(Tiểu luận) global marketing amazon’s market penetration plan in vietnam in 2024

ABSTRACT

The goal of this study is to (1) evaluate the potential impact of Amazon's market entry on the Vietnamese e-commerce market; (2) suggest suitable market entry strategies

To demonstrate Amazon's ability to enter new markets, apart from information on global consumer trends and market landscape, the preliminary, fine-grained, and MACS model will be used to identify the most suitable nation for Amazon to penetrate Joint-venture will be the most preferable market entry mode resulting from previous analysis Key marketing strategies (STP) and tactics (4Ps) utilized specifically in Vietnam will also be demonstrated

In conclusion, the concern of the extent of product standardization or adaptation is included in the last section.

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OVERVIEW

Global trend overview

Global crisis in economic and social aspects (e.g., increasing interest rates, unpredictable inflation fluctuations, new variants of COVID-19, etc.)

● Global consumers tend to pursue a cost-effective and sustainable lifestyle (2022

“Future Consumer Index” - Ernst & Young) This growing trend is in alignment with Amazon’s core values of sustainability initiatives

Graph 1: Since October 2021 consumers have shifted priorities in response to emerging disruptions [1]

● 62% of global consumers expect their living costs to increase over the next six months → Costs of living is a global worry

Course book Introduction to Law…

Table 1 Finances are global concern of consumers : [2]

→ 1st Trend: Cutting costs - Consumers are substituting but not sacrificing, repairing but not replacing

● A growing trend in globally sustainable consumption, but price is a barrier Table 2 Improved global perceptions of sustainable consumption : [3]

Firm’s impact on the social and environment critically influences customer intention of purchase

→ 2nd Trend: Sustainability - Consumers are holding on to their values

● A small but rapidly growing group is interested in exploring emerging technology and digital channels

→ 3rd Trend: Extreme concern about personal data sharing, usage, and protection

Image : 1 Consumers are highly aware of the risks and potential consequences when sharing personal information across digital channels [4]

● Rising demand for e-commerce services: The sales volume keeps increasing annually, especially in 2021, there is a total of 2.14 billion digital buyers globally, making up for approximately 30% of the global population

Graph 2: Retail e-commerce sales worldwide from 2014 to 2026 [5]

Graph 3: Intense e-commerce industry rivalry [6]

→ E-commerce is an emerging but promising industry: Amazon needs to fully understand the global trends in its quest to "conquer" new markets.

Amazon, Inc

- Business segment: International segment, retail sales of products through internationally-focused websites

- Global position: Third leading global online marketplace

Graph 4: Most popular online marketplaces worldwide in 2021, based on gross merchandise value [8]

MODELS FOR MARKET SELECTION

General market screening process

Image 2: General market screening process

Why Emerging markets

- The report made by Oxford Business Group has indicated that e-commerce has been well-established in developed countries for years; meanwhile it may take Amazon such a huge effort to penetrate in frontier ones due to the fact that most of the citizens there cannot get access to the Internet [9]

- A 2016 report by Google and Temasek predicted a compound annual growth rate in South-east Asia (SEA) e-commerce sales of 32% in the years to 2025, driven by the region’s youthful population and its growing middle class This would bring the size of the market to $88bn in 2025.

→ Amazon can take advantage of this to increase revenue and market share globally

- In the emerging markets, e-commerce revolution, governments, homegrown entrepreneurs, and international e-commerce giants all need to play their part If done right, online markets stand to create new jobs and benefit customers By unleashing innovation and strengthening market competition, e-commerce may be just what is needed to unlock the emerging world’s next growth phase [10]

- According to McKinsey Global Institute, emerging economies - 18 of 71 countries outperformed their peers and global benchmarks - which have become an established engine of global growth [11]

Graph 5: Emerging market and developing economies: Gross domestic product (GDP) in current prices from 2017 to 2027(in billion U.S dollars) [12]

Furthermore, GDP is an important indicator of a country's economic power, and Graph 5 shows that emerging markets economic power will continue to grow substantially until 2027 → Potential and sustainable markets to expand Amazon’s market penetration.

Why ASIA: Regional macro-screening

- Asia will experience “Green” consumer trends according to Euromonitor, which is favorable for the sustainability mission, vision and commitments of Amazon.

