Phân Tích Chiến Lược E-Commerce Của Tiki Sử Dụng Mô Hình Canvas | Thương mại điện tử | Đại học Tôn Đức Thắng
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INTRUCTOR’S REVIEW
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...................................................................................................................................... TABLE OF CONTENTS
1. Introduction............................................................................................................................ 1
2. Business Model Canvas Analysis........................................................................................... 1
2.1. Customer Segments........................................................................................................... 1
2.2. Value Propositions............................................................................................................ 2
2.3. Channels............................................................................................................................ 3
2.4. Customer Relationships.....................................................................................................4
2.5. Revenue Streams...............................................................................................................5
2.6. Key Resources...................................................................................................................7
2.7. Key Activities...................................................................................................................8
2.8. Key Partnerships...............................................................................................................9
2.9. Cost Structure..................................................................................................................10
3. Strategy Assessment............................................................................................................. 12
3.1. Is the Strategy Working Well?........................................................................................12
3.2. How Has the Company Changed Its Strategy?................................................................12
3.3. What Could the Company Do Next?...............................................................................13
4. Conclusion............................................................................................................................ 14
REFERENCES........................................................................................................................ 15 1. Introduction
Tiki is one of the earliest e-commerce platforms in Vietnam, initially operating as an
online book store. Founded in March 2010, Tiki is a portmanteau of the Vietnamese words "tìm
kiếm" (search) and "tiết kiệm" (save), which reflects its mission of bringing better shopping
experiences at more affordable prices to consumers. In August 2023, Tiki officially announced
the official upgrade of services with the new slogan as "good and fast". Starting with a B2C e-
commerce model with strict policies on seller and product information vetting, Tiki switched to
a marketplace model in 2017 to significantly reduce costs for warehouse investment, working
capital management, and purchasing. Notably, Tiki only works with sellers and businesses with
full business licenses for strict control and quality goods for consumers. Currently, the retailer
Tiki Trading and the exchange offers 10 million products from 26 goods to serve millions of customers nationwide.
To simplify complex business plans in a visual and easy-to-understand way, Tiki has
used the Business Model Canvas. This is a 9-box grid that describes the basic elements of a
business or product related to: customer segments, distribution channels, finances, etc., helping
businesses integrate business activities by illustrating potential trade-offs.
2. Business Model Canvas Analysis 2.1. Customer Segments
● Customers who need to shop online:
With the common characteristic of loving the speed and convenience that Tiki offers,
customers who need to shop online on Tiki are divided into two main groups: DEMOGRAPHIC Group 1 Group 2 Age 18-24 (30%) 24-35 Sex 75% female, 25% male Job Student Office worker, housewife Income Class B From class B or higher
Geographical Focus on people living in big cities such as Hanoi, Ho Chi Minh City, Da location Nang… 1 PSYCHOLOGY - Dynamic and modern - Tend to choose carefully.
- Like convenience and convenience
- Focus on stability and quality and
- Always tend to shop to upgrade your reputation. Character life.
- Choose from a wider variety of goods,
- May be interested in books, which can include food or convenient
educational products, fashion, and technology products for work and daily entertainment. life.
- Shop smart and tend to look for - More inclined to research before promotions and discounts.
shopping, look for product reviews and
- Interested in mobile applications and ratings. Behavior convenient shopping features.
- Choose more advanced products and
services, ensuring quality and a good shopping experience. Ex:
- Group 1 could be young people who need to buy books from publishers but don’t have time to go to bookstores.
- Group 2 could be homemakers who want to buy essential items for the family such as
food, household appliances to save time going to the supermarket… ● The sellers include:
- Domestic sellers include: retail companies; Businesses; Households doing business that
need to expand their sales channels and individuals who need to sell online.
- Official stores such as Brand Owners, manufacturers, and authorized distributors like
Shiseido VN Official Store, GUMAC Official Store, LIF KUN…
- International sellers with warehouses in China, Taiwan… 2.2. Value Propositions
For customers who have the need to shop online, Tiki brings values including:
- Genuine products (strict management of suppliers): The stalls on Tiki are thoroughly
verified for their origin and quality, ensuring authenticity and circulation in the market,
thereby providing peace of mind for customers.
- Fast delivery: In the Vietnamese e-commerce market, Tiki is a pioneer in the race for
delivery speed with TikiNow with 2 hours delivery to Tiki Flash service with 30
minutes delivery (Ho Chi Minh City and Hanoi). 2
- Discounted prices: Some items on Tiki will have a more preferential price compared to
other e-commerce platforms when purchased. In addition, with the strength in books,
this item is discounted quite high from 30 - 35%.
