Consumer behavior and needs are being significantly influenced by the Covid-19 pandemic and the global economic recession. As we move into the latter part of 2023 and early 2024, what changes can we expect in consumer shopping habits?
Sustainable and green consumption is a notable trend for the coming year, with a significant shift in consumer demands.
Currently, 80% of Vietnamese consumers are willing to pay a premium for products that are environmentally friendly and produced with eco-conscious materials. By 2024, the market for green products such as organic produce, vegan food, bio-preservation, and renewable energy is expected to grow and attract more consumer interest.
In the last four years, online shopping on e-commerce platforms and social media sites has become a common daily habit for many.
In 2024, online marketplaces will remain a preferred shopping source, with enhancements to improve the customer experience. Consumers have developed the habit of shopping online not only to save time but also to take advantage of special offers and discounts, especially during major sales events and on regular days.
Shopping in virtual reality (VR) and augmented reality (AR) represents a modern consumption trend, where advanced technology is used to create a novel, convenient, and personalized shopping experience. Shoppers enter a virtual space where they can experiment with products, interact with sellers, and communicate with other consumers through applications and online platforms.
VR is a step forward in the online shopping model, extending the possibility for customers to have a shopping experience without visiting a physical store. On the other hand, augmented reality allows objects and phenomena to be simulated in 3D and overlaid on the real world, using computer or phone screens. Additionally, augmented virtual reality integrates audio, graphics, and video to create an immersive and vivid experience for users.
According to Goldman Sachs, the AR and VR retail market is expected to reach $1.6 billion by 2025. Statistics also show that two-thirds of Internet users will be interested in VR technology, and 63% believe that such advancements will change the way they shop.
Products and services tailored for the elderly are becoming increasingly important as our country experiences rapid population aging, as reported by the United Nations Reproductive Health and Sexual Health Organization (UNFPA).
Based on this trend, the market in 2024 will see innovations and diversifications aimed at enhancing safety and convenience. Consumers expect the development of this market to offer more quality products, especially in the food and healthcare sectors, to meet the growing needs of the elderly.
Shopping through real-time interactive activities is becoming a popular and effective shopping experience. Live sessions on social media platforms like Facebook, Instagram, and TikTok have yielded positive results, with a significant number of orders and revenue. Compared to shopping based on images, real-time interactions create a stronger sense of trust and excitement for customers, especially when they are offered exclusive deals only available during these live sessions.
Leveraging social media platforms to learn about products is becoming an integral part of the purchasing decision process. Data from GlobalWebIndex indicates that 54% of social media users typically research products before making a purchase, whether in-store or online. The buying journey usually begins when customers discover a need or find a compelling product, after which they search for information through popular sources like Google or brand fan pages.
Next, they read reviews from previous customers, compare brands, and finally choose to purchase from highly-rated brands. This highlights the importance of building and maintaining a positive image on social media platforms to optimize conversions from research to purchase.
Cashless and contactless payments have permeated all areas of production, business, service provision, and daily life. According to the Journal of Financial and Monetary Markets, 94% of consumers have increased their use of at least one form of electronic payment in the past year. Of these, 54% used QR codes for payment, 76% used biometric authentication at least once when making a payment, and 89% linked their bank accounts to other platforms for bill payment.
Advanced payment technologies such as Soft POS, which enables one-touch payment via cards, QR code scanning, and e-wallet payments, have become more familiar and prevalent. These trends are shaping the future payment environment and indicate a continued emphasis on convenient and contactless payment methods.
Purpose-driven shopping is gaining importance, especially when it comes to creating meaning for consumer goods. Today’s consumers are increasingly focused on choosing products that are not only healthy but also hold special significance, such as food, beverages, and supplements containing organic ingredients.
Shopping for locally-sourced products or supporting local brands is another way consumers are meeting this need. Domestic enterprises are demonstrating their strength in the market, and developing these products not only satisfies customer desires but also positively contributes to economic growth.
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