16:20 | 23/07/2021 Society
Facebook today shared key insights on Vietnamese consumers' behaviors towards year-end and the value of Mega Sales Days (MSD) in helping businesses in particular and the economy in general to reemerge from the pandemic.
More than just one-off occasions, Mega Sales Days (MSD) (including Ecommerce’s sales days 8/8, 9/9, 10/0, Singles Day 11/11, Black Friday, 12/12, Tet's holidays) provide consumers a good reason to shop for themselves or gifting, and offer brands opportunities to reach new potential consumers and boost sales when demand for various products and services sky-rockets. When thousands of businesses in Vietnam are struggling to get through the challenges brought by the pandemic, MSD will be the chance for them to turn around, recover and regain growth.
Covid-19 has sharply altered the way people shop, but not the love for shopping
Just as other Asian counterparts, Vietnamese people take the Lunar New Year (“Tet” holiday) very seriously, turning it into another significant MSDs across the country. Upon Tet Holiday 2021, 79 percent surveyed shoppers in Vietnam admitted that they have made online purchases, 82 percent used a mobile device because “it’s safer and more convenient”. Digital means also help well with gifting activity, with 60 percent of shoppers reported turning to remote and online channels to send gifts.
More than just material offerings, what Vietnamese people truly care about is keeping the good tradition and spreading the holiday spirit, and Facebook and its Family of Apps make a typical ecosystem connecting people and fueling experience in such a challenging time.
The year-end holidays of 2020 also witnessed more first-time MSD shoppers, with 28 percent reporting that “this year was the first time I shopped during an event”. This makes sense in a world where online shopping is becoming a norm. 91 percent of Millennials said that online purchasing played a bigger role in their lives, 82 percent Gen X said that they would continue to buy more online than before Covid-19. In fact, 9 in 10 surveyed consumers confirmed that they would consider shopping on future MSDs.
These findings hint great opportunities for businesses, both in terms of boosting sales and building brand impact. Looking at various angles of doing business and trying to find the motivations behind consumers’ decision-making, 5 key insights have been drawn from Facebook’s commissioned survey by trusted partners:
1. Planning ahead of MSDs is more important than ever to shoppers
- In 2020, 84 percent of surveyed MSDs shoppers planned their purchases before the events (15 percent higher than APAC average).
- Most shoppers planned to buy Apparel and Fashion items during MSD, while Electronics and Household appliances were planned more during Singles Day.
- 72 percent of shoppers spent more time shopping during Tet. 51 percent used Facebook’s Family of Apps during Tet holiday to find deals/promotions.
2. Buyers are more open to new brands in MSDs
- 95 percent of MSDs shoppers in Vietnam purchased a brand they’d never tried before. 79 percent were likely to try new or different brands when shopping for food and drink during the Lunar New Year season. More importantly, 83 percent of Vietnamese shoppers would repurchase new brands they discovered during MSDs.
- Facebook is the platform for discovery. Year-end shoppers reported Facebook’s Family of Apps as their #1 online source for ideas and inspiration.
- Facebook is two times more cost effective than TV in driving Reach, and also stands out in promoting Association and Motivation for brands compared to TV or other digital channels.
3. Videos and experiential contents boost demands during MSDs
- Video content on social media induces discovery. 84 percent shoppers first discovered the product they ended up buying via videos on social media.
- While Music video, Comedies and Reality TV shows remained most-watched content during Tet, younger viewers were more attracted to user generated content (UGC), in which Facebook’s Family of Apps were the go-to platforms.
- As users wanted to be part of the sales experience, interactive content like Games and Instagram Live engaged consumers well and were amongst top choices
4. Shoppers are increasingly looking for brand and influencer authenticity during MSDs.
- Brand trust was a key consideration factor for shoppers during the competitive MSDs season. Shoppers expect to see brands producing content that is real/authentic on social media.
- 67 percent agreed that “influencer involvement is important to what I buy”.
5. Brands should leverage multiple touchpoints to secure a frictionless shopping journey for MSDs shoppers.
- In light of Covid-19, safety was top of mind for shoppers. Besides, Timely delivery, product availability and customer service were among top considerations in decision-making
- 82 percent of shoppers agreed that “high quality images and video are important to any purchase I make”.
- 88 percent of shoppers agreed that “I trust retailers/brands that I can easily contact and communicate with”.
- 65 percent holiday shoppers were more likely to buy if businesses were contactable through instant messaging.
Khoi Le, Head of Business and Solutions at Facebook, Vietnam market, said, “Understanding the power of MSDs will tremendously help businesses to go beyond promotional discounts, towards facilitating a strong brand story and image. In light of the pandemic, it’s even more critical for Vietnamese businesses to have an online presence and strengthen various digital touchpoints, involving websites, social networks and messaging platforms. As businesses learn to make full use of digital channels, tap onto the voice of creators and embark on a serious journey to build truly good content, they can let consumers be a part of the shopping experience and develop genuine connections with brands. The changing shopping behaviors are here to stay. It’s more important than ever for businesses to prepare themselves to be ready now for these MSD, not only for this year, but the years to come”.