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File: Draft.docx
 Student: Le Huynh
- 2068841320688413@student.westernsydney.edu.au

Word count: 4332

Assessment task: Business report

Feedback areas:
Structure

Choice of language

Spelling

Use Of Sources

State of document: It's my first draft

Submission ID: ebf42448-f032-4d13-9deb-553d53ba0814

Draft.docx

Reviewed by
ON, Canada Joined in 2021
Najaf S Ryerson University Subject Specialist
-
Academic Writing

20
Comments

Focus areas

Spelling / Grammar 7

Choice of language 5

Use of sources 4

Structure 4

General

Hello! Thanks for submitting your work to Studiosity for feedback. While you demonstrate a good
understanding of the topic, there are a few things that I wanted to draw your attention to so that you can
improve your writing. I hope you find my feedback helpful.

Good luck!

Mainly, I suggest reviewing how to write the Executive Summary.

Structure

I suggest reviewing how to structure a executive summary. Remember that an executive summary should
only summarize your document.

1. In a Business Report Executive Summary, you should clearly describe the methodology used to
investigate the issue(s) (for example, you may have carried out independent research, circulated
questionnaires or conducted interviews). In your Executive Summary it is not entirely clear how you
investigated the issue(s).

2. In a Business Report Executive Summary, you should clearly state the key aims and objectives of your
report. Here, you might consider explaining what key topic the report will cover, why/how that topic was
selected and what the key objectives of the report are. This helps condense the main points of your report in
a condensed and accessible format.
3. In a Business Report Executive Summary, you should clearly summarise your key findings and any
recommendations that you have. Here, you should give your reader insight into the specific results of your
inquiry. In addition, if you have presented any recommendations to help solve a specific issue, you should
clearly summarise them in your executive summary. In your Executive Summary, it is not entirely clear what
your key findings are.

Choice of language

Unnecessary language: Some people believe that good writing is characterised by highly complex language
and sentences. In fact, this is not the case. It is better to use simple language and sentence structures to
communicate ideas, being mindful that language must be appropriate for the context and audience. By using
precise words and eliminating wordiness and redundancy (unnecessary repetition), your writing will be clear,
concise and easy to understand. For example, 'The investment had some costly results' is much more concise
than 'the investment had some bad results that cost the firm a lot of money'. To eliminate wordiness, try and
substitute precise words for long phrases.

Contractions: Academic texts are generally read as more formal without the use of contractions. For
example, 'Communication strategies should not be ignored' is stronger than: 'Communication strategies
shouldn't be ignored'. Be sure to keep your contraction usage minimal throughout your academic writing.

Informal language: To improve the overall quality of your writing, you will need to use more
sophisticated/academic wording. For instance, rather than writing 'give' try using a word such as 'provided'.
These simple changes can have a very positive impact upon the quality of your writing.

Spelling / Grammar

Prepositions are words which usually convey time, place, space or direction, and help to show the
relationship between certain items in a sentence, however they are not always needed. Many verbs in
English do not require a preposition, and using one can affect the meaning or clarity of the sentence. I have
highlighted some examples of unnecessary prepositions in your work. Knowing when and when not to use a
preposition can be tricky. It may be beneficial to look up whether a verb is phrasal, or prepositional, as well as
think about the relationship between the items you are describing.

Comma usage: A comma should be used to separate interrupting words/phrases/clauses from the rest of
the sentence. These interrupting words/phrases/clauses should add extra information, but they should not
change the actual meaning of the sentence if removed. For example: That student, John, was very helpful
today. Mrs Smith, the new sports teacher, showed us a new technique. John, who has just been made a
Student Councillor, is presenting his speech at assembly.

Capitalisation: While there are many uses for capital letters, you generally only need to use them when
referring to proper nouns, at the start of a new sentence, when using the personal pronoun 'I', and with
acronyms. You do not need to capitalise common nouns.

Prepositions: Some of your prepositions in your text are incorrect, which is impacting your overall clarity.
Prepositions are words that show the relationships between nouns, noun phrases and other parts of a
sentence. These are words like to, on, in, from, with and for.