- Good Service (inheriting Tiki's previous values): Tiki is committed to providing top-
notch shopping experiences with friendly customer service available 24/7. Furthermore,
Tiki has the "winner system" and "buy box" technology that prioritize orders based on
factors like price, delivery speed, and order history. Tiki's "AI Recommender" suggests
products tailored to individual customer needs.
For sellers, the values that Tiki brings include:
- Provide an online income source: is an online sales channel with a large number of
customers accessing from many places. Tiki is a place to exchange and trade products,
helping sellers earn additional income through selling on Tiki with a satisfaction rate of
up to 95% with more than 40% of customers regularly shopping.
- Provide an online sales channel: individuals, shops, businesses have an additional
online sales channel with favorable conditions brought by the Tiki ecosystem such as
large warehouses, professional transport units, reasonable discount rates, low
Cancellation and return rate for online orders just under 3%… 2.3. Channels
Tiki, one of the leading e-retailer in Vietnam, utilizes a multi-channel approach to reach
its customers across various touchpoints. This omnichannel strategy creates a seamless and
convenient customer experience, ultimately enhancing brand loyalty and engagement. Here are the key channels Tiki uses:
- Website and Mobile App: The primary platform for browsing, purchasing, and
managing orders. Tiki's user-friendly interface and mobile app allow for easy access and a smooth shopping experience.
- Social Media Marketing: Through platforms like Facebook, Instagram, and YouTube,
Tiki actively engages with customers, building a robust community by sharing product information and promotions.
- Affiliate Marketing: Tiki collaborates with external websites and influencers to
increase traffic and sales, leveraging partnerships to expand its customer base.
- Search Engine Optimization (SEO): Tiki optimizes its website content and product
listings for better search engine rankings, aiming to attract organic traffic by
incorporating relevant keywords and enhancing the overall user experience. 3
- Online Advertising: Utilizing targeted ads on Google Ads, Facebook Ads, and other
platforms to reach specific customer segments with relevant product promotions.
Tiki has effectively utilized these channels with specific activities including:
Campaign “Tiki Đi Cùng Sao Việt” on Online Channels: This is a project that accompanies
artistic products of Vietnamese artists in many fields, notably music. Launched in early April
2019, Tiki has impressed audiences nationwide by appearing in a series of MVs by many
famous artists in Vietnamese showbiz such as Duc Phuc, Min, Chipu… Up to now, Tiki Goes
With Vietnamese Stars has earned more than 2 billion views, reaching 300-400 million users
with 37 MVs reaching Top Trending Youtube and 16 MVs reaching Top 1 Trending Youtube.
Not only stopping at communication effectiveness, Tiki Goes With Vietnamese Stars is also
expanded to support business activities, helping regular MVs become MV-Commerce.
Specifically, Tiki has cooperated with cosmetics company Maybelline New York and female
singer Hien Ho. The campaign lasts for 17 days, based on the scenes of Maybelline's new
lipstick product appearing in the MV "Có như không có" by Hien Ho, using advertising tools
from Facebook to maximize reaching female customers aged 18-30 in Vietnam. The campaign
has recorded many impressive results. Specifically, With the success of the campaign, the
number of purchases of this product on Tiki increased 2.7 times, app installation rate on Tiki
increased by 17% and more benefits.
2.4. Customer Relationships
Tiki has a dedicated customer relationship management (CRM) team that focuses on
building and maintaining relationships with its customers. Tiki maintains relationships with
customers through forms such as: For Buyers:
- Quality Products: Tiki is committed to providing genuine products with a 111%
money-back policy if counterfeit or imitation goods are detected.
- Careful Packaging: Goods on Tiki are always carefully packaged.
- Fast Delivery: The suppliers on Tiki always update orders on time and deliver on schedule.
- Resolving Issues During Ordering: When shopping, customers may encounter
problems such as not being able to apply discount codes, not being able to place orders,
not being able to update information… In these cases, customers can seek the support of
Tiki’s customer service to resolve these issues through the hotline, chat via website or Tiki’s fanpage. 4
- Providing Return Procedures and Warranty Policies: Tiki allows customers to return
goods for free, quickly if customers encounter problems with product quality, errors in
design, color,… Tiki will also have a warranty policy for customers.
