 2019 Unit: Billion USD Figure 1: Online retail sales of 6 Southeast Asian countries in 2016 Source: Maybank, 2016 Despite strong growth in online shopping revenue, the proportion of online shopping in Vietnam is still low (Maybank, 2016). In 2016, largest online retail sales in Southeast Asia belong to Indonesia, about 1.7 billion USD per year, equivalent to 0.6% of total retail revenue. In Vietnam, the corresponding figures are USD 0.4 billion and 0.6%. Vietnam ranks last in 6 Southeast Asian countries in terms of revenue worth. By 2019, Vietnam ranked second in SouthEast Asia region and ranked fourth in Asia Pacific region (EVBN, 2018; Google, 2019). With total retail sales of 191 billion USD (Das, 2019), e-commerce sales accounted for 4.2% of total revenue. Compared to larger markets like China and Korea with the proportion of online retail sales is 16% and 18% respectively, online shopping in Southeast Asian countries in general, and Vietnam, in particular, has not fully developed its potential. This is both a challenge and an opportunity for online businesses in Vietnam. Second, the number of online shoppers in Vietnam has increase more than 30% per annum from 2015 to 2018. As announced in 2017 by the Department of E-Commerce and Digital Economy (Ministry of Industry and Trade), in the three years from 2015 to 2017, the number of online shoppers in Vietnam has increased sharply (Figure 2). If in 2015, the country had about 30.3 million people online shopping (32.4% of total population), by 2016, this number increased to 32.7 million people (34.6% of total population). Then, by 2017, there were 33.6 million people (35.2% of total population) participating in online shopping, an increase of 3.3 million people compared to 2015. Figure 2 shows that over 50% of Vietnam's population uses the Internet, higher than the world average of 48.2% (We are social Singapore, 2017), over 60% Internet users do online shopping. Compared to Korea, the largest online shopping market in Asia, according to Korean statistics, in 2017, South Korea had 45.28 million Internet users (88.1% of the population), and the proportion of online shoppers accounted for 59.6% of Internet users. It can be seen that, although the number of Internet users in Vietnam is not as high as that of South Korea, the percentage of people buying online is close to that of South Korea (ibid, 2017). Even though the number of online shoppers accounts for just over 30% of Vietnam's population, it has been increasing over the years, which shows that Vietnam is a potential market for online businesses. In a research report by CBRE Vietnam in 2017, surveying about 1,000 people in Ho Chi Minh City and Hanoi, 25% of consumers surveyed intends to reduce shopping frequency in physical stores, while 45 - 50% of respondents think they will shop online via desktop/laptop or smartphone /tablet, more often in the future. 130
4. INTERNATIONAL CONFERENCE FOR YOUNG RESEARCHERS IN ECONOMICS & BUSINESS 2019 ICYREB 2019 94.44 95.41 100 93.45 90 80 70 Total population 60 49.7 52.08 53.86 50 Internet users 40 30.3 32.7 33.6 30 Online shoppers 20 10 0 2015 2016 2017 Unit: Million people Figure 2: Number of online shoppers in Vietnam 2015-2017 Source: Department of E-Commerce and Digital Economics, 2017 According to a Nielsen report at VOBF 2017, 45% of Vietnamese people access the internet with an average access time of 2 hours/day. Besides, the Creative Commerce 2017 conference lists 91% of people owning smartphones and identified the rapid rise of connected devices (smartphones, tablets). These are favorable factors for more developed online shopping in the coming years in Vietnam Third, consumers are spending more online and have more trust in online shopping over time. Along with the increase in the number of shoppers, the amount of money spent online shopping with each person also shows signs of increasing over the years. In 2016, an increase of 10 USD compared to 2015, 2017 increased 16 USD compared to 2016 (Figure 3, Department of E-Commerce and Digital Economy, 2017). Together with the increase in the amount of online shopping, Vietnamese people have more trust in online shopping over time, instead of being afraid to buy online as before. Unit: USD Figure 3: The average amount of online shopping per person per year from 2015-2017 Source: Department of E-Commerce and Digital Economy However, the amount of money spent online shopping is still low (the average spending of Vietnamese in 2016 is approximately 1,200 USD / year), indicating that consumers choose to buy low- 131
5. INTERNATIONAL CONFERENCE FOR YOUNG RESEARCHERS IN ECONOMICS & BUSINESS 2019 ICYREB 2019 value products. This may stem from consumers perceiving product risks and financial risks from online shopping so they only choose low-value products to buy online. This spending amount per person per year for online shopping is expected to rise to 350 USD by 2020 (Dong, 2018). Finally, preferred online-purchased-products are electronics goods, apparel, cosmetics, home appliances, and books and stationery. Survey results of the Department of E-commerce and the Digital Economy (2017) showed that 60% of goods purchased online are electronics, up 25% compared to 2015. Other popular online products are clothes, shoes, cosmetics (60%), then home appliances (34%), books and stationery (31%). According to Nielsen’s Global Survey Connected Commerce report in 2017, Vietnamese consumers have changed in terms of online shopping products (Figure 4). Specifically, apparel such as clothing and footwear accounted for the largest proportion of 64%, up 4% compared to 2016 and became