Use of sources
Please remember that due to the variations in referencing styles across the globe, the information provided
by your institution may be slightly different to the referencing help we've provided here. Because of this,
we recommend that you always refer back to your institution's referencing style guide. If there are any
discrepancies, be sure to follow the instructions provided by your institution.

In-text citations: It is important to make sure that there are no inconsistencies in the formatting of your in-
text citations. You should aim to check each in-text citation against your institution's referencing style guide
for accuracy before you submit your assignment for marking.

Please check your referencing conforms with the style directed by your lecturer. Guidance is available online
from https://library.westernsydney.edu.au/main/guides/referencing-citation or visit any campus library for
face-to-face assistance

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Click here to see a full glossary of English writing terms and their definitions.

Please note that the specialist has not proofread your work but has highlighted examples
of the types of errors you need to look
out for. Please review your entire document with
these examples in mind before you submit your assignment.
 I. EXECUTIVE [I highly suggest reviewing the structure of your Executive

Summary.  It is unclear why you perform a PESTEL analysis underneath your Executive

Summary heading.  ] SUMMARY [The aims or objectives of this report have

not been clearly stated in your executive summary. Consider revising this section to

state the aim of the report more clearly.]

A. Overview of Vietnam and the

e-commerce industry
T [The key findings of this report have not been clearly stated in your executive
summary. Consider revising this section and make sure that you state your findings (and
any recommendations, if necessary) clearly.]he
global and Vietnamese e-commerce markets are
both growing quickly.
Many businesses have gradually transitioned from traditional trade to
e-
commerce or combined the two into omnichannel operations. The
Vietnam E-commerce Association
(Giang, 2022) projects that between
2021 and 2025, online business revenue would increase by an
average
of 29%. In addition, according to VietnamCredit (2021), the National
E-commerce
Development Master Plan for the period 2021–2025
predicts that by 2025, online sales will average
600 USD per person
per year and account for 55% of total consumer spending. Furthermore,
it is
anticipated that the B2C e-commerce model will grow at a rate
of 25% annually, reaching $35 billion
USD and making up 10% of all
retail sales of goods and services. Among the most common online
purchases are apparel and footwear, home appliances and electronics,
and personal care items. The
main e-commerce players active in the
market concurrently are Tiki, Lazada, Shopee, and Sendo
(International Trade Administration, 2021).
B. PESTEL [The methodology used to investigate the issues has not been clearly

stated in your executive summary. Consider revising this section to include the

methodology more clearly.It is incorrect to perform the PESTEL analysis here.

You should only mention that a PESTEL analysis will be used along with other

methods such as SWOT. ]Analysis of Vietnam

1. Political
factors
Politics
is a complex factor, when there is a change, it will profoundly
affect other factors: economic,
social, and technology, as well as
affect people (customers of business). Especially, with the rapid
development of e-commerce, legal documents need to change
accordingly. The current Vietnamese
legal system has developed a
series of legal documents regulating e-commerce activities. In 2005,
the
National Assembly passed three laws that laid the legal
foundation for e-commerce, namely
Commercial law, The Civil code, and
Electronic transaction law (Nguyen, n.d.).
2. Economic
factors
The
Covid-19 pandemic has had a significant influence on the [Try and avoid the use of
unnecessary words as it leads to wordiness and poor readability.Try changing word
form. ...pandemic significantly influenced the economy and society...] economy and
society, yet the e-commerce industry has survived and even made
advances in some areas. According to
Nhi Bao (2021), Covid-19 has
transformed consumption and buying behaviors, with customers
increasingly preferring online shopping. During the peak quarantine
period, which runs from February
to April 2020, the internet became
the sole way to access certain goods and services. According to the
Southeast Asia E-commerce Report (2020), the average growth rate of
Vietnamese e-commerce in the
year 2020-2025 would be 29%.
Furthermore, Statista predicts that Vietnam's e-commerce sector would
reach $39 billion by 2025.
3. Social
factors

One
major socioeconomic problem Vietnam has been facing is the rising
wealth gap. Despite the
country's economic growth, the gap between
the rich and the poor does not appear to be narrowing
(General
Statistics Office, 2021). Furthermore, it is anticipated that by
2030, the middle class will reach
95 million people (Saigoneer, n.d. ) [In order to make this a complete sentence, you need to
include a full stop.]