- Promotion Programs: Every month, Tiki always has promotional programs for
customers, loyal members by thanking them through product discount codes, order discounts,…
- Convenient Payment: Tiki applies many forms of payment to meet the needs of
consumers such as cash on delivery; payment by international cards Visa, Master, JCB;
domestic ATM/Internet Banking card; payment by MoMo wallet,…
- “Tiki Xu” (Tiki Coin): Tiki Xu is an electronic voucher used to deduct from the
purchase price of goods on the e-commerce platform with a ratio of 1 TikiXu is
deducted equivalent to 1 dong of the selling price of goods.
- Community: Tiki allows buyers and sellers to interact directly through the Mobile App.
- Tiki Membership Package “Astra Rewards” and “TikiNow'': includes preferential
services for shipping fees and customer care services with different fee levels. However,
currently Tiki has stopped operating both membership packages. But there is still TikiNow delivery service. For Sellers:
- Trust: Tiki is committed to providing a reputable, secure, and efficient e-commerce
platform for sellers. Tiki also offers support services and training to help sellers develop
their businesses on the platform.
- Collaboration Benefits: Tiki provides sellers with the opportunity to access a large
potential customer base, thereby increasing revenue and profitability. Tiki also offers
marketing and sales solutions to help sellers effectively promote their products and services.
To maintain relationships with customers, Tiki always cares about customer feedback.
Customer feedback is crucial for Tiki's continuous improvement, impacting factors like website
design, information quality, delivery service, payment methods, and customer support. 2.5. Revenue Streams
● Revenue from Sales: The primary revenue model of Tiki is the sales revenue model,
which is the most common model. Businesses following this model will have revenue
from selling goods, products, and services to customers. For example, Tiki sells books,
clothes, electronics; software, and courses… 5
In addition, Tiki also applies models such as Transaction Fee Model, Subscription Fee
Model, Advertising Fee Model, and Affiliate Fee Model. With these models, Tiki’s revenue
stream will come from specific activities as follows:
● Revenue from commission fee: The commission fee will range from 0.9% to 18%
depending on the product category of the business partner.
● Revenue from advertising (income from posting ads on the online platform). Tiki
offers customers two forms of advertising including Tiki Ads in-platform advertising
and out-of-platform advertising- Marketing Optimization Program (MOP), which was
launched on November 15, 2023.
- For in-platform advertising, the advertising cost will be charged per click (CPC): The
Seller’s advertisement will only be charged when a customer clicks on the advertised product.
- For MOP, the Seller only pays when there is sales revenue from MOP out-of-platform
advertising - Cost per Sale (CPS) and when the order is in Successful Delivery status.
The out-of-platform advertising fee will vary depending on the industry. For example,
the MOP fee for the Tiki bookstore industry is 9%; the phone - tablet industry is 2%.
● Revenue from delivery services: Delivery service with TikiNOW (2h, same day, next
day), delivery and installation service by appointment TikiPRO with products are
machinery and equipment and TikiNGON - providing fresh food for Vietnamese family
meals, from fresh fruit to meat, seafood…
● Sales fee: These are the types of costs that the seller must pay to Tiki to process the arising orders. Including: - Booth fee: 0 VND
- Direct payment support fee: 2%/product
- Discount fee applied to many different product categories: 0.9% - 18%
- Support fee for installment program activities: 3% (applied to sellers participating in the installment program) - Storage fee: 50 VND/day.
- Overdue storage fee: 10% Product Selling Price/day late to receive goods, - Pickup fee: 0 VND
- Order processing fee: Standard order processing from 6,000 VND- 229,000 VND for
orders from 1kg to 50kg or more. TikiNow order processing fee from 7,200 VND to 274,800 VND
- Shipping fee: From 10,000 VND to 23,000 VND applied to different locations
- Withdrawal processing fee: Under 1kg is 1000 VND, over 1kg-3kg is 1500 VND, from the next 0.5kg add 500 VND. 6
● Penalty fee: These are the types of costs that the seller must pay when violating Tiki’s
sales policies and regulations. Including: -
Late confirmation/late delivery penalty. -
Order cancellation/refusal penalty. -
Exchange - return - warranty penalty. -
Fake goods, counterfeit goods, quality unguaranteed goods penalty. 2.6. Key Resources
Essential resources for Tiki's operation encompass physical, technological, human, and
financial aspects, each playing a crucial role in supporting its business model. Physical resources
Tiki has strategically invested in an extensive warehouse system nationwide to facilitate
rapid delivery. The flagship TOP Center, situated in Tan Binh Industrial Park, spans 3,100
square meters and boasts a capacity of 1.5 to 2.2 million products. Processing around 20,000
packages daily, this warehouse is pivotal in Tiki's operations. Complementing this, Tiki has
two additional warehouses in Ho Chi Minh City, and by the end of 2018, five more were
established in Hanoi, Hai Phong, Da Nang, Nha Trang, and Can Tho. Technology
Since July 2021, Tiki has implemented automatic robots in its operational center, to
minimize time for picking goods at the warehouse and increase operational efficiency. Human
The workforce stands out as a key resource, providing Tiki with a competitive edge.
