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List 2: Top 10 reputable Retail Companies in 2023 – Electronics, refrigeration, digital equipment, books, stationery group<\/strong><\/p>\n List 3: Top 5 reputable Retail Companies in 2023 – Jewelry Group<\/strong><\/p>\n Retail closely follows the rhythm of macroeconomic movements <\/strong>Evolving in sync with the slow growth momentum of the macroeconomy, since the fourth quarter of 2022 until now, Vietnam’s retail market has experienced gloomy months. . Profits of businesses in the industry are under heavy pressure from weak demand as people’s income is negatively affected by the difficult export situation, stagnant production and business activities, combined with the burden of from the high interest rate environment and tightened credit by consumer finance companies. According to data from the General Statistics Office, final consumption in the first half of 2023 only increased by 2.7% over the same period last year (while the same period in 2022 increased by 6.1%). In addition, the level of competition among retailers is strong and continuous throughout the first 2 quarters of 2023 through races to lower prices and gain market share, significantly tightening the profit margins of retailers. odd. Retail sales of goods in the first 8 months of 2023 are estimated to reach 3,175.5 trillion VND and recorded positive growth (+8.7% over the same period last year). However, this growth rate is lower than the revenue growth rate in the first 8 months of the year compared to the same period last year in the pre-COVID-19 period, from 2015-2019. Figure 1: Retail revenue of goods in the first 8 months of the year 2015-2023<\/p>\n Entering the last months of 2023, along with positive signs, with each month being more positive than the last month for the economy, two-thirds of businesses in the industry expect that the retail market situation will somewhat improve. improved compared to the first half of the year, although the recovery is not really clear and the speed is quite slow. Meanwhile, the remaining one-third of businesses have a more negative view, saying that with the negative impact of the period of weak consumption and the market having many unfavorable factors, difficulties will persist. Therefore, the recovery takes more time and is likely to take until the second half of 2024 to return to normal. Time is also an important factor related to the shift in consumer perspective on the situation. own financial situation. According to Vietnam Report’s survey results, the majority of consumers expressed confidence that economic instability and the corresponding impacts on the job market will be short-lived and a gradual recovery will be evident. by the time. The percentage of consumers who expect their financial situation from now until the end of the year will be better is 68.8%, and this number increases to 88.0% when evaluating the financial picture in the next 12 months. Figure 2 : Consumers’ perspective on their own financial situation<\/p>\n Positive and negative winds in the last months of the year<\/strong> In the rest of the year, in general, the pressures on retail businesses are quite similar to the first half of the year. The story of weak purchasing power and negative effects from the stagnation of the economy cannot be resolved overnight and continue to be two main concerns with consensus of 100.0% and 92%, respectively. 9% of businesses. Meanwhile, the heat from the fiercely competitive environment in the industry, reflected in the price wars in the first half of the year, has subsided in the second half, but is still among the top 3 biggest challenges named by businesses. Developments above The market shows that pressure on the exchange rate has increased recently, with the impact of the opposite direction of domestic and foreign monetary policies as well as excess dong liquidity due to weak credit growth. Faced with this situation, 42.9% of retail businesses expressed concern and identified exchange rate fluctuations as a major difficulty affecting business operations in the last 6 months of the year. However, the sudden increase in volatility of the foreign exchange market is forecast to be only short-term. The difference between domestic and foreign currency interest rates will gradually narrow as the US Federal Reserve (Fed) enters near the end of the cycle of tightening monetary policy and Vietnam’s internal factors such as foreign direct investment capital (FDI) still grows relatively stable (the level of investment capital implemented in the first 8 months of 2023 increased by 1.3% over the same period in 2022), the trade balance of goods from the beginning of the year to now is estimated Trade surplus was 16.26 billion USD and credit growth was boosted in the last months of the year, in the context of production gradually recovering. Although there are still certain concerns about inflation risks, interest costs, and expenses. high operations or large inventory, but the proportion of businesses rating these as the biggest challenges facing in the second half of the year decreased compared to the first 6 months of the year. Typically, the pressure from high interest costs and large inventories over the same period is expected by businesses to subside in the last two quarters of the year, thanks to macroeconomic conditions gradually improving as many policy decisions are made. launched to stimulate the economy and support retail businesses as well as consumers. Figure 3: Top 6 difficulties for retail businesses in 2023<\/p>\n It can be said that the thrust from the Government’s support policies is one of the important bases for stable expectations to overcome difficult times, leading to more positive profit margins in the second half of 2023. retail businesses. The State Bank’s continued reduction of operating interest rates for the fourth time can help gradually restore consumer credit after bad debt is controlled as well as partially reduce the debt pressure of retail businesses in the second half. by the end of 2023. Along with that, the policy of increasing the base salary for officials, civil servants, public