4. Technological
factors

The
Vietnamese government is adopting initiatives, such as creating tech
institutes to train a tech
workforce, enacting affordable laws to
draw in foreign investors, and encouraging the startup culture
(Deshmukh, 2020).

5. Environmental
factors

Despite
enormous efforts by Vietnamese institutions and sectors to enforce
environmental laws and
regulations, environmental pollution in
Vietnam is worsening, particularly air and water pollution (Chu,
2018) (Appendix C). According to Chu (2018), the main causes of air
pollution include traffic,
construction, manufacturing operations in
cities, household activities, and so on. Vietnam planned to
avoid and
mitigate the consequences of natural disasters by 2020 . [A full stop here is incorrect.
Note that full stops are only placed after in-text citations since in-text citations are part
of the sentence using the reference. ...disasters by 2020 (Government of Vietnam,
2007, as cited in Chu, 2018).] (Government
of Vietnam, 2007, as cited in Chu, 2018). However,
preventing the
harm caused by natural disasters that may have a severe impact on
human life is
extremely difficult.
The
environment is also important in the e-commerce sector. Despite
having little to no direct
environmental impact, the sector places a
high value on sustainability (Phan, 2021, [Please
remember to check all referencing against your institution's referencing style guide.You
may be missing the abbrevion 'pp.' to denote page numbers.   (Phan, 2021, pp. 37-
42).]37-42). Although awareness
levels in Vietnam remain well below the global average, consumers
have become more interested in sustainability (Viet Nam News, 2020).
Vietnamese consumers continue
to have a poor grasp of what may be
reused and recycled, as well as where and how to collect things
like
plastic bags (Viet Nam News, 2020).
6. Legal
factors

Before
Vietnam launched its Doi Moi program in the late 1980s, the
Vietnamese legal system was
initially based on the French and Soviet
systems; the economy transitioned from being centrally
planned to
being market-oriented (Nguyen & Trinh, 2021). The authors
mentioned that many legal
disciplines have changed after Doi Moi, and
there are no limitations on business operations with
specific
nations. However, investors consider Vietnam's overall legal system
to be difficult. Investors
claim that Vietnam’s legal system
seriously lacks openness, consistency, and trustworthiness (Le,
2015 ) [This sentence is missing the required punctuation to be complete. Please see my
notes in the Feedback Summary section for more help with this issue.]

II. EVALUATION OF CURRENT INNOVATION

A. TikiNGON
The
COVID-19 pandemic has drastically disrupted worldwide consumption,
causing people and
businesses to adjust their typical routines. As a
result, people are obliged to find solutions to recover
from crises.
According to Jacobides and Reeves (2020), in order to detect and give
the best solutions,
firms must implement a new business process. The
Tiki e-commerce platform in the Vietnamese
market is one of the best
examples of enterprises improving themselves to react to the COVID-19
pandemic. TikiNGON - officially launched in early May 2020, is a
service that provides all types of
food, ranging from canned,
processed, dry food, and bottled drinks to clean and fresh goods that
are
beneficial to health, such as meat, fresh fruits, seafood, or
vegetables (Tiki Academy, n.d.). TikiNGON
has collaborated with major
and reputable distributors, manufacturers, and suppliers such as We
Farmers, G Kitchen, NKN fruit, Lotte Mart, Big C, and Farmers’
Market in order to establish a unique
and remarkable online shopping
platform in the market (An Thy, 2021). Customers can easily search
for and purchase the products they desire, and orders will be
delivered straight to the order-receiving
machines of merchants
affiliated with TikiNGON in Ho Chi Minh City within 3 hours.
Furthermore, in
May 2021, TikiNGON improved the model “From farm to
table” in collaboration with the Ho Chi
Minh Department of Industry
and Trade to launch the program “Supporting Vietnamese agricultural
products” to support agricultural product consumption on a digital
platform. Starting with two
specialties, Durian Ri6 and Rice ST25,
this model has gotten a lot of excellent response from customers
(ICT
Vietnam, 2021).

