Southeast Asian eCommerce giant Lazada has partnered with 40 Vietnamese retailers to expand their businesses.
The partner businesses include electronics retailers Cho Lon, Tran Anh, Home Center, cookware chain Lock&Lock, and jeweller PNJ.
Lazada expects the deals will help it cater better to local consumers, developing its business throughout Vietnam market with the message “whatever you buy offline, you can buy it online”.
Vietnamese retailers, on the other hand, hope to expand their customer bases via the Lazada brand and reputation. Kid Plaza, a baby product supplier, says it has tripled its monthly revenue after selling its items on Lazada.
Founded four years ago, Lazada Vietnam has become one of the biggest online shopping sites in Vietnam, sharing the US$4 billion worth market last year. Through the new deals, Lazada plans to claim at least 25 per cent of Vietnam’s online shopping spend.
Lazada’s plan seems achievable when almost 50 per cent of Vietnam’s 93 million population are using the internet. Research predicts that by 2020, 30 per cent of the population will regularly buy goods and services online, with an average spend of US$350 per year. This will take online retail sales to $10 billion.