How to win consumers’ trust and develop business reputation is one of the major challenges to the development of online business, experts said at the Vietnam Online Business Forum – VOBF 2017 in Ho Chi Minh City on March 3.
According to Nguyen Huu Tuan from the Department of Electronic Commerce and Information and Communication Technology, Vietnam has put in place a legal framework to ensure a favourable environment for e-commerce.
However, customers are still concerned about risks when purchasing online, he said, adding that his department has made efforts to enhance its management capability and strengthened connection between firms and consumers to protect the legitimate rights of online shoppers as well as interests of enterprises.
Nguyen Thanh Hung, President of the Vietnam e-Commerce Association, highlighted the potential of Vietnam’s e-commerce market, which is forecasted to grow at between 25-30% a year.
He stressed, however, that each firm needs to develop their own development strategy in order to reap success.
Hung noted that many firms have joined the online e-trade aiming for long-term goals, but they only focused on promotion, failing to pay due attention to connecting with customers, developing a supply chain, and investing in information and communication infrastructure.
Meanwhile, Director General of Nielsen Vietnam Nguyen Huong Quynh underlined the development trend of the online business on the basis of online connection, urbanisation, consumers, e-payment, and new business models.
Therefore, enterprises in e-commerce should pay attention to basic requirements of consumers, instead of merely offering promotion or discounts, she said.
Quynh also advised firms to develop their brand names to improve their competitiveness, while connecting with partners to support each other.