On August 7, 2024, Bizzi Vietnam collaborated with Teibto and Oracle Netsuite Vietnam to successfully organize the event Decoding the Future of Vietnam's Retail Industry: Crossing Boundaries & Capturing New Trends.
Decoding the Future of Vietnam's Retail Industry: Crossing Boundaries & Capturing New Trends
In the context of economic difficulties, Vietnamese consumers are changing their shopping behavior, prioritizing quality products at reasonable prices. This poses many new challenges for retail businesses.
At the event “Decoding the Future of Vietnam’s Retail Industry: Crossing Boundaries & Capturing New Trends” organized by Bizzi Vietnam, experts pointed out that consumers are increasingly cautious in spending, focusing on essential products and comparing prices carefully before deciding to buy.
“Up to 681 percent of consumers check the prices of most products before buying,” said Nguyen Cao Ngoc Dung, an expert from NielsenIQ. This shows that consumers’ price sensitivity is increasing.
To adapt to this trend, businesses need to:
– Identify the correct point of sale: Focus on areas with high consumer traffic.
– Price optimization: Set reasonable prices, along with attractive promotions.
– Improve product quality: Demonstrate the value of your product to convince consumers.
– Applying technology: Optimize supply chain, sell omnichannel and enhance online shopping experience.
- Ms. Nguyen Cao Ngoc Dung, expert from NielsenIQ
Mr. Dong Bao Toan, Senior Solution Consultant at Oracle NetSuite, emphasized the importance of applying technology to increase online sales and improve customer experience.
With the rapid change in consumer behavior, retail businesses need to constantly innovate and adapt to survive and thrive in today's competitive landscape.
Bizzi plans to continue organizing similar events to support the Vietnamese business community in updating the latest market information and trends. See you at the next events!
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