According to Statista.com, the e-commerce market in South East Asia and in particular in large sub-markets like the Vietnamese one is set to double in size from its current levels in the next fours years . Not only will current sectors like Electronics and Media continue to grow but new ones like the fashion industry is set to make a strong push to be the main driver of revenues.
For any e-commerce platform to remain competitive in the long-term, it is clear that the product offering needs to reflect these expected changes in market breakdown and be able to support customers’ needs. iCare Benefits, since its launch in early 2015, has been a seller of mainly electronic products. And still as of today, our best-sellers are by far mobile phones. We could simply be considered a phone shop.
However, little by little, we are positioning ourselves to become a fully integrated digital lending platform to purchase products in a variety of sectors. Even as of today, our clients have the possibility to purchase hygiene products, furniture items, insurance, spectacles and even vaccines. They however choose not to buy as they are still accumulating basic products (mainly phones, fans, rice cookers, TV etc). But once those basic sets of purchases have been finalised, we expect our customers to switch to more complicated but still necessary products and services. And if we manage to increase the stickiness of the program and our customer’s share-of-habit, we will position iCare as the one-stop platform for all their purchases.