With over 4,500 employees, Tiki cultivates a vibrant and creative working environment. The
company prioritizes employee development, encourages career advancement, and values
contributions to service quality, partner and customer relationships, as well as fostering innovation and creativity. Financial
As of March 2022, Tiki holds approximately $187 million in cash and equivalents,
inclusive of a $258 million capital injection in November 2021. Notably, a $90 million
investment from Shinhan Financial Group in May 2022 is not reflected in this figure. Assuming
this additional investment and a $100 million cash outflow from operations, Tiki is poised to
operate for nearly three more years before requiring the next capital round.
Balancing these resources ensures Tiki's financial stability, solvency, and aligns with its
long-term development strategy in the competitive e-commerce landscape. Ample capital and
positive cash flow provide the foundation for Tiki's flexibility and sustainable growth. 7 2.7. Key Activities
Key activities of Tiki include:
Developing and maintaining the Tiki e-commerce platform and mobile application.
Constantly innovating, bringing new products, services, and adding new payment
methods to provide convenience for buyers and sellers.
Providing quality, genuine goods and delivering a “Good & Fast” shopping experience for customers.
Developing a transportation and distribution system with warehouses in major cities and fast delivery services.
Developing advertising services that allow sellers to advertise their goods through two forms: Tiki Ads and MOP. Managing the supply chain.
As an e-commerce platform, Tiki is constantly innovating and developing activities to keep up
with market developments and competitors. The commercial platforms that Tiki has and is
using for its business operations include:
- Magento Platform: This is the first technology platform of Tiki. From 2010 to 2015,
Magento was the main platform for all business operations of Tiki. Magento provides a
back office for Tiki staff to post products, operate orders, customer care, as well as a
front end for Tiki customers to browse, search, view and buy and sell products.
- Talaria Platform — Tiki.VN: Talaria — a new framework developed from late 2014
to early 2015 to replace Magento for the front office to handle customer access. All front
office operations from browsing, viewing products, to ordering … will all take place on Talaria.
- Logistics Platform: Starting from 2013, Tiki’s operations began to expand into
warehouse management, delivery, and accounting operations. The main business model
of Tiki is retail. This inevitably leads to warehouse management operations, and then
delivery operations. Tiki began to deploy the ERP system based on the Open ERP —
Odoo platform. Over 5 years, the operating system has been continuously upgraded and
expanded, adding more delivery, fulfillment systems… To date, from 1 warehouse, Tiki
has expanded to 8 warehouses nationwide, managing millions of product units each
year, providing delivery services that require complex operations such as 2-hour delivery.
- Marketplace Platform: From late 2016, Tiki began to transition its business model
from Retail to Marketplace. By early 2017, Tiki officially opened the e-commerce 8
platform for sellers to do business on the Tiki system. This is a major transition that
changes the entire operating model of the entire Tiki system. The Tiki system not only
serves Tiki but now allows external sellers to operate sales on the Tiki e-commerce
platform. This makes operations and management very complex. Sellers participate in
all stages of the system, from product management, order operation, delivery, inventory,
to financial reconciliation payment, debt. In 2018, the number of products on Tiki
increased more than 5 times from nearly 200,000 products, to 1 million products, with
more than 90% of products from sellers.
Therefore, Tiki currently provides products mainly in two forms:
- Products provided directly by Tiki: These products will be imported into the
warehouse by Tiki itself. They are checked and quality assured before being delivered to the consumer.
- Products sold by other distributors: The name of the distributor will be clearly
displayed. These distributors must comply with strict regulations from Tiki before opening a shop.
In addition, Tiki is constantly developing its goods transportation and distribution system to
customers. In order to provide the most convenient and fast delivery service, Tiki has built a
fast delivery service including:
- Tiki Now (Super fast delivery service 2h -3h): Delivery within 2h- 3h from the time of
ordering. The delivery time is displayed at the “Payment” step.
- Tiki Pro (Service allows customers to choose delivery time and simultaneous
installation): Delivery and installation based on the time the customer chooses but is
only limited to certain areas in Hanoi and Ho Chi Minh City.
- Tiki Fast: Tiki’s economical delivery service.
Tiki’s distribution channels include: Tiki’s largest distribution channel is the website, the
second channel is the Tiki application for mobile devices.