the most purchased online product. Information technology products, meanwhile, dropped to 40%, behind cosmetics products by 40% and books and stationery (51%). Shopping for household products accounted for 29%, down 5%. Thus, in recent years, with the boom of the Internet and the revolution 4.0 creating favorable conditions, online shopping in Vietnam has had a strong development with a rapid growth rate of over 30%, in terms of revenue. Vietnamese consumers increasingly shop online when the number of online shoppers also increases sharply in absolute numbers, the amount spent on online shopping also increases. Online shopping in Vietnam has not yet exploited the inherent potential as only 30% of the Vietnamese population participating in online shopping; the proportion of online shopping revenue is still low. Therefore, it is necessary to research and have solutions to enhance and promote online shopping in Vietnam in the coming years. Book 0 Housing 0 29 Cosmeti 0 40 Apparel 0 64 Electro 0 40 0 20 40 60 80 Figure 4: Types of products that consumers purchased online in 2017 Source: Global Survey Connected Commerce in Q1 2017, Nielsen The preliminary research shows that the e-commerce market in Vietnam has strong growth and potential with increasing revenue, number of online customers, and consumer spending annually. In terms of product categories, apparel, electronic goods, cosmetics, book and stationery, and housing appliance are among the most popular to be purchase online by Vietnamese consumers. 132
6. INTERNATIONAL CONFERENCE FOR YOUNG RESEARCHERS IN ECONOMICS & BUSINESS 2019 ICYREB 2019 3. Millennials’ online shopping in Vietnam Based on the online shopping situation in Vietnam, the authors evaluated the current shopping situation of Millennials in Vietnam through secondary data collected from documents, reports and research works and the primary data collected by the authors through survey. This section also provides descriptive results of the research and discusses further research direction in the coming period. Millennials play central role in the development of Vietnam e-commerce market. Young people accounted for 52.2% of Vietnam's population in 2016 (48.54 million people). According to the projection of Vietnam's population (Statistics, 2017), the population aged 20-35 will increase aroung 5% annually by 2020 (Figure 7). The Millennial age group (18-38 years old) accounts for 35% of the population and is the key group in the workforce as well as consumer target (Anjoubault, 2018). According to the research results of the Consumer Behavior Research Department - Nielsen Vietnam Market Research Company, in 2016, millennials from the age of 18 to 35 are the main group of online shoppers in Vietnam. Figure 7: Vietnam population pyramid in 2020 Source: Statistics, 2017 The report, Vietnam: Into the minds of Millennial shoppers, by Worldpanel (2018), have explored some distinctive characteristics of Vietnamese Millenials such as they have different thinking, lifestyles, and expectations, therefore purchase behavior from older generations, and digital platforms influence greatly on the Millennials’ social life and each stage of their shopping journey. Therefore, Millennials (18 to 35 year-old) play vital role in the future direction of the online retail industry. Moreover, young people are the age using internet the most among the internet users in Vietnam. According to the report of NetCitizens Vietnam (2018), currently, the average age of using the internet in Vietnam is 29, only about 25% of internet users are over 35 years old (Figure 8). Methodology A survey was conducted with people of age 18-35 years old in Hanoi city, Vietnam over the period of 3 months using random sampling strategy. There are total of 266 participants in the sample, of which 52.2% are female, and 47.8% are male. By age, 198 participants are of 18 to 25 year-old-group (74.4%), 44 participants are of 26-30 years old (16.5%), and 24 participants are of 31-35 years old (9%). In terms of income, 156 participants earn less than 2,600 USD per annum (58.6%), 84 participants have income from 2,600 USD to 5,100 USD (31.5%), and 26 participants have income more than 5,100 USD (9.7%). The descriptive results of the survey demonstrate partly how millennials shop online, which are also in line with the findings from secondary research. 133
7. INTERNATIONAL CONFERENCE FOR YOUNG RESEARCHERS IN ECONOMICS & BUSINESS 2019 ICYREB 2019 Figure 8: Age of internet users in Vietnam Source: NetCitizens Vietnam, 2018 First, Millenials spend more time on the Internet compared to an average person The descriptive results of the survey show that 100% of the sample had visited an online website and the online shopping rate for the sample was 96.7%. The internet access time among the participants is very high when the number of Internet users with the time of over 5 hours/day accounts for 69.9% (the average time Vietnamese people access the Internet is 5 hours 10 minutes – WeAreSocial Singapore, 2017). In addition to online shopping, accessing social networks is the main purpose of Millenials when using the Internet (92.3%) (Table 1). Table 1: Internet usage time and purposes of using the Internet of Millennials in Vietnam Internet usage time Frequency (%) 10 hours 76 28,6 Purposes of using the internet Online shopping 257 96,7 Reading news 217 81,4 Information search 209 78,6 Social networks 246 92,3 Email 184 69,5 Others 91 34,2 Second, more than half of the Millennials surveyed (60.9%) purchase online more than 10 times per years Table 2 shows that the most popular online shopping frequency among Vietnamese millennials is from over 20 times/year (33.7%), from 11-20 times accounting for 27.2%, while the frequency of buying online less than 5 times only accounted for 17.6%. This shows that Vietnamese millenials shop online quite often. 134
