The mother and baby industry in Vietnam has seen significant volatility in 2023 and will likely continue to offer fascinating opportunities in 2024. An summary of the market’s current state in 2023 and anticipated changes for 2024 can be seen below.
Market analysis for mother and baby in 2023
See more: Mom & Baby Market 2023 in Vietnam
The young population in Vietnam has significantly increased since 2023, and the mother and baby market has grown as well. The demand for mother and newborn care goods typically rises quickly due to the fact that more than 1.5 million babies are born each year. Particularly in spite of the fact that Vietnam’s per capita income is rising strongly each year, which has increased people’s spending and living requirements. As parents’ concerns about their children’s lives grow, businesses in the sector will face increased competition and prospects for growth.
The mother and baby industry’s Social Commerce market has come out as a potential sector as a result of the enormous growth of social networks in recent years. Social networks are currently used by more than 59% of the world’s population, and this percentage is expected to rise in the future. Global social commerce sales, which were $992 billion in 2022, are expected to reach about $3 trillion by 2026, according to Statista. These staggering figures demonstrate the enormous potential of social commerce for market expansion and corporate growth. A mother and baby business can become a desirable “magnet” for brands by actively embracing the trend of social commerce development, opening up options to reach a huge audience of potential customers as well as increasing the proportion of customers. conversion and sales growth.
2024 forecast for the mother-and-baby market
1. Prioritize the customer experience foremost
The mother and baby market will put more of its efforts on developing innovative customer care experiences in 2024. developing goods and services that improve the experience for the mom and the baby while fulfilling a basic requirement. This may involve improving the online user experience, offering clear and beneficial product information, and developing better customer assistance.
2. The rise of Virtual Reality
Virtual reality and digital technologies are going to be used more frequently to enhance customer interactions and shopping experiences. Customers may build trust and learn more about things by being given the chance to “experience” them in virtual reality.
3. Adding New Healthcare Services
The mother and baby market can provide more health care services for expectant mothers and young children in addition to standard products. The marketing plan should also consider nutrition, postpartum care, and special services like “Baby Float, Spa Massage for Mothers” in addition to pregnancy care and other related topics. Businesses.
4. Social Influencer and Interaction
Consumers are increasingly turning to influencers as a trustworthy source of information. The influencer network is becoming more and more broad (nano, micro, macro, KOL, etc.) in order to accommodate all needs and scales of marketing efforts, from big to tiny. In order to capitalize on influencers’ power, companies must understand how to work together and develop connections with them as this trend grows.
The mother and baby market in Vietnam had phenomenal growth in 2023, and 2024 is expected to deliver even more promising new opportunities. The mother and baby industry is expected to grow and present companies with a number of exciting prospects as well as difficulties in 2024. With years of expertise in the mother and baby industry, SKYPERRY is delighted to be the first digital marketing agency to offer brand positioning and marketing strategy consulting services for both big and small enterprises. from utilizing new technologies to comprehending customer behavior and demands. Businesses serving the mother and baby market can work with SKYPERRY to provide them with high-quality goods and services.