employees and the armed forces from July 1, 2023 and reducing VAT from 10% to 8% will contribute to increasing the economic demand, thereby directly affecting the expected sales of retail businesses in the coming time. Businesses will reduce the pressure to increase commodity prices, while increasing customers’ purchasing power. In addition, when the consumer price index (CPI) gradually cools down in the US – Vietnam’s largest export market, The burden of consumption will not only be relieved in this market but the impact will spread globally. New orders from the main export market are expected to accelerate from the second half of 2023, which will help reduce concerns about inflation, unemployment and economic recession, gradually stabilize income and bring Vietnam into the economic cycle. new consumption period. In addition, the year-end shopping season will also stimulate vibrant shopping needs of consumers, helping businesses in the retail industry improve their business picture and regain growth momentum. On average, and in the long term, Vietnam’s retail market is considered a market with great attractiveness and great development potential. The market size is currently up to 142 billion USD and is forecast to increase to 350 billion USD in the next few years. The return of international tourists to Vietnam this year and the growing trend in the future will strongly support the retail industry. Another favorable condition is that Vietnam is at the peak of its demographic dividend. Large and young population with 100 million people, population size ranks 15th in the world, population structure is in the golden age, with over 60% in working age, rapid urbanization is taking place. driving the consumer class in recent years. In general, in the long term, the development potential of the retail industry will become increasingly large. A growing economy, large and connected population, urbanization, increasing average income and higher living standards are favorable factors supporting the growth of Vietnam’s retail market. Male. Consumption trends <\/strong>In a context where the market is moving in the direction of buyers, any “move” of retail businesses requires a deep understanding of shifts in consumer behavioral trends. consumption and the ability to sensitively identify new trends. Meanwhile, fluctuations in socio-economic conditions at home and abroad in the recent period, along with the rapid and strong pace of the Fourth Industrial Revolution and the demographic change of the class Consumption creates increasingly expanding and diverse demand, which can have major impacts on the structure of consumer goods and the retail industry. Top 5 priorities of consumers when choosing where to shop<\/strong> Figure 4: Top 5 priorities of consumers when choosing where to shop<\/p>\n The recent increase in financial pressure has pushed consumers to shop more selectively, apply many different strategies to save costs, but be more rational in the trade-off between price and attributes. product uniqueness. Vietnam Report’s consumer survey results conducted in August 2023 show aspects of product quality (53.4%), product variety (47.2%), and reputation of brands. Retailers (41.5%) are the top priorities influencing the decision to choose where to shop, followed by promotional programs (37.3%) and the store’s geographical location (34 ,7%).In fact, at any time, price is always a concern of consumers. In difficult times, the price factor is paid more attention and is a sensitive issue to purchasing power. Not only that, with more and more choices, consumers not only compare prices of different products but also look for the best deals from many different stores and across different purchasing channels. . Therefore, although not the number 1 priority, having many incentive programs, promotions, and consumer support is still in the top 5 priorities when choosing where to shop for customers. With a clearer awareness In terms of value, consumers are increasingly demanding more stringent product quality, from uses, origins, expiration dates or safety… to ensure they receive the best value for the money they spend. . In addition, providing a variety of goods has become a factor in building the strong competitiveness of retail businesses, by allowing consumers to search and compare products to find their choice. Choose the one that best suits your needs and preferences. Notably, compared to the 2022 survey results, factors related to the reputation and brand image of retail businesses have increased their influence on consumers’ decisions to choose where to shop when the ratio The proportion of customers prioritizing this aspect increased sharply from 11.1% to 41.5%. Consumers trust and prioritize shopping in places with large brand coverage, famous in the industry, good reputation for product quality, customer service, and business ethics, demonstrated through many products. channels, such as quality certificates, positive reviews from previous customers… In addition, location close to home\/workplace and convenient transportation are important priorities for consumers when choosing a location. shopping because it brings convenience, saves time, as well as the opportunity to inspect products directly before buying. Omnichannel shopping and the social commerce revolution <\/strong>Another notable point is that consumers are increasingly developing flexible omnichannel shopping habits and expect consistency and seamlessness between online and offline experiences. at store. While customers have a need to feel, directly inspect and quickly own products as well as interact, connect with society and feel public spaces, they are also attracted by the convenience of Access to a variety of goods and time flexibility… that online shopping brings. The direct correlation between a retailer’s physical and digital presence is reflected as more and more consumers say they have experienced shopping in person at a brand’s physical store and then access that brand’s website or online sales channel and vice versa. This is quite similar to an ICSC study that found that e-commerce and in-store retail complement