8. INTERNATIONAL CONFERENCE FOR YOUNG RESEARCHERS IN ECONOMICS & BUSINESS 2019 ICYREB 2019 Table 2: Online shopping frequency of Vietnamese millennials Online shopping frequency per year Frequency % 0 time 8 3,2 1-5 times 37 14,6 6-10 times 55 21,3 11-20 times 86 27,2 Over 20 times 71 33,7 Third, the most popular product categories are apparel (93.6%), cosmetics (92.7%), and books and stationery (85.4%). The research results show that Vietnamese young people buy online a variety of products (Table 3). In particular, the most often bought product categories are apparel (93.6%), cosmetics (92.7%), books and stationery (85.4%). This result is similar to the research results of online shopping products of Vietnamese consumers in general mentioned above. Table 3: Types of products that most often buy online by Vietnamese millennials Types of products Frequency % Apparels 240 93,6 Cosmetics 238 92,7 Electronics 176 68,3 Household appliances 135 52,6 Books and stationery 220 85,4 Food 133 51,8 Movie tickets 192 74,6 Other 96 37,3 In addition to the types of products that are frequently purchased online: apparel, cosmetics, books and stationery, and electronics. For millennials, products such as movie tickets and food are favorable (74.6% - 51.8%). This is also the difference in online shopping at different ages. For the reason, they might not have much time for shopping and cooking, therefore, they buy online to save time on shopping. This trend and reason need more qualitative and quantitative research in the future. Fourth, 84.1% of online transactions by millennials are less than 45 USD (1 million VND). Table 4 indicates that the value of online shopping products by millennials in Vietnam is mainly low-value products as the proportion of products purchased online less than 1 million accounts for 84.1%. Table 4: Value of online shopping products of young people in Vietnam Value Frequency % under 100.000 VND 21 8,3 100-500.000 VND 114 44,2 500-1.000.000 VND 81 31,6 1-3.000.000 VND 30 11,8 More than 3.000.000 VND 11 4,1 135
9. INTERNATIONAL CONFERENCE FOR YOUNG RESEARCHERS IN ECONOMICS & BUSINESS 2019 ICYREB 2019 This may stem from the following reasons: Fear of risk (perceived risk) of buying online: due to the disadvantages of online shopping, customers do not directly see the product, the product may be exchanged upon delivery, especially in the case of payment before delivery, the risk is increased. In addition, the income also affects the value of purchased products, as mostly the income of young people in Vietnam according to the survey results is less than 5 million (58.8%) and between 5-10 million VND (31.7%). Therefore, the spending and product selection of young Vietnamese will also be affected. This also explains more clearly why consumers' spending on online shopping is low as the main online shoppers are young people. Fifth, social networks (48.3%) and e-commerce sites (32.7%) are two most popular channels for millennials. Research results show that young people often shop online via social networks and e-commerce platforms, while sellers' websites are less likely to be online shopping methods for young people. Social networking is booming in Vietnam, when about 87.5% of Internet users have been using social networks, mostly young people, among the age of 15-34 (about 71%) (ComScore, 2017). E-commerce platforms in Vietnam are also increasingly popular as the number of e-commerce platforms is increasing in quantity and quality. Table 5: Channels for online shopping Online channels Frequency % Seller’s website 43 16,7 E-commerce sites 84 32,7 Social networks 124 48,3 Other 6 2,3 As reported by the Vietnam Chamber of Commerce and Industry, by May 2018, there are currently 35 verified e-commerce platforms in Vietnam with over 3 million members. The number of successful transactions through these exchanges is about 1.5 million, with a total transaction value of over VND 4,000 billion. The e-commerce platforms with the largest market share in Vietnam today are Shopee, Lazada, Tiki (Asia Plus, 2017). Website is a method that is losing advantage in online shopping when previously if you wanted to buy online, this is the only channel that consumers can approach. However, consumers in general and young people, in particular, can find more information about products and businesses, the accuracy and reliability of information are also higher from online websites. So, not because of the tendency to switch to online shopping via social networks, e-commerce floors, should businesses ignore website development. 4. Conclusion The primary research shows that millennials in Vietnam (ages 18-35) are increasingly shopping online as they spend more time on the Internet than average, purchase more frequently online (more than 10 times per year). Products purchased online are often of low value; movie tickets and food are two new items appearing at the age of 18-35 compared to the figures of consumers nationwide, and social networks and e-commerce floors are two favorite online shopping addresses of young people in Vietnam. Further research could focus on the factors that may influence the online purchasing decisions of millennials in Vietnam, reasons behind low spending, the potentials of entertainment and food sectors, and reasons behind the choice of social networks and e-commerce sites. 136
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