B. Tiki Rewards
For
a business to improve its operations, promote new products and
improved services, boost
efficiency, and, most significantly, boost
company performance, the successful exploitation of new
ideas is
essential (​​Adhikari, 2011). One of the Vietnamese e-commerce
platforms, Tiki, has several
creative marketing initiatives.
Tiki
Rewards is one of Tiki's planned innovation projects. Tiki Rewards is
a consumer incentive
program that was launched before the end of
2021, allowing customers to buy items on Tiki in
exchange for
enticing rewards (Le, 2022). Customers that participate in Tiki
Rewards will earn Astra
reward points based on their ranking (reward
points for VIP members of Tiki established on blockchain
technology).
TiKi Rewards features six membership tiers, ranging from VIP 0 to VIP
5, and the
ranking is based on monthly spending (Le, 2022). Customers
will receive exclusive discounts and
benefits as a result of their
VIP status, and the more Astra points they have, the greater the
program's
prizes and incentives (Nguyen, 2022). Customers can greatly
lower shopping expenses by signing up
for the Tiki Rewards program
and earning Astra bonuses. Tiki is also looking at features that will
optimize the benefits for partners and retailers (Le, 2022). As a
result, Tiki Rewards could be
considered a successful Tiki
innovation. This effort not only shows Tiki's appreciation for its
customers, but it also helps Tiki differentiate out [This preposition is not necessary here.
differentiate from the competitors.]from the
competitors.

III. CURRENT MARKETING ANALYSIS

A. Marketing mixes
1. Tiki
a. Product

The
marketing mix strategy has been crucial to Tiki's success, especially
given the high level of
consumer knowledge. According to Twin (2021),
the 4Ps are the four crucial components of public
relations for a
product or service. When purchasing anything from Tiki's website,
customers are always
guaranteed high-quality goods. Tiki sells goods
from well-known manufacturers including Apple,
Samsung, Toshiba, LG,
Bitis, etc (Nguyen, 2020). In addition, Tiki offers a service to set
up purchases
after purchase to guarantee that consumers are happy
with Tiki items. Tiki is a reputable company
because it offers
authentic products and makes sure that clients may purchase goods at
any time of the
year.

b. Price

Tiki
will have a wide range of prices that are appropriate for each
product because it is an e-commerce
platform with a diverse product
system. Customers have a wide variety of things to pick from, all at
various pricing points. The main factor influencing the purchase is
Tiki's permanent discount program,
which has the biggest impact on
customers looking to purchase goods at the lowest possible cost. When
purchasing Tiki books, Tiki coins, or online payment services,
delivery fees, care fees, and other costs
are lowered from at least
10 to 20% to more than 90% (Chiến
Lược Marketing Của Tiki,
2022). Tiki
also works with banks like HSBC, VPBank, SacomBank to
implement the program "Buy with 0%
Interest Installment Payment"
for customers using credit cards.

c. Promotion

Being
a new e-commerce platform, Tiki has fully embraced online advertising
by integrating a variety
of online advertising platforms like Google
Ads, Facebook Ads to enhance brand identity to customers.
Tiki and
Momo collaborated to develop the "Lắc Xì" advertising
campaign, which aims to entice more
users to try out the service
(Chiến
Lược Marketing Của Tiki,
2022). Customers can also take advantage
of Tiki's promos by
purchasing any product to earn points that can later be redeemed for
cash. To
express appreciation to customers and improve the perception
of the brand, Tiki uses promotions and
discounts when purchasing
goods.

d. Place

Tiki.vn
offers a variety of goods, therefor e [Commas should be used to separate interrupting
words/phrases/clauses from the rest of the sentence. You will need to include the
comma before and after the interruption.Although you have one before, you also need
one after.For example:
..., therefore, the...
..., however, the...
such as, an...]Tiki spreads
its services online
and via the Internet. This is regarded as Tiki's primary method of
distribution.
According to Nguyen (2020), Tiki doesn't [To maintain an academic tone, avoid using
contractions.Use full words instead. does not]concentrate on
channel segmentation
because it offers a wide range of products that
are acceptable for the majority of consumers' needs.
Tiki.vn's
24-hour delivery service, which primarily targets B2C companies, is a
plus. The warehouse is
also regarded as one of the Tiki distribution
system's surviving components.
2. Shopee
a. Product