Graph 6: Climate Awareness and Actions [13]

- Since Asia-e-commerce Pacific's proportion of retail in 2020 and with an estimate for 2025 is the largest (51% and 61%, respectively), the region has significant potential for the industry

Graph 7:Regional e-commerce share of retail in 2020, with a forecast for 2025 [14]

Why South East Asia

According to the Financial Times,

- SEA is already the world’s fastest-growing ecommerce market, and Vietnam is set to lead that expansion by 2026

- Specifically, by 2023, SEA is predicted to become the 4th largest combined GDP, only behind China, EU, and the US

- Asia, especially SEA, are reported to lead in worldwide online retail sales

Graph 8: E-commerce as a percentage of retail sales continues to grow across regions

Why Vietnam and Malaysia

3.5.1 Why Vietnam in Emerging markets

3.5.1.1 Supported data from the Vietnamese government

According to Vietnamese National Institute for Finance [16], Vietnam could be included in the MSCI’s watchlist for a market status upgrade from “frontier market” to emerging status during the annual market review in May 2023

→ Vietnam may be notified of its upgrade to emerging market status during the MSCI annual market review in May 2024

3.5.1.2 Supported data from market credit rating agencies

- Financial Times Stock Exchange (FTSE): Vietnam will remain on the Watch List as a Frontier market and reviewed for possible reclassification as a Secondary

Emerging market within the FTSE Equity Country Classification scheme at the Interim Review in March 2023 [17]

- The World Bank: Vietnam now is one of the most dynamic emerging countries in the East Asia region [18]

Table 3 Market Attractiveness scoring criteria :

Table 4: Market Attractiveness of Vietnam and Malaysia in Asia-Pacific region

- In the eCommerce market, the number of users is expected to amount to 73.7m users by 2027 [19]

- In the eCommerce market, the number of users is expected to amount to 20.4m users by 2027

- Revenue in the eCommerce market is projected to reach

- Revenue is expected to show an annual growth rate

16.25%, resulting in a projected market volume of

- Revenue in the eCommerce market is projected to reach US$9.08bn in 2022

- Revenue is expected to show an annual growth rate (CAGR

2022-2027) of 16.69%, resulting in a projected market volume of US$19.64bn by 2027 [22]

Prices 20 The value of Business- -to

Consumer (B2C) e- commerce in Viet Nam is expected to grow by over 20 percent to reach US$16.4 billion in 2022 [23]

1 The Malaysian e-commerce market is estimated to register a growth of 19.9% to reach $9.2 billion in 2022 [24]

Vietnam (or Viet Nam) is

November 27, 2022, based on Worldometer elaboration of the latest United Nations data [25]

0,6 The current population of Malaysia is 33,360,350 as of Sunday,

November 27, 2022, based on Worldometer elaboration of the latest United Nations data [26]

GDP will rank fourth in the

ASEAN-6, hitting US$615.6 billion, respectively [27]

0,6 The Malaysia GDP is projected to trend around 440.00 USD Billion in

- Market size: refers to the total number of potential buyers for your product In order to be considered an attractive market, one country must have a large value of market size [29]

- Gross domestic product (GDP): is the value of the goods and services produced in an economy It’s generally a good sign for businesses when GDP is growing because the standard of living of people in that country is raised and people are willing to buy more [30]

- However, If a country’s GDP isn’t growing as fast as its population, GDP per capita isn’t rising That means the standard of living for the people, and their purchasing power, isn’t increasing [31]

The main reason why customers opt to use online shopping websites is because they can nearly always locate the things they require to meet their demands on these websites 97% of consumers have abandoned a purchase because the service wasn’t convenient enough Therefore, convenience, meaning having a wide range of products, is an important aspect that e-commerce companies need to concentrate more to increase sales

Having a high-quality local business network is another vital factor for companies in the e-commerce sector to ensure that they have a broad source of products to satisfy the majority of their consumers' needs

Customers are likely to return for repeat purchases online because of the conveniences they get These conveniences include free shipping, delivery, deals and discounts, and flexible payment methods

It’s been found that close to 68% of visitors tend to leave websites because they aren’t happy with the customer service being offered Therefore, ecommerce companies should provide good customer service with a view to maintaining the customer’s retention rate [33]

User-friendly website interface is also a crucial competitive strength Due to numerous e-commerce businesses operating in the market nowadays, customers spend a lot of time deciding which e-commerce platform to use As a result, the market presence of a business is a factor that customers take into consideration when making their decision.

