Unlocking Vietnam's Loyalty Market: Trends, Strategies, and Future Growth

Among Asia’s fast-growing markets, Vietnam is one worth keeping an eye on. The latest trends in loyalty markets show strong signs of growth. And so, if you’re a company that works in the Vietnamese market, you should put the time and energy into boosting customer engagement in Vietnam.

The Vietnamese market is primed for growth. A recent study shows that 97% of the Vietnamese population has a smartphone and 79% of Vietnamese have Internet access. As such, this has shifted consumption patterns among Vietnamese.

It may not be surprising, then, that the loyalty market in Vietnam is on the rise. It is expected that the loyalty market in Vietnam will grow from 967.2 million USD in 2023 to 1.56 billion USD by 2028. If so, this represents close to 30% growth in a mere five years. Likewise, CAGR from 2024 to 2028 is expected to be 9.8%.

Indeed, according to McKinsey, Vietnam will enter the global middle class by 2035. This affects how Vietnamese shop. Core products such as groceries and medicine continue to be important, but many now prefer premium products rather than mid-market goods.

Strategies on Vietnam's Loyalty Market

How to take advantage of this strong growth? Breaking into the Vietnamese market will require advanced research, to understand cultural nuance and the particularities of the Vietnamese market. There’s nothing more disastrous to a brand than going into a new market without a grasp of the local context.

Personalized Marketing

Likewise, Vietnamese consumers－as with consumers the world round－will want to be treated with a high degree of personalized service. In today’s hyper-connected world, there are all too many choices for products and services. How does your product distinguish itself from the competition? Often it will depend on framing your product as personalized. The more you know about your customer the better, in this sense, which may require some thinking outside the box.

Leverage Survey Platform

For the Vietnamese market, then, you will not only want to understand individual customers, but the sociocultural context that guides their behavior and consumption habits. One important way about this is by partnering with a survey platform.

Through answering surveys, customers will provide you with further data about themselves, allowing you to tailor services to their needs. To this extent, through learning about your customers, you can find and double down on the common values between you and them, which encourage them to come back to your product or service. You will want to encourage a strong tie between yourself and your customers, in this way.

That survey platforms can take the form of a loyalty program serves to kill two birds with one stone. You can gain information about your customers, as well as about the Vietnamese market as a whole, while also using this as a way to strengthen your relationship with them.

Convenience of Rewards

But making it convenient for customers is key. In this way, you will want it so that the perks and rewards that they gain for your platform are things that fit their needs and wants. Customers won’t want to return to surveys, or to your product as a whole if what they get out of them as rewards for loyalty are things that they find extraneous. In fact, if the rewards and perks they get are too out of touch with what they want, they may find it a hassle to engage. That’s most certainly not what you want.

Omnichannel Experience

Similarly, omnichannel experiences allow you to integrate loyalty programs into the overall experience of buying. This is the approach that best befits today’s online world, in which connections are accessible anytime through smartphones, and in which more and more of the population uses the Internet.

Navigating Vietnam's Emerging Market for Long-term Success

An advancing society like Vietnam proves a new frontier for developing your product then. To enter the market may require some research, but once you grasp your customer base and how your product fits into the larger social context, this will sow the seeds for later success. The more you understand your customer, as well as society as a whole, the larger the odds of success. Moreover, you will want to note well what about rapidly modernizing society drives them toward certain products. Survey platforms and loyalty platforms will serve as the way to do this.

To learn more about how you can monetize your loyalty program, get in touch with our consultants today!