each other and often create a “halo effect”. Specifically, opening a new physical store in a market increases total traffic to that retailer’s website by an average of 37% and increases the share of web traffic in that market on average 27%. Besides, consumers also appreciate retail stores that allow ordering online and then receiving directly at the store. In terms of online shopping channels, it is clear, with a high percentage of users. The Internet has increased to 79.1% of the population, on average each person spends more than 6 hours watching online content (according to the Digital 2023: Vietnam report), it is not difficult to explain the impressive development of the sales channel. This. When analyzing the order of priority for purchasing channels by product category, e-commerce has created a strong attraction and even a slight increase in consumer preference, in device categories. numbers (67.9%), Food, beverages, fast-moving consumer goods (54.9%) or books, magazines, stationery (52.8%). In last year’s Vietnam Report survey, Most experts have commented that buying\/selling online on social media channels (social commerce) will bring a breath of fresh air to the entire retail industry. In fact, this trend has clearly shown itself this year. With the advantage of intersection between entertainment content and commercial elements, social networks are considered a revolution in connecting with customers and becoming a way to promote and sell products\/services directly. . From product discovery through advertisements, articles, livestreams, reviews, etc., on social commerce sites, consumers can immediately buy an item that they are interested in. and skip the step of switching to other platforms. Therefore, the consumer’s shopping journey becomes shorter, more convenient and more attractive. In particular, with the widespread popularity of social networking sites among the class of “digital generation citizens” – people born in the period 1980-2012, including Generation Y and Generation Z, the potential of Social commerce is still very large and can create a very different picture for the retail industry when this group is expected to account for about 40% of Vietnam’s total consumption by 2030. Adaptation strategy <\/strong>According to the fast-paced business environment with strong impacts from technological advances, increased competition, data explosion and new customer tastes, retail businesses are also proactive have strategic pivot moves to adapt and change with current trends, changes in consumer habits and culture. Figure 5: Top 6 key strategies of retail businesses in the year 2023<\/p>\n With the goal of strengthening the position of the retail chain and meeting the flexible shopping needs of consumers, multi-channel strategy is considered a top priority for retail businesses. As attracting and retaining customers becomes difficult in the face of limited spending, retailers need to take advantage of the strengths and advantages of all retail formats. Reinventing distribution channels will likely create positive changes. While online platforms have the ability to reach a wide range of customers, physical stores bring intangible values from the experience, especially for the high-end segment. Therefore, retail businesses expect that these channels will complement each other and that operating a variety of sales channels will contribute to optimizing processes, increasing interaction capabilities as well as making optimal use of resources. customer data to be able to provide effective support services or personalized promotions based on shopping history… Creating a seamless shopping experience, as well as allowing consumers to choose Their favorite channel for product research, purchase and delivery will drive satisfaction and build strong relationships between customers and brands. Recognize that weak spending power remains a major problem in In the coming time, 63.9% of businesses in the industry said they will continue to implement consumer stimulation programs, competitive pricing policies, membership programs… to improve purchasing power. It’s important to note that not all promotions are effective. Therefore, businesses also conduct market research activities, apply technology and data to learn about consumer preferences and reactions to different advertising strategies in order to build a plan. Feasibility. At the same time, focusing on cost control to optimize profits is an important solution pointed out by retail businesses this year. With many difficult market conditions, the focus is on in-depth development, optimizing store operating costs, inventory, product categories and logistics costs, saving and being ready to cut operating costs. Taking action against ineffective stores is considered a practical strategy. The impact of difficulties in the past period also partly affected the capital and costs for increasing the digitalization of stores. operating activities of businesses in the industry, especially for small and medium-sized enterprises. However, in general, businesses still affirm that this is an inevitable trend. Although it may increase costs, in the long run it will help retailers cut costs and reduce operational risks. Therefore, although the proportion of businesses giving priority decreased by 7.7% compared to last year’s survey, this strategy still maintains its position in the top 3 key strategies of businesses. Notably, the advanced strategy Corporate image and promoting marketing have received the attention of many businesses this year. 83.3% of retail businesses participating in Vietnam Report’s survey said they expected to increase budget allocation for marketing in general (+14.1% compared to the previous year). Among them, the categories that many businesses expect to increase spending the most are related to digital marketing, customer relationship management and customer experience. By promoting marketing priorities, businesses expect to create higher brand awareness, create a positive impression and increase customer trust to boost sales in the future. In fact, the results Vietnam Report’s Media Coding analysis results show that