Table 5 Competitive Strengths of Amazon in Vietnam with regards to its strongest : regional competitor, Shopee

Products fit to market demands 25 4 1.0 3 0.75

Quality of the local business network 20 4 0.8 3 0.6

Table 6 Competitive Strengths, scoring reasoning :

Products fit to market demands a) Personalization

- The demand for more personalized products or services increased much on Gen

- Amazon has made some impressive strides in personalisation with the use of artificial intelligence, machine learning, and a) Shoppertainment

- Consumers want to be entertained and connected with one another

- Shopee app contains entertainment components like live streaming of events, in-app gaming,

- Shopee’s mobile app recorded the highest Monthly Active Users number in

Amazon Shopee predictive analytics b) Wide range of products

- Amazon has a catalog of 12 million products across all categories and services

- Factoring in the Amazon Marketplace, there are 353 million products available on

Vietnam for the first quarter, according to an all-new ranking by iPrice Group and App Annie Intelligence [33] a) Wide range of products Shopee offers a wide range of products, including electronics, home goods, and fashion

Quality of the local business network

- In Singapore, Malaysia, and the

Philippines, Amazon offers lots of tools and services to help small businesses build their brands domestically and internationally online [34]

- With these tools to be applied in Vietnam,

Amazon can create a high-quality local business network

- Amazon with 6.3 million total sellers in

- The platform currently has over 160 million active listings with approximately 6 million sellers, including more than 7,000 brands and leading distributors

- The number of sellers on Shopee’s website raises around 60% annually

- Amazon’s generic corporate strategy is to offer the maximum value for its customers at the lowest price

- Amazon has a built-in algorithm that recognises any change in price and adjusts product rankings quickly and effectively, so their own competitors can’t keep up

- Shopee was able to draw customers in through a number of campaigns for year- round incentives including free shipping, discounts, and flash sales

- Shopee’s financial reports in the first few years, 90% of marketing spendings is used for these campaigns [35]

- Amazon is known for cutting its prices on a regular basis, especially around the festive season

- Amazon’s supply chain is one of the most efficient among major companies worldwide

- Amazon mostly uses its own delivery vehicles for same-day or one-hour delivery options as using third-party logistics to deliver these orders would just lengthen the delivery time

- Amazon Prime Air can deliver products under five pounds in locations within 10 miles of Amazon’s fulfillment centers within just 30 minutes or less [36]

- Shopee works with leading logistics companies to have an integrated application in the logistic system application

- Shopee Supported Logistics partners include: Shopee Xpress, Speedpost Standard, Ninja Van, J&T Express, UrbanFox, uParcel

- The product delivery will be within 9-

- Amazon accepts a variety of payment options, including credit and debit cards

Some available payment methods at

Amazon: Visa, Amazon Store Card,

American Express, JCB, NYCE, STAR, or gift cards

- Amazon’s own payment system: Amazon

Pay - Easy checkout for customers with

- Shopee has collaborated with various payment service providers to process the payment in a fast, convenient and secure manner

- Credit / Debit Card, Online Banking, Maybank2u, Cash on Delivery (COD), Cash Payment at Convenience Stores, Installment Plan, SPayLater

Index revealed in a survey that more than

80,000 consumers had a satisfying experience with Amazon in 2019 [37]

- The fact that it is the largest online retailer

(the world’s largest retailer and the sixth- largest company on the planet, Forbes’

Global 2000 list - [38]) in the world indicates that Amazon is at the top choice of an online shop

- SHOPEE was recently revealed as Malaysian consumer’s favorite brands online in its October 2022 study titled

“Winning Malaysian Loyalty on E- Commerce” [39]

- Shopee Mall Brand Membership Program is a customer management and retention tool that will enable brands on Shopee Mall to build deeper connections with potential and existing customers, converting them into valuable lifetime customers

- In order to build brand loyalty and create memorable experiences for users, Shopee business model focuses a lot on hyper- localization activities

