The Vietnamese eCommerce platform Buy2Sell has launched a new application focusing on high-end products, such as cosmetics, imported organic foods and other lifestyle products.
As Retail News Asia reports, Buy2Sell will next year begin allowing domestic sellers onto its platform, rather than the current system, which only allows international vendors. The platform will still let any buyer matching a seller’s minimum order to buy goods at wholesale prices.
Buy2Sell says all products displayed on its platform will be authenticated, in order to guarantee that no fakes, imitations or low-quality goods are sold.
Last month, Buy2Sell said sales for the first half of 2021 tripled year-over-year to $24.5 million, led by purchases of cosmetics, food, appliances and other fast-moving consumer goods.
The Retail News Asia report notes that this is happening at a time when the volume of Google searchers in Vietnam for essential online stores has skyrocketed. The report points to a study by iPrice Group that showed online groceries were the only category to enjoy consistent search growth throughout the pandemic.
Searches for online groceries jumped by 223% between the first and second quarter of the year, with the number of searches increasing as Vietnam imposed new social distancing rules.
Read more: Buy2Sell Expanding B2B in Vietnam with $28M Investment
During the first three quarters of 2021, the company reinvested about $28 million in revenue back into B2B eCommerce development. Buy2Sell CEO Harry Morant says the platform has an ecosystem of large buyers who have made more than 1 million purchase orders.
“Buy2Sell has stable income and monthly growth for which we are proud of,” he said. “In the first quarter of 2022, we will make new announcements about our plans for the Vietnamese market.”
Buy2Sell Vietnam has distributed 90% of foreign brands since its launch in 2015. The company also a financial distribution partner of UOB Bank and works with CJ Logistics to promote import and export in Vietnam.
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