Shopee
provides service that allows buyers and sellers to connect easily
with the purpose of buying
and selling things [This is another example of where you could make the sentence more
concise by avoiding the use of unnecessary words. Please review my notes in the
Feedback Summary section for more help with this issue.For example: ...to connect
easily to buy and sell things]; also has many official
brands in Shopee Mall and Preferred Sales
such as cosmetics and
clothing. Besides, Shopee focuses on developing apps to connect with
its
customers easier.

b. Price

Price
competition provides the most support for shipping costs and freeship
coupons to motivate
business owners and provide discounted pricing
for customers who sign up to become Shopee
members. Moreover, Shopee
can enhance its competitive advantage with a cheaper and more
diversified product range. Bulacan et al. (2022) have conducted
research to see the relationship
between price and Shopee consumers’
shopping behavior. It resulted in a significant relationship level
when Shopee still runs the price promotion to create great deals for
customers as mentioned. Besides,
“trust, price promotion, and
convenience are factors that drive consumers to purchase online”
(Slauhuddin and Ali, 2020, as cited in Bulacan et al., 2022).

c. Promotion

Shopee
primarily makes use of viral TV commercials, discount campaigns,
influencers, and promotes
campaigns through social media platforms
like Facebook, and YouTube to advertise its products, and
services to
create a strong impression on online customers.

d. Place

Shopee
has developed three main distribution channels, which are App Store,
Play Store, and website
to connect buyers and sellers in an online
marketplace. It received almost 78 million monthly visits in
Q1 2021
(Nguyen, 2022). Based on that number of visitors, Shopee was the most
popular e-commerce
website in Vietnam in 2021. It also works with
shipping partners to have the best network in each
nation and provide
the best customer service.

3. Lazada
a. Product
Lazada
offers a wide range of product categories, such as phones, tablets,
televisions, home appliances,
baby products, homeware, books,
healthcare, as well as beauty, fitness, and fashion.

b. Price

Regarding
pricing, Lazada employs a Hi-Low [This word does not need to have a capital
letter. Only proper nouns, the word at the start of a sentence, the word 'I' and acronyms
need capital letters.] pricing strategy (High background -
Low promotion), where the average price
on the Lazada website is
greater than that at other stores and websites selling the same item.
However,
because Lazada frequently runs advertising campaigns and
offers stunning reductions, many of its
products are less expensive
than those sold elsewhere. Buyers are forced to constantly visit
Lazada's
website to update information or sign up as a member to
receive sporadic information as a result of
these promotional
initiatives, which make it impossible for them to forget the brand.

c. Place

In
order to improve delivery services, Lazada collaborates with
Giaohangnhanh.com, ViettelPost, and
other respected couriers in
Vietnam. Lazada reduces administration costs by lowering the number
of
warehouses. When there is a customer, Lazada places orders through
its supplier delivery network, and
when it receives the product from
the manufacturer, it delivers it directly to the customer.

d. Promotion

Lazada's
marketing initiatives are executed neatly and on a wide scale thanks
to the parent company
Rocket Internet's substantial financial
resources. While other companies continue to be conservative,
frugal,
and expensive, Lazada has adopted a marketing approach that stretches
across [Your tone is
too informal here. Try to choose words that are more formal.] all media, from conventional to
contemporary.

Lazada's
marketing plan also expertly employs "pull" and "push"
efforts to boost sales and brand
recognition. These activities range
widely, including advertising, promotions, discounts, and public
relations.

B. SWOT analysis
1. Tiki

2. Shopee
 3. Lazada

C. Perceptual positions of brands

A
thorough survey was conducted to collect consumer’s perception
towards the e-commerce platform
Tiki and its competitors - Shopee and
Lazada (Appendix B). The survey yielded 70 responses, mostly
from
those in the age bracket of 21 to 35 years old. It has provided the
foundation to build perceptual
maps 1, 2, and 3 as follows:
 D. Target Markets
1. Tiki

Tiki,
a multi-industry online retailer, was originally an online book
retailer. Books remain a commodity
that helps to differentiate Tiki's
brand (Nguyen, 2021). During Tiki's early days, the target market for
its
online English book sales model was small: businessmen,
economists, and highly educated Vietnamese
residing overseas (Chiến
Lược Marketing Của Tiki,
2022). Tiki was able to lay a solid basis for future
growth by
picking the appropriate target audience and prioritizing that
demographic in the early stages
of development. Tiki focused on
acquiring female clientele aged 25 to 34, urban, internet users, and
household heads in the years that followed.

