The vibrant competition in the market and the boom of e-commerce have made many retail businesses struggle to find suitable solutions to survive and grow.
The fierce race in the Vietnamese retail market
Competition in the retail industry is becoming more intense than ever. The domination of supermarkets, convenience stores, shopping centers... is beginning to overshadow traditional small stores, and now there is the widespread presence of e-commerce platforms. After the pandemic, consumers' shopping habits have also changed to online shopping, especially on mobile devices.
Many businesses have had to close because traditional business models are no longer effective in the 4.0 era. According to the General Statistics Office, as of November 2022, Vietnam had up to 70,200 officially withdrawn businesses from the market, nearly 30% of which were wholesale, retail, and repair businesses.
Statistics on the number of convenience stores/mini supermarkets in Vietnam over the years (Source: Q&Me)
Moreover, the overwhelming influx of many well-known retail names around the world such as Uniqlo, Aeon (Japan); Lotte (South Korea) and retail conglomerates from Thailand, Singapore has made the business race increasingly fierce. In order to gain and maintain market share as well as growth in today's economy, Vietnamese businesses need to quickly change, adapt, and keep up with market trends.
Retail Businesses Need to Quickly Adapt and Turn Risks into Opportunities
For over two decades, since Amazon ushered in the era of online shopping, the pressing question for traditional retailers has been how to survive and thrive.
With the trend of digital commerce predicted to explode, the optimal solution for businesses is to implement multi-channel sales combined with expanding their retail store chains.
Many retailers worldwide have integrated their in-store shopping experience with online platforms, such as online shopping and in-store pickup services. This method helps businesses strengthen their connection with customers and promotes cross-selling of other products when customers visit the store based on accompanying benefits.
In recent years, the competition for market share in the retail market in Vietnam has always been vibrant. According to Mr. Vu Vinh Phu, an economist and Chairman of the Hanoi Supermarket Association, the retail industry in Vietnam still has great potential and attracts the attention of many domestic and foreign businesses. However, if Vietnamese businesses do not have a long-term investment strategy and proactively integrate, they may lose their position in the market. Especially after the pandemic, the trend of digital commerce transformation in the Vietnamese retail industry has been strongly pushed. Therefore, businesses need to invest in a multi-channel model to expand their business in line with current trends.
Key Solutions for Retail Businesses to Integrate Digital Commerce
As businesses expand their scale, increase the number of stores, and develop multi-channel sales models, facing challenges in management is inevitable. Understanding and choosing the right solution to overcome these challenges will help businesses break through the race to capture market share in retail.
Today, applying technology to management, specifically using chain store management software, is the leading solution for businesses wanting to manage their store system and all sales channels tightly and effectively.
Having won the Sao Khue Award for three consecutive years - a prestigious award in the information technology industry, Viindoo Technology Joint Stock Company (Viindoo) is currently one of the leading enterprise management software providers in the market.
Viindoo Retail POS software is the most modern and effective retail store chain management solution today. This software provides full features from managing points of sale, products, and employees to managing inventory, invoices, and generating visual revenue reports. Viindoo Retail POS can also connect with hardware devices such as bill printers, barcode scanners, electronic scales, and card readers, making merchandise management and transactions faster and more accurate.
Viindoo Retail POS interface
Viindoo Retail POS is not just an advanced retail chain management software, but also a comprehensive integrated solution for businesses. With the ability to integrate human resources, customer and financial management applications, businesses can manage their entire operations on a single system. This helps optimize the management process, reduce investment time and effort, and brings flexibility and convenience to businesses in expanding their operations.
Unlimited integration capability of Viindoo Retail POS
The biggest difference of Viindoo Retail POS compared to other products on the market is that businesses can use it completely for free and without limit on the number of users through the One App package. A free product does not mean its quality is not guaranteed. In fact, this is one of Viindoo's brand development and product promotion strategies to spread the best technology values to all potential customers.
In the current challenging retail market, only businesses with reasonable business strategies and effective technology applications can win. For more information on Viindoo Retail POS software, businesses can contact the hotline: 0225 730 9838 for detailed advice.