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| Nguyen Binh Minh, member of the Executive Committee of the Vietnam E-Commerce Association, will speak at the Vietnam Online Business Forum 2024 in Ho Chi Minh City on Wednesday. — VNA/VNS Photo |
HO CHI MINH CITY — AI will continue to revolutionize the e-commerce industry, giving businesses the ability to predict consumer behavior and make informed decisions that drive sales, said a conference in Ho Chi Minh City on Wednesday. Speakers spoke at the conference.
Speaking at the Vietnam Online Business Forum 2024, Bùi Huy Dũng, general manager of ACCESSTRADE Vietnam, said that artificial intelligence (AI) has already established itself in the e-commerce industry, and its influence will become even more important in the coming years. He said that it is expected to increase.
AI-powered technologies such as chatbots, personalized recommendations, and voice assistants have transformed the online shopping experience.
He said e-commerce companies can leverage AI by analyzing customer behavior and preferences to make customized product recommendations and create targeted marketing campaigns.
Lại Việt Anh, deputy director of Vietnam E-commerce Association (VECOM), Ministry of Industry and Trade, said the e-commerce industry has experienced significant growth and transformation in recent years due to technological advancements and changing consumer preferences. .
“As the pandemic accelerated the shift to online shopping, it is important for e-commerce companies to remain proactive and anticipate future trends that will shape the industry,” she said.
Key trends in 2024
The forum focused on discussions on various technology trends in e-commerce.
These trends include the growth of mobile commerce, sustainability as a key consideration, the emergence of new payment methods, cross-border e-commerce, augmented reality (AR) and virtual reality (VR) enhancements, and and customer engagement and customer service enhancements. It features chatbots and AI assistants, data analysis and insights.
Among these trends, voice commerce has emerged as a major trend in e-commerce due to the proliferation of smart speakers and voice assistants.
Consumers are increasingly using voice commands to shop online, order groceries, and search for products.
Another important trend is the growth of mobile commerce. This is steadily increasing and is expected to account for more than 70 percent of e-commerce sales by 2024.
To remain competitive, e-commerce companies must prioritize enhancing their mobile websites and apps to provide a seamless shopping experience even on small screens.
Cross-border e-commerce will also experience significant growth as consumers become more comfortable purchasing goods from international markets.
Additionally, personalization has become a key driver of customer satisfaction and loyalty in the e-commerce industry.
Experts say companies can use customer data and AI algorithms to provide personalized product recommendations and promotions tailored to individual tastes.
They recommended engaging with customers through social media and personalized campaigns to build stronger relationships and encourage repeat purchases.
They recommended that businesses leverage these trends to improve customer experience, drive sales, and remain competitive in the evolving e-commerce environment.
potential market
VECOM Executive Committee member Nguyen Binh Minh said Vietnam's e-commerce market reached US$25 billion by the end of last year, an increase of 25% year-on-year.
The e-commerce industry, which has a large number of companies across the country, is expected to maintain a rapid growth rate of about 25% this year and next.
According to the Vietnam E-Business Index (EBI) 2024 report by VECOM, Ho Chi Minh City, Vietnam's largest economic hub, maintains its top ranking this year with 87 points.
The capital, Hanoi, follows closely behind with 84.3 points, followed by Binh Duong province in the south, which secures third place with 51.3 points.
The index rose to an average of 23.1 points, compared to 19.24 points last year. According to the report, there are large disparities between the country's two largest economic hubs, Hanoi and Ho Chi Minh City, and other regions.
The report evaluates three sub-indicators including IT talent and infrastructure, B2C e-commerce, and B2B e-commerce.
The share of e-commerce in total retail sales of consumer goods and services in 2023 increased from 8.5 percent in 2022 to 10 percent.
Despite challenges in the global economy and certain domestic factors that affected the economy and trade last year, the report found that Vietnam's He noted that the e-commerce sector has shown resilience. From the government.
The forum will also discuss live advertising and live shopping technology, shoppertainment, the role of brand development on e-commerce platforms, and how to optimize affiliate and KOC (Key Opinion Consumer) campaigns to accelerate growth. Ta.
The annual event in Ho Chi Minh City attracts around 3,000 business representatives, and a similar event is scheduled to be held in Hanoi on April 25th. —VNS
