Greenoly ( www.greenoly.vn ), a vertical online retailer focused on vitamins and health supplements launched in 2020. While such businesses can thrive easily in Vietnam due to strong demand growth for health and wellness related products in the short term the momentum isn’t always transformed into long term growth and success. Blueseed Group Chairwoman Ms. Nguyen Hoang Que Nga knows this all too well. Her two decades of business experience at Senior Executive and Investment level contribute to her intricate knowledge creating success stories especially in the online space. It is this experience and passion in the space that lead her and the Blueseed Group – one of the leaders in digital marketing in Vietnam – to invest in driving Greenoly from a small online retailing startup into a MarTech powered consumer friendly platform and in turn to be one of Vietnam’s next Retail Champion. Blueseed Group’s investment decision, backed by a detailed vision and growth strategy for the retail company, was made at the end of 2020.
Why is the Health and Wellness category in Vietnam so attractive right now? A recent report released by BritCham Vietnam found that the segment is valued at over 13 trillion VND (over 570 million USD) with over 13% annual growth. It also found that:
- The fast-growing middle-class population of Vietnam is increasingly more health-conscious and willing to spend money on mid to high-end imported health products.
- Women of all ages are increasingly turning to health supplements for beauty purposes, to enhance Sexual health and to enhance overall female health.
- Increasing numbers of younger Vietnamese consume supplements to improve vision and boost memory.
- A growing elderly consumer group (65+ year olds will increase from 8% of the total population in 2019 to 14% in 2039) are increasingly their demand for health supplements driven by exposure of the benefits of these products through the internet and health focused media.
The full BritCham report can be viewed here.
Of Blueseed Group’s strategic plans for Greenoly Ms. Nguyen Nga said “Leveraging Blueseed’s deep experience in Martech services and solutions we look forward to developing the most cost-efficient model to acquire new consumers across multiple use cases and grow Greenoly’s market standing. The next big steps for Greenoly will be nurturing the strengthening the loyalty of these consumers and catering to their new needs as they develop. The final game-changer will be developing Greenoly’s 5-star personalized consumer experience. Customer centricity is the new game in town, it requires online retailers to prioritize personalizing the customer experience. To win in this new competitive space retailers need to increase the personal relevance and experience based on customer preferences. This highly personalized experience also needs to be maintained across the new omni-channel world leveraging new technologies to better serve customers in whichever environment they prefer to engage in. If and when retailers give their customers positive experiences they will not only continue to shop with them but even recommend them to others.”
Ms. Nga continued, “events like the Covid-19 pandemic are just accelerating the shift towards e-commerce and I believe we’ll see it rising in the future. There will be more quick delivery services as more customers enjoy the convenience of the doorstep experience. Today, consumers have high expectations for how they want to shop. They demand frictionless, fast, and comfortable shopping experiences 24/7. The retail-champions of tomorrow will be the ones who focus on just-in-time delivery, make successful planning using the right customer decision trees and proper promotion planning based on personalised propositions. All of these can be only achieved progressively by investing time, money and the right people around the highly tech-driven retail business”.
Meanwhile, Mr. Nguyen Tan Ho, CEO of Greenoly described the consumer shifts set to power Greenoly’s sustained growth. “Powered by the rising middle class and rapid urbanization, E-commerce is well-positioned to be the significant driver of the next chapter of Vietnam’s consumption story. As the middle class grows, following increased globalization and urbanization, lifestyles tend to undergo changes, which will bring about shifts in consumer habits and priorities. As part of this shift, increasing disposable incomes allow consumers to invest in premium imported food and supplement products with a specific focus on improving health, highest quality and safety compared to domestic products. The rise of a younger, wealthier, and better educated middle class in Vietnam is transforming the health and wellness industry of which Greenoly stands to be a key player .
Health and wellness have traditionally been high-priorities in the Vietnamese people’s mindset. Even before Covid-19, personal health was considered the most important aspect of life by the majority of the population. As disposable income increases, so do demands for higher quality and more effective health related products. In Vietnam, this situation was only intensified by the global pandemic. Bringing even more growth in consumption and overall interest in healthy food and supplements. These developments impacted markets including organic food, vitamins, and supplements of which Greenoly is well positioned to meet the demand.”
Blueseed Group are heavily invested in the SMB E-commerce space and are now offering highly integrated solutions driven by Blueseed’s Rigel CDP (Customer Data Platform). You can read more here or contact your Blueseed Account Manager for more information.