2. Shopee
Shopee
identified four types of online shoppers: those who look for
incentives, those who choose at
random, those who favor convenience,
and those who enjoy prizes and presents (D. N., 2021). Shopee's
target customers range from 16 to 40 years old and include Internet
users, office professionals, students,
and housewives. These are
those who frequently spend up to 70% of their monthly income on
internet
buying. Furthermore, Shopee aims at the segment of speedy
online payments because e-wallets are a
new trend that helps save
money and time.
3. Lazada
According
to Calbeto et al. (2014), target customers are between the ages of 25
and 50 who value
convenience and variety. Lazada's consumers are
typically female office employees with a middle-class
salary who
enjoy shopping. After eight hours of work, such individuals do not
have time to go
shopping every day; instead, they would want to spend
time with their families. As a result, browsing
the website and
placing an order will be extremely simple and efficient.

IV. CURRENT MICROECONOMICS ANALYSIS

 A. Demand

The
COVID-19 pandemic has drastically altered people's daily lives and
activities, especially their
purchasing patterns. Changes in consumer
needs and behavior have resulted in a significant growth
trend for
the Vietnamese e-commerce business (FEBIS, 2022). According to
VietnamPlus (2021), the
only industry that has been able to sustain a
consistent growth rate from the beginning of the pandemic
until the
present is online groceries. According to iPrice Group (n.d.), more
than 1.3 billion people
visited 50 different online purchasing
websites in the first half of 2021, with Tiki Trading Floor earning
17.2 million of those visits. As a result, it is clear that customer
demand for online essential products is
quite active. Since adjusting
to the "new normal," many people have continued to shop
online.
According to (Minh Ha [When incorporating the author's name into the sentence, you need
to remove the name from the parentheses.
According to Minh Ha (2022),
For
example:
According to John (2020), chickens are not dogs
A study shows that
chickens are not dogs (John, 2020)
], 2022), the practice of shopping online
and purchasing
necessities on e-commerce platforms is no more a
one-time event; rather, it has become a habit for
Vietnamese
consumers whenever they have purchasing needs.

B. Revenue

According
to Trinh (2022), Vietnam's e-commerce revenue in 2021 is predicted to
reach 13.7 billion
USD, up 16 percent from 2020 and accounting for
6.5 percent of total retail income in the country. E-
commerce revenue
is generated mostly in Hanoi and Ho Chi Minh City, which account for
more than
70% of all e-commerce transactions in Vietnam. This
illustrates that the scale of e-commerce
development is still uneven
among regions. Large e-commerce trading platforms are currently
focusing
solely on expanding the market in large cities and are
unwilling to spread their operations to other
regions, notably rural
and mountainous areas, deepening the development gap between urban
and rural
areas.

