Vietnamese customers remain loyal to local retail brands: Nielsen
Vietnamese consumers are more and more interested in locally-made products and place greater trust in local retail brands, market researcher Nielsen has said.
In a report exploring Vietnam’s latest consumer trends, Nielsen wrote that 2020 left many challenges for the domestic retail industry due to COVID-19 and natural disasters, which cut into purchasing power.
In the face of the pandemic, customers tended to be more loyal to Vietnamese retail brands and sought attractive promotional programmes and products with reasonable prices, it added.
Retailers with abundant resources, strong market understanding, and updated business strategies will gain a competitive edge.
Female customers aged 25-49 prefer convenience stores such as the Co.opmart supermarket chain of the Saigon Union of Trading Cooperatives (Saigon Co.op), for their good customer services, convenient location, and offers for customers.
Saigon Co.op has moved to diversify its retail format in order to lead the market in product quality and food safety, promote the development of its own brands, and complete a modern supply chain.
It targets adding 136 stores in 44 cities and provinces to its network this year, serving 2 million shoppers every day. It is also focusing on completing logistics facilities, upgrading services, and expanding new cashless payment methods.