the topics that have appeared most in the media regarding the retail industry recently include: Image\/ PR\/ Scandals; Product; Price; Finance\/Business Results and Management. Data show that the Image\/PR\/Scandals topic group is maintained and has increased in the past three years. On the contrary, although the Product topic group ranks 2nd in the top 5 topic groups appearing the most in the media, its proportion gradually decreases in the period 2021-2023. The above results show that there have been changes in the development strategies of retail businesses in recent years. Image investment in the media is more focused on developing by businesses than before through community-oriented brand promotion activities. Figure 6: Top 5 topic groups appearing most often in the media in 2021 -2023<\/p>\n Regarding information quality, a business is considered “safe” when the ratio of positive and negative information difference compared to the total amount of encrypted information is 10%, however the “best” threshold is reached. is over 20%. Among the enterprises studied, 56.7% of enterprises met the threshold above 20%; 66.7% of businesses achieved the 10% level, down 14.8% and 13.8% respectively compared to the 2022 research period. Cases related to the leaders of some large businesses in the past year The past has partly dragged down the information quality of retail businesses in 2023. Overall, in the context of many unknowns affecting the socio-economic situation, retail market and position of retailers, there may be many changes. Competing with core advantages, keeping pace with changes in the consumption picture, effectively taking advantage of support policies and adjusting growth strategies to suit market trends is not only not only helps businesses overcome the low consumption period but also positions the business for success when entering a new consumption cycle.<\/p>\n Vietnam Report<\/strong><\/p>\n Source: https:\/\/www.profit500.vn\/Top-10-Cong-ty-Ban-le-uy-tin-nam-2023-10675-1067.html<\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":" On September 22, 2023, Vietnam Report Joint Stock Company (Vietnam Report) officially announced the Ranking of Top 10 Reputable Retail Companies in 2023.<\/p>\n","protected":false},"author":1,"featured_media":4576,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rank_math_lock_modified_date":false,"footnotes":""},"categories":[41,40],"tags":[],"class_list":["post-11088","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-satra-news","category-https-demo-upcltd.com-en-category-satra-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/upcltd.com\/en\/wp-json\/wp\/v2\/posts\/11088"}],"collection":[{"href":"https:\/\/upcltd.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/upcltd.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/upcltd.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/upcltd.com\/en\/wp-json\/wp\/v2\/comments?post=11088"}],"version-history":[{"count":2,"href":"https:\/\/upcltd.com\/en\/wp-json\/wp\/v2\/posts\/11088\/revisions"}],"predecessor-version":[{"id":11103,"href":"https:\/\/upcltd.com\/en\/wp-json\/wp\/v2\/posts\/11088\/revisions\/11103"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/upcltd.com\/en\/wp-json\/wp\/v2\/media\/4576"}],"wp:attachment":[{"href":"https:\/\/upcltd.com\/en\/wp-json\/wp\/v2\/media?parent=11088"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/upcltd.com\/en\/wp-json\/wp\/v2\/categories?post=11088"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/upcltd.com\/en\/wp-json\/wp\/v2\/tags?post=11088"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"TCBC](\"https:\/\/satracorp.webcanhcam.vn\/wp-content\/uploads\/2023\/10\/TCBC-Top-10-Ban-le-2023_Danh-sach-2.png\")
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\n Top 10 Reputable Retail Companies is the result of independent research by Vietnam Report published in 2017. Since 2012, Vietnam Report has used the Media Coding method (encoding press data) to calculate reputation scores. reputation of businesses in the media. Since then, many Top 10 rankings in key industries with high growth potential in Vietnam have also been periodically announced annually such as: Real Estate, Construction, Information Technology, Banking, Insurance, Pharmacy, Tourism, Logistics… Media analysis research method to evaluate the reputation of companies based on the Agenda Setting theory on the influence and impact of mass media on the community Community and society were officially announced by two professors Maxwell McCombs and Donald L. Shaw in 1968, realized and applied by Vietnam Report and partners. Accordingly, Vietnam Report used the Branch Coding method (assessing the company’s image in the media) to analyze the reputation of retailers in Vietnam. Vietnam Report conducted coding of the Articles about the Food – Beverage industry published in influential newspapers from August 2022 to July 2023. The articles are analyzed and evaluated at story-level about 24 specific operational aspects of companies from products, business results, markets… to activities and reputation of company leaders. The information selected for coding is based on two basic principles: The company name appears right in the title of the article, or news about the company mentioned takes up at least 5 lines in the article, this is called the cognitive threshold – when information is judged to have analytical value. The information is evaluated at the following levels: 0: Neutral; 1: Positive; 2: Quite positive; 3: Unclear; 4: Quite negative; 5: Negative. However, statistically, the research team gave 3 levels for the final assessment, including: Neutral (including 0 and 3), positive (1 and 2), and negative (4 and 5). The comments in the announcement are general and reference for businesses and partners; are not personal opinions and do not serve the purposes or needs of any specific investor. Therefore, related parties should carefully consider the appropriateness of the above information before using it to make investment decisions and take full responsibility for the use of such information.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n