Illustrative image (Photo: VNA)As one of the most promising markets with rapid growth inAsia, Vietnam has always been an attractive destination for investors,especially in F&B.
In today's rapidly evolving and transitioning digital age,technology is a prerequisite for the long-term and sustainable growth ofbusinesses. This is especially for businesses in the F&B segment as theyhave to face the significant impacts and difficulties resulting from thepandemic.
Technology is growing constantly alongside people's livingstandards. And with the rising demands for experiential dining or smartshopping, e-commerce in Vietnam is ceaselessly expanding. Since the pandemic,consumer shopping habits and behaviour have seen major changes.
According to the latest survey by Q&Me conducted at theend of 2021, 75 percent of respondents used online food delivery services and24 percent were first users due to COVID-19.
The technology application is looked to by businesses as asolution for their ongoing concern of revenue growth and new customersattraction.
To overcome the challenging caused by COVID-19, manytechnological solutions have been applied. Some F&B companies have set uptheir own online order app like Starbucks, The Coffee House and Yen Sushi. Inaddition, companies cooperate with ride-hiding companies like Baemin, Grab andShopeeFood to maintain their operation.
“Back in the time when technology applications were notpopular, F&B businesses always had a hard time trying to figure out theoptimal rental spaces, human resources, advertisement… With today's advent ofmany technology platforms, businesses can easily approach potential customers,reduce fixed costs, and explore many potential opportunities for theirdevelopment,” said Jinwoo Song, CEO of Baemin Vietnam.
“Instead of having to spend a huge budget for rental spacesto get prime locations such as on the first floor, or in the central areas toattract more customers, technology applications have helped F&B businessesexplore modern approaches through new technology features to optimiseoperations, save costs while improving the speed and quality of deliveryservices through intermediary riders who are professionally trained and alsoexperts with alleys and roads across the cities.”
“Vietnamese users do not have a fixed type of order such asKorean or Japanese food solely; they always want to taste something differentthan before and want to explore different types of cuisine each time ofordering,” said Song.
Moreover, the technology applications also assist F&Bbusinesses in terms of direct branding.
According to market research firm BMI, Vietnam has becomeone of the most attractive F&B markets globally. At the same time, theinterest of local diners has also become more diversified when onlineapplications are constantly updating new features./.
VNA