- According to Statista, in May 2022,

Amazon.com had approximately 2.4 billion combined desktop and mobile visits

- Some of the most significant features about

Amazon’s UI/ UX Design and

Searching Options, Similar items of a

Product and Recommended Products, User-

- Shopee is consistent with its brand design and uses the same brand color across devices and platforms

- Some of the most significant features about Shopee’s UI/ UX Design: provide a history list, user-customization, design for smaller devices, back button, explanatory elements,

Amazon Shopee generated Reviews, Scan to find Products,

Marketing - Amazon's success is largely attributed to its customer-centric philosophy and intense focus on efficiency

- Kick-off offline channels with celebrity ambassadors

- Out-of-house initiatives: Shopee utilizes the celebrity endorsement on the banner, poster, billboard on buses, taxis, trains

- Shopee 9.9 Super Shopping Day, Shopee University Program, International connection

- Amazon now operates across 5 continents with around 20 countries having dedicated websites for shoppers and sellers Although they don’t have operations in every country, they still deliver to over 100 countries in the rest of the world.

- The Shopee platform is currently available in 13 countries, i.e., Indonesia, Taiwan, Vietnam, Thailand, Philippines, Malaysia, Singapore, Brazil, Mexico, Colombia, Chile, Poland, and Spain

Amazon's market attractiveness/ competitive strength (MACS) matrix

→ The corresponding point falls into the B countries segment, within the region of Dominate/divest joint venture

→ Joint venture, which belongs to Intermediate entry mode, is the most appropriate business arrangement for Amazon to expand into the Vietnamese market.

ENTRY MODE

Why Joint-venture in Intermediate mode?\

The internal and external conditions of Amazon are the factors to be considered when choosing the most suitable entry mode

(1) One of the most recognizable brands in the world, responsible for $502.191B billion revenue for the twelve months ending September 30, 2022 [40]

(2) Fourth tech company to reach a $1 trillion market cap, and is quickly on its way to $2 trillion This increasing resource availability provides the basis for increased international involvement of Amazon over time

→ Good brand prestige, brand resources & capabilities to attract Vietnamese companies in collaborating

Amazon has not really understood the Asian market nor built brand awareness

(1) In 2017, Amazon’s sales totalled nearly

$180bn, 40% of which was generated outside its home country, the US [41]

(2) On the world scale, in 2022, Amazon now operates across 5 continents with

Amazon and Amazon Pay have failed in both India and China

(1) The Chinese government wants its business community to prosper

(2): Amazon also made many mistakes in terms of managerial decisions: It didn't commit to the Chinese market; its around 20 countries having dedicated websites for shoppers and sellers

(4) Deliver to over 100 countries in the rest of the world [42]

→ Good at cultural immersion with a high ability to integrate and adapt when entering new markets; Easily build trust with joint- venture partners governance structure didn't grant autonomy to its China unit; its local management team lacked a skillset to compete with Chinese entrepreneurs, and stuck with the same operational model that didn't fit China [43]

Joint venture supports Amazon in accessing and distributing networks in new markets -

Sociocultural distance between home country and host country:

Since the geographical distance of America (the host market) to Vietnam (the penetrated market) is high with more than 8000 miles, Amazon may favor entry modes that involve relatively low resource commitments and high flexibility (Guidice et al.,2017, Hollensen, Sven)

Establishing a joint venture with a prestigious technology company helps

Amazon access greater technological and financial resources, and Vietnamese databases to serve for further market penetration plans in SEA

E-commerce rivalry in Vietnam is becoming more fierce: Fast delivery; cheap product prices; and lots of players Huge number e-commerce marketplaces in Vietnam underwent a reduction in the figure of sellers compared to the same period last year [44]

Research on US deals found that joint ventures yield a 17% return on investment, compared with an industry average of 11%

Meanwhile, in Bain’s global survey of 253 companies that used joint ventures to spur growth or optimize their product mix, more than 80% of the deals met or exceeded expectations [45]

→ High potential for the joint venture entry mode

South-east Asians' payment behavior is different from other countries Amazon has entered

The product conflict between Amazon Pay - a product of Amazon with ZaloPay since they are in the same fields of digital payment

→ Joint venture in Intermediate mode provides flexibility since there is no full ownership by the parent firm involved for this mode

Therefore, joint ventures in intermediate mode provide a well-based foundation for

Amazon to join the Vietnamese market In general:

- Can compensate for the inexperience in understanding the e-commerce market in Vietnam

- Allow the partners to share the responsibility of management to lower operation and administrative costs → Vietnamese partners can increase the speed of Amazon’s market entry

- Global operations in R&D and production are prohibitively expensive but are necessary for Amazon to achieve a competitive advantage.

