Hi, it’s Edmund.
We all know that social commerce is a force to be reckoned with, especially in Asia.
Take China for example. It is one of the most advanced social commerce markets and has shown us that sales-driven shopping can be a successful way to do business.
In 2021, Chinese social commerce platforms such as Taobao Live and Xiaohongshu (Little Red Book) generated more than USD 400 billion in sales, according to a recent report by Accenture.
Then there is Vietnam, where social commerce is also booming, accounting for over 65% of the country’s USD 22 billion online retail economy.
There are many reasons why social commerce is flourishing. An obvious one is that anyone can monetize their network. This makes social commerce a democratizing force and could shift the power from retailers and brands to individuals and small businesses. In short, it is a people-powered retail revolution.
Giang Nguyen, founder and CEO of social commerce enabler, ON, says social commerce provides an income stream for low-income groups and women.
For example, through social commerce, women in Vietnam can become micro entrepreneurs, which helps to supplement their household income.
If you want to get a better idea of social commerce and how it is developing in Vietnam, check out our Q&A with Nguyen here.
By the way, the Alibaba Cloud x KrASIA Global Startup Accelerator will be back in Hong Kong after its first edition in October last year when Ignatica was named the winner.
Click here to learn more and register for the Alibaba Cloud x KrASIA Global Startup Accelerator Demo Day on November 3.
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