Furthermore,
according to Quynh Diem (2022), the four most popular e-commerce
platforms in
Vietnam are Shopee, Lazada, Tiki, and Sendo. Shopee, in
[The preposition you have used here
is not correct for the context and needs to be reviewed. for instance]instance, has the
largest market share in Vietnam today, accounting
for 72 percent of the market share between
November 2021 and May
2022. Lazada comes in second with a market share of 20.9 percent, or
VND
12,539 billion. Meanwhile, Tiki and Sendo are trailing the two
competitors.
C. Supply
The
supply curve will shift to the right so that at each price, a greater
quantity is provided (among other
potential aspects) as a result of
technological improvement (Elliott, 2018). In fact, with almost
18,500
technological and scientific breakthroughs, Vietnam placed
44/132 in the Global Innovation Index in
2021, rising 2.5% from 2020
(Viet Nam News, 2022). The number of orders on e-commerce sites
increased significantly from June 2021, and the value of each order
is higher from 8% to 10% than
expected (VietnamPlus, 2022). Hence,
the supply curve for e-commerce demand will move to the right
as
higher demand and product quantity are delivered. Moreover, Tiki is
one of the fastest delivery
platforms, thanks to the effective
transportation process (Nguyen, 2022).
D. Factors affecting demand and
supply
With
the development of various prominent e-commerce platforms such as
Tiki, Shopee, and Lazada,
e-commerce is steadily expanding in
Vietnam. Thien Duc (2022) estimates that Vietnam added more
than 8
million new online users in the first half of 2021, with non-urban
areas accounting for 55% of
those users. Customers prefer online
purchasing because of the convenience and time savings it
provides.
Regardless of business hours, 85 percent of consumers believe that
purchasing online is more
convenient (Le, 2021). Furthermore, the
recent COVID-19 pandemic is one of the key factors
motivating
Vietnamese customers to shop online. Because people are unable to
leave their houses
owing to the virus, internet shopping appears to
be a safe alternative for them to meet their needs (Diep
Ngoc &
Ngoc Bich, 2022). On the other hand, promotions also have an impact
on [This is another
place where you have included unnecessary language in your writing. Please make sure
you check your work carefully for any other cases like this.] the demand for online shopping.
To make users purchase with deeper
excitement and save money, incentive programs, entertainment,
and
useful presents are continually being introduced (Chau My, 2021).
E. Price elasticity
With
over 80% of consumers sensitive to price changes, Vietnam is one of
the most price-sensitive
economies in Southeast Asia (Nguyen, 2020).
According to Nguyen (2020), the price elasticity of
goods in Vietnam
is -2%, which means that if a business increases the price of a good
by 1%, sales will
decline by 2% as a result. In addition, it has been
estimated that price promotions account for up to
56% of all sales in
Vietnam; however, manufacturers only get a 29 cent increase in sales
for every $1
spent on promotions, which is less than the global
average of 50 cents (Nguyen, 2020).
F. Market structure
When
considering the intensity of competitive rivalry, as well as the
supply and demand of the industry,
e-commerce is categorized as an
oligopoly market. Besides Tiki, other major players in the Vietnamese
e-commerce market such as Lazada and Shopee offer similar products
and services that are competitive
in price and quality.

V. PROBLEM IDENTIFICATION
According
to Duong Thuy (2019), various e-commerce platforms in Vietnam are
developing new
applications and services to help merchants reach out
to customers faster and provide buyers with more
options, resulting
in heated competition among e-commerce platforms. Getting customers
to visit the
website is one of the most important requirements for
e-commerce platforms to succeed in the
Vietnamese market. Tiki, a
relatively new e-commerce platform in Vietnam, is always in
competition
for users with several other well-established rivals like
Shopee and Lazada.
When
compared to other e-commerce platforms present in the Vietnamese
market, consumer access to
Tiki and TikiNGON remains very limited.
This is one of the difficulties Tiki is dealing with. Despite
the
advent of Tiki's most recent technology, "TikiNGON,"
customer traffic remains low. Tiki ranks
seventh in monthly website
traffic stats in Q4/2021 when compared to other competitors (Appendix
F).
Furthermore, Linh Tue (2022) noted that the combined traffic of
Tiki, Lazada, and Sendo is less than
half that of Shopee. According
to My Ha (2022), Tiki's traffic declined by -20% in the third
quarter of
2021. As a result, it is clear that Tiki has done a poor
job in attracting customers to its website. This
will have an impact
on customers' ability to use TikiNGON and other Tiki platforms. One
challenge is
that TikiNGON and the Tiki homepage must offer
compelling innovations in order to attract customers.

