The survey, conducted on 10,000 enterprises and individuals selling products on different online channels, showed that more than 24% of respondents had achieved growth in revenues during and after the pandemic.
In response to the pandemic, nearly 24% of retailers completely converted from traditional sale channels to online sale channels. As a result, 56% of them have recovered and generated revenues equal to those in the pre-pandemic period.
In 2019, ecommerce platforms ranked fourth among the most effective sale channels, while Facebook took the lead. However, in 2020, traders spent the most on advertising on Facebook, followed by TikTok, Zalo and ecommerce platforms.
The conversion in sales channels and revenue reduction have affected enterprises’ budgets for advertising. Specifically, their average fund for marketing in 2020 accounted for 10% of their revenues, lower than the proportion of 10%-20% in 2019.
According to Sapo, nearly 70% of brick-and-mortar retail stores, 76% of restaurants and coffee shops and nearly 60% of shops on ecommerce platforms recorded a revenue fall or equivalent revenues to those in 2019. The reduction was attributed to the severe impact of Covid-19 and natural resources to consumers’ demands and shopping habits.
Despite challenges, more than 30% of enterprises participating in the survey saw a revenue growth. These firms had quickly converted into the multichannel sale model to adapt to the market’s fluctuations.
Le Thi Dung, director of growth at Sapo, said many traders had shifted to online sale or boosted their business on ecommerce platforms. In 2021, retailers may strongly convert to the multichannel sale model, enhance their online sales and optimize traditional channels.