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Retailers in Vietnam gear up for technology race in 4.0 era

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Technological solutions, which offer better experiences to customers and improve service quality, will determine who will win in the retail market.

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A study conducted by Deloitte Consulting showed that 70 percent of purchasing decisions are made in stores. Modern retailers, in order to lure buyers, have to pay attention to convenience and shopping experiences for customers.

‘Easy payment’ is a method that encourages customers to buy more goods. Customers like to spend money, but they find it a nightmare to queue up for payment. This explains why in recent years, leading retailers globally have applied Scan & Go technology, with special attention to Check-out Free.

Each retailer customizes Scan & Go to make it fit their operations. However, in general, technology brings two major features: shortening the time for payment and ordering products from a distance and door delivery.

Experts believe the technology will be used in Vietnam soon.  Accounting for 26 percent of market share, modern retail channels have seen high growth rate of 11 percent, while traditional retail, which accounts for 70 percent, has a modest growth rate of 1 percent.

While retail chains in the world have gone far with the application of high technologies over many years, the retailers in Vietnam are still starting. An analyst said in order to implement this technology, enterprises need to have sufficient resources and long-term vision. A Vietnamese retailer once tried a similar payment method, but did not have the desired effects.

Most recently, VinMart and VinMart+, the two retail brands owned by Vingroup, a conglomerate with powerful financial capability, joined the technology race with VinMart Scan & Go, allowing customers to use Check-out Free .

With the move, Vietnam’s retail industry has officially joined the Check-out Free technology market.

VinMart Scan &Go has been customized to both inherit the strong points of international Scan & Go and fit Vietnamese consumption habits. It is estimated that VinMart Scan & Go can help reduce payment time to 30 seconds, or 90 percent lower than usual shopping process.

It’s unclear how far the Vietnamese version of Scan & Go developed by VinCommerce and VinID will go, but it has gained initial success in luring customers. More than 15,000  bills were paid after three days of launch.

VinID, the developer of the shopping technology, said Scan & Go is just the first feature of a chain of features to be developed by VinID and to be launched this year.

 

 

Source: VietNamNet

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