According to economists, the results could be attributed to the fact that the people, household businesses and firms have been quick to adapt their business operation to the new normal situation amid the pandemic and actively apply technological solutions in trading and payment. This means digital transformation has played an important role in promoting the growth of the retail sector in particular and maintaining stability for the business community in general.
Vice Chairman of the Vietnam Chamber of Commerce and Industry Hoang Quang Phong stressed the importance of digital transformation to the development of Vietnamese businesses, especially those in the retail sector. The rapid changes in technology enable retail companies to optimise their resources and place consumers at the centre of their businesses, therefore helping them survive, stabilise their operations and thrive sustainably in the context of the complicated development of COVID-19 pandemic.
The application of new technology such as Internet of Things (IoT), Big Data, AI and Machine Learning have allowed businesses to provide customer services with unique and valuable experiences, optimising management strategies as well as supply chain, hence improving revenue.
Do Khac Cuong, Sales Director of Corporate Banking and Partner Channel Manager, Microsoft Vietnam, said that in a global survey of 800 business executives conducted by The Economist and Microsoft, respondents in the retail industry said that improving customer experience was the top factor driving their digital transformation in the past time (49% compared to the survey average of 36%). This showed that the COVID-19 pandemic has made digital transformation more important than ever, especially for the retail industry.
The survey also showed that retailers that deploy online shopping channels and have deep understanding of customers managed to better survive the impacts of pandemic.