Collaborate with e-payment

The next-step strategy that we suggest is to collaborate with a Vietnamese e-wallet - and that is ZaloPay

Amazon used a simple strategy to enter new markets: Enter countries that are growing quickly in terms of e- mmerce adoption as a percentage of total retail Typically, co Amazon starts by negotiating with local book publishers Then, once the parties reach an agreement, Amazon starts selling Kindles and ebooks as a way to get its foot in the door Take Amazon’s case in China as an example Amazon entered the Chinese market in 2004 by acquiring Joyo.com, a popular online seller of books for $75m during the next – decade it became Amazon China

→ Market entry mode: Foreign direct investment in Hierarchical mode

Despite its early entry into the market, Amazon increasingly encountered difficulties competing with the domestic giants gaining more and more traction and failed to effectively engage consumers on its platform When Amazon exited the market it was left with a market share of 0.6%; whereas Alibaba’s Tmall occupied 61.5% and JD.com 24.2% in 2018’s final quarter

→ Missing the importance of localization of its operations, ranging from its products to delivery speed and customer interaction left Amazon no other choice than to abandon its Chinese e-commerce ambitions

4.2.1.3 Reasons of failure & Lessons learned

Table 8 : Lessons from China’s failure

Reasons for failure in China market Adaptation to Vietnam market

Lack of trust in local management

The collaboration with a business with a home base in Vietnam will help Amazon gain trust from local customers

Dominant competitors and a strict regulatory environment

Joint venture with local company helps Amazon avoid Vietnamese strict laws for companies with 100% foreign investment

→ Ease the intensiveness of Vietnamese regulatory environment

Amazon’s regional managers were always non-Chinese and had never lived in China before, putting them at a massive disadvantage over aggressive, local players who are well-capitalized

ZaloPay provides an insights of Vietnamese consumers for Amazon to have a well-rounded comprehension of their consumer’s demands

The billions of dollars Amazon spent to open 15 fulfillment centers, controlling much of its own inventory, and building its own infrastructure without creating revenue

Amazon can take advantage of VNG, the owner of ZaloPay with great infrastructure (VNG Campus has a total construction and use area of 52,440m2, applying the world's modern campus model.)

The Chinese consumer has grown accustomed to fast same-day deliveries,

ZaloPay is the e-wallet partner of many popular fast delivery brands in Vietnam (AhaMove, Giaohangnhanh, GrabExpress, while Amazon was still lagging behind with long 2-day-deliveries beDelivery)

- By 2026, there will be an estimated 426 million users of mobile wallets in SEA, representing 62% of the total population, with 227 million new users added from

- With a compound growth rate of up to 32% annually in the period 2020-2027, the mobile payment market in Vietnam could reach $2,732 billion by 2027 [49]

Graph 9: Vietnam warming to e-wallets [50]

4.2.2.2 Benefits Amazon can have joined with E-wallet app

- Online banking payments can help merchants reduce costs

- The pursuit of digital financial inclusion itself is already addressing sustainability as it uses more technology and digital-first service and encourages paperless transactions

- Maximize the platform and technology advantages of both sides

- Improve the shopping experience for users on the digital platform, thereby increasing the rate of users returning and becoming loyal customers

- Reducing the percentage of cash-on-delivery orders can help e-commerce sites reduce selling costs

Draw Customer Persona with "lines" such as their assets, income level, or what they use the money for From here, e-commerce services can add features that best suit each user group and create added value from there User data is the ultimate goal of e- commerce platforms when they have e-wallets

4.2.2.3 Criteria to choose ZaloPay over Amazon

Owns an existing user community x

Online payment method right on chat interface x

4.2.2.4 ZaloPay is the most suitable partner

Table 10 Amazon x ZaloPay exclusive benefits :

