While wet markets and traditional trade stores remain the preferred retail channels for Vietnamese shoppers, consumers have shifted away from them in recent years, according to a Nielsen report.
Wet markets and traditional grocery stores respectively declined 5 percent and 17 percent in 2014 compared to 2012. Customers’ visit frequency also decreased, the report, which was issued on Tuesday, said.
Meanwhile, the need for convenience continues to grow, especially in urban area in Vietnam. Convenience stores rose from 147 stores in 2012 to 348 stores in 2014, while minimarts increased from 863 stores in 2012 to 1452 stores in 2014.
Nielsen attributed the growth in a large part to the increase of "time-poor and predominantly young shoppers" in the country.
“Consumers are increasingly demanding products and solutions that help them in their increasingly busy life," Vaughan Ryan, Managing Director of Nielsen Vietnam, said.
"As a result we will see the emergence of both the convenience channel and e-commerce in Vietnam, to meet this consumer demand.”
Retailers must deepen their understanding of this evolving shopper behaviour, foresee changing needs and develop strategies that are focused on differentiation in areas that matter most to shoppers, he said.