VI. THE NEW INNOVATION & TARGET

MARKET
PROFILE
 A. New innovation
According
to Elliott (2018), it is essential to identify connections, recognize
opportunities, and capture
them to improve the current TikiNGON with
incremental innovation. Tiki has not garnered many
customers in
comparison to other e-commerce platforms; however, " Virtual
Shopping [This is
another example of unnecessary capitalisation. Please review my notes in the Feedback
Summary as they should help with this issue.]" is the invention that will help Tiki address this
issue. "Virtual shopping" is a digital service that allows
consumers to browse and buy products in the
same way they would at a
physical retail store. This is a digital service mixed with
TikiNGON's current
visual concepts, where users may freely browse and
select their preferred products online. This concept
aims to improve
customer experiences when people are too busy to go to supermarkets
yet want to feel
the same "environment" as when they
purchase items in-store. Virtual environments give additional
functionality and engagement, as well as alternatives to some of the
present drawbacks of web-based e-
commerce transactions, such as the
lack of in-person connection and close product contact (Baker et
al.,
2019). As a result, Tiki could establish a solid relationship with
customers.
As
previously stated, buyers continue to choose to purchase products
through online sites following
COVID. This could be the benefits of
"Virtual Shopping" for regaining TikiNGON's consumers.
Because of COVID-19, Vietnamese purchasing habits have shifted;
consumers can avoid crowds and
lower their risk of infection by
shopping online (Nguyen et al., 2021). According to a survey by Pham
et al. , 2020 [There are some inconsistencies in the formatting of your in-text citations.
Please double-check your institution's referencing guide to make sure you are referencing
correctly.The year should be in parentheses.](as cited in Nguyen et al., 2021), over half of
respondents indicated a decrease in the frequency with which they
visited physical stores, while 39%
made more frequent purchases from
internet stores. Because larger levels of virtuality provide greater
degrees of experienced social presence, subsequent delight, and
trust, it may especially drive consumer
behavior toward online buying
in virtual worlds (Baker et al., 2019). Tiki or TikiNGON would be a
pioneering e-commerce platform thanks to "Virtual Shopping",
gaining market share in the midst of
strong competition.
B. New target market
According
to DeYoung (as cited in How
Does Virtual Reality Spread Among Generation Z?, 2017),
millennials are the first generation to seek out "more
experiences". Meanwhile, 92% of Gen Z
consumers want to use
augmented reality tools for e-commerce and are more likely to
purchase a
product for the first time when using virtual reality
(Walk-Morris, 2022). Furthermore, these are the
two generations that
prefer to shop online the most, with nearly half of online shoppers
(49%) being
between the ages of 25 and 34, followed by people aged 18
to 24 (28%) (Who
to Target With Virtual
Reality Travel Marketing,
2016) (Appendix E). Therefore, the potential target customer for the
new
innovative virtual reality shopping feature was identified as
Millennials and Generation Z with both
genders buying online
utilizing smart devices on a daily basis. They are students, office
workers, and
other people from major cities such as Ho Chi Minh City,
Hanoi, and Da Nang.

VII. THE NEW MARKETING MIX STRATEGY

A. Product

Tiki
provides the "Virtual Shopping" feature to attract
customers who are unfamiliar with TikiNGON.
This category, which is
in the entertainment sector, includes computer simulations that
produce a
desired virtual reality (Pogorelova et al., 2016). This
feature will display three-dimensional
representations of the
products exhibited on the shelves along the aisles on the TikiNGON
page.
Hovering over an item displays further images and text
descriptions of the item, as well as the pricing,
and consumers can
speak with a salesperson about it before selecting whether or not to
choose the
product.

B. Price
Because
of the immersive nature of the Virtual Shopping model, it will take
more time than buying
online in the traditional fashion, hence the
prices of the products will be cheaper by 1 to 3% depending
on the
item. The goal is not just to attract customers, but also to motivate
them to try out the virtual
reality shopping model.
C. Place
TikiNGON
will install virtual stores for its affiliated partners as part of
the virtual reality shopping
model, and will leverage virtual
technology simultaneously for moving. Hence, customers can browse
and
choose to buy products from the booths in the efficient, convenient,
and pleasant manner possible.

D. Promotion
Virtual
shopping is one of the breakthroughs that allows TikiNGON to engage
with potential clients.
The use of the media to promote TikiNGON's
breakthrough technology is a brilliant concept. Tiki can
conduct
advertising strategies using media such as Facebook, Youtube, or
Instagram because as of
2021, Vietnam had 68.72 million Internet
users, and Internet use is growing increasingly prevalent
(Luu,
2021). Tiki can also use key opinion leaders (KOLs) to promote
participants through promotional
films or direct endorsements. KOL is
preferred by Vietnamese brands above other marketing trends
since it
regularly creates more cash and favorable brand perception for
businesses than it costs (Tầm
Quan Trọng Của KOL Marketing Trong Chiến Dịch Quảng Bá
Thương Hiệu,
2021).