Year-end shopping - "Golden season" for businesses
During the year-end shopping peak, many businesses have carefully prepared their goods to meet customers' shopping needs.
Mr. Nguyen Chi Cong - Director of K7 Coffee Company Limited - shared: "We maintain production from January to August, then focus on year-end orders to boost revenue in the fourth quarter. From human resources, goods sources, contacting agents to product quality control, design are all enhanced to bring consumers the most perfect finished products."
In addition to the distribution channel to agents, actively participating in product promotion at fairs such as OCOP or promoting communication on online platforms is also an effective solution for businesses.
In addition to the winter collection discounts, from the beginning of December, the fashion brand Charmilles Cau Giay branch (Hanoi) has applied a gratitude gift program, the same price, and launched products suitable for the traditional Tet holiday 2025 to attract customers.
Sharing about how to boost revenue for the end of the year, Ms. Minh Ngoc, Sales Manager of Charmilles fashion brand (Cau Giay) said: "The promotion of lucky promotions received positive signals from customers, we recorded an increase in the number of customers coming to the store, purchasing through the website, e-commerce sites and social channels. The store's revenue grew relatively compared to previous months".
Opportunities come with the challenge of "being able to change"
The year-end shopping season is always a bustling period in business activities of enterprises when people's consumption demand increases. Assessing the situation of Vietnam's economy in 2024, Dr. Nguyen Tu Anh - Director of the Center for Economic Information, Analysis and Forecast, Central Economic Committee - said: "We see that Vietnam's economic growth in 2024 is a breakthrough year based on the low base of 2023. Despite being affected by Typhoon Yagi, our third quarter growth rate still reached 7.4%, overall we can expect growth of about 7% for the whole year - a very large growth rate".
According to the latest data from the Ministry of Industry and Trade, the total retail sales of goods and consumer service revenue at current prices in October 2024 is estimated at VND 545.7 trillion, up 7.1% over the same period last year. In particular, revenue from retail sales of goods accounts for a large proportion and also recorded significant growth, opening up many new opportunities for businesses in this field.
Along with the opportunity of peak shopping season, businesses also face many challenges due to domestic and international socio-economic fluctuations. Dr. Hoang Huong Giang - Doctor of Economics at the Central Institute for Economic Management - commented: "The amount of purchases at the end of 2024 will grow but not high. Although the growth rate of retail trade and consumer service revenue in the first 10 months of this year is higher than the same period in 2023, this increase is not equal to the period before the COVID-19 pandemic".
People tend to spend more cautiously due to the prolonged impact of the pandemic, the aftermath of Typhoon Yagi, and recent economic fluctuations. In addition, the trend of traveling during Tet also makes people shop more "sophisticatedly".
Consumers “tightening their purse strings” poses a significant challenge for businesses in stimulating year-end shopping, but this is also an opportunity for businesses to “change course”.
According to Dr. Hoang Huong Giang, in order to take advantage of the peak shopping season at the end of the year, in addition to the support and promotion policies of the Government and ministries, departments and branches, businesses need to be quick in recognizing market trends. From there, adjusting products to suit consumer needs such as compact packaging, focusing on typical, healthy products... are trends chosen by many customers.
Along with the strong shift from traditional distribution channels to electronic distribution channels, businesses that want to seize opportunities need to diversify product distribution channels, promote communication and promotion to attract customers.