The infrastructure of Amazon Web

ZaloPay makes significant infrastructural and technological investments

When Amazon begins utilizing VNG's infrastructure, ZaloPay (VNG) enables them to spend less on infrastructure

Amazon uses ZaloPay's ability to obtain algorithmic data and market expertise

Infrastructure effectiveness: As a partner with Amazon, ZaloPay will integrate with AWS and no need for paying to upgrade Amazon's infrastructure The residual cost resulting from fully integrating the two systems and switching ownership of the technical know-how is a tiny portion of the infrastructure costs

Operational effectiveness: ZaloPay's and Amazon's algorithms will be used and benefited from Over the next three years, Amazon's only expense in the algorithms section is integration fees

Research effectiveness: VNG is currently performing excellent market research and business coaching that Amazon might use

MARKETING STRATEGIES

Segmentation

- Geography: Ha Noi, Ho Chi Minh city

- Occupation: University students; Have a part/full-time job

- Characteristics: Flexible spending, love of high quality products

- Benefit sought: Buy various products from one platform due to cost-effectiveness and time-saving aspects

- User status: Regular user - First-time user - Potential user

Research carefully on products, spend much time considering promotions and discounts before purchasing

- Not loyal to any specific brand

- Fear of missing out (FOMO), easily influenced by peers

Targeting

Young adults (18 - 40 years old) in Ha Noi and Ho Chi Minh city who are university students or have a part/full-time job

- Work hard, only spend money on necessities

- Usually buy necessities from e-tailer due to reasonable pricing

- Spend much effort and time to seek promotional deals

- Easily influenced by previous reviews of other people, KOLs

- Use e-wallet for expenditure records and money-saving

- The more money saved, the better

- Reduce the more waste on the environment the better

- Safety needs are important, especially to those living far from their hometown.

Positioning

Amalo is a personalized e-commerce platform that can recommend cost-effective shopping plans.

MARKETING TACTICS

4Ps for Amalo - Amazon x ZaloPay

Table 11 4Ps model of Amalo :

Ranging from popular to sought- after products

- Easy to follow purchasing procedure

- Vietnameseized application to fit with Vietnamese consumers’ characteristics

- Integrating additional technology in the purchasing process

- Convenient and fast delivery service by collaborating with Vietnamese delivery platforms

- Advertising: Earn revenues by displaying advertisements and corresponding links to products sold on the Amazon.com

- Sales promotions: Host monthly mega sales

- Public relations: Strengthen its brand image through public relations programs

- Direct marketing: Publish and digital content distribution

- Showroom: Operate a physical store inside the offices of VNG in

Vietnam to reach out to customers who want to physically evaluate products before purchase

- Online channel: Web & mobile apps

→ When compared to products at the same price, its product quality outperforms them in terms of prestige

- Conduct market research on price sensitivity

- Adjusting prices based on national market conditions, perceived value of products, and consumer preferences and expectations

CONCLUSION 33 REFERENCES a

Table 12: The extent to how much to standardize/localize

- Launching standardized products on a worldwide basis: launched its international shopping ‘wing’ With the help of this wing,

Amazon customers from anywhere in the world will now be able to get more than 45 million products shipped to their homes directly from the

+ International shopping feature is available to

Amazon users on both their browsers and on the apps (Android and iOS)

+ Currently available in many languages and currencies

+ Managing the courier service and customs clearance, to avoid any surprises during purchase or delivery

- Payment methods: Amazon localized its fulfillment platform in Vietnam by introducing AMALO (collaborate with ZaloPay) which can adapt to digital payment trends in Vietnam and bring exclusive benefits

- Localized versions of Amazon Vietnam (AMALO) website, app custom domain name for Vietnam (www.amazon.vi): in terms of look and feel, and also in terms of the UI language

- Shipment and Delivery Solutions for Vietnam: Amazon also has contracts with major delivery services including Viettel Post, Giaohangtietkiem, etc It even utilizes vans and motorbikes for last-mile delivery

- Technology and R&D: One more problem in Vietnam is fake product reviews, fraudulent transactions, and fake products Amazon has designed algorithms to tackle this problem

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