Customer relationship: Tiki makes their service convenient and easy to use. It allows
customers to leave feedback and rate products. Therefore, sellers can respond to their experiences. 9 2.8. Key Partnerships
Tiki, as a prominent e-retailer, has established crucial partnerships and collaborations to
enhance its operational efficiency and provide a seamless shopping experience for customers. Partners of Tiki include:
- The company's primary partners and suppliers include Tiki Trading for direct
distribution of labeled, quality-controlled products, featuring renowned brands like FPT,
Asus Vietnam, Samsung, and more. This ensures customers receive genuine products
with the assurance of Tiki's quality standards.
- Products sold by other distributors: With this sales channel, the names of distributors
will be clearly displayed. At the same time, if a shopper sees a product sold by many
distributors, the system displays price comparisons between parties so that the buyer can
choose the product with the most reasonable price. For example: Including large
companies such as Thien Long, Fahasa,... to wholesalers, small businesses: Such as
handmade products, online shop business,...
- Tiki's payment partners are 21 banks nationwide such as Vietinbank, Vietcombank,
Techcombank, VPBank,... or credit companies such as Visa, Master, JCB, Momo e-
wallet, Zalo Pay, VNPay, Moca, Viettel Money
- Tiki's current shipping partners include: Tiki Express Delivery (abbreviation: TED),
Ninja Van (abbreviation: NJV), Best Inc. (abbreviation: BEST), Express Delivery
(abbreviation: GHN), VNP, J&T Express, Ship60.
Through strategic partnerships across various sectors, Tiki has cultivated a multifaceted
approach that not only enhances its operational efficiency but also delivers significant value to customers, include:
- Increased product variety and selection: Partnerships with official brand distributors and
local manufacturers allow Tiki to offer a vast array of authentic and competitively priced
products, catering to diverse customer needs and preferences.
- Enhanced Convenience and Delivery Speed: Collaborations with logistics and delivery
companies like GHN and Ninja Van enable faster and more reliable deliveries,
exceeding customer expectations and improving overall satisfaction.
- Personalized Recommendations and Content: Partnerships with media platforms and
influencers provide Tiki with valuable data on customer preferences and trends. This
data is used to personalize product recommendations and create engaging content,
ultimately leading to a more relevant and enjoyable shopping experience. 10
- Seamless Payment Options: Integration with various payment gateways like MoMo and
VNPay offers customers a convenient and secure way to pay for their purchases,
boosting conversion rates and reducing friction in the checkout process. 2.9. Cost Structure
The main costs in Tiki's model include:
- Sales Costs: This cost accounts for a large proportion of total costs and decreases
slightly compared to revenue, down only 1% in fiscal year 2022. However, the sales
segment has a low gross profit margin, with the gross profit margin of the goods is -
19%. This cost may be related to shipping and order processing costs, especially when
Tiki is investing heavily in its logistics capacity and infrastructure.
- Marketing Costs: This cost increased by 20% over the same period last year. Marketing
costs are important in maintaining and strengthening the brand, especially when there is
competition with strong competitors such as Shopee and Lazada.
- Operating costs: In 2022, This cost increased by 30% over the same period last year.
This cost may be related to maintaining and developing technological infrastructure,
human resources capacity, and other management costs.
- Logistics costs: Logistics costs account for an important part of Tiki's revenue and have
increased by 7% in fiscal 2022. This demonstrates a commitment to investing in
infrastructure and fast delivery services to meet its supply strategy. efficient service.
Due to the above cost figures in 2022, the company has currently implemented a number of
strategies to optimize cost management through a number of activities:
- Advertising and Marketing costs: Data shows that Tiki has experienced fluctuations in
its advertising and marketing activities. In particular, during the months of April to May,
there was a sharp drop in Gross Merchandise Transaction Value (GMV - 37%) and a
12% drop in social conversation about Tiki. This shows that Tiki may have temporarily
cut back on off-market advertising and promotional activities to save costs.
- Operating costs: Information shows that Tiki is focusing on operating costs, with special
attention to sales and general/administrative costs. Data shows that Tiki managed to
increase its GMV by 21.22% in June 2023, showing operational efficiency and cost control
- Logistics costs: While revenue from trading platform fees decreased, revenue from
logistics services increased by 7%. Tiki is investing heavily in its logistics processing 11
capacity and infrastructure, which can increase efficiency and reduce costs in the
shipping and order processing process.
- Cash Reserves and Financing Strategy: Tiki has a significant cash reserve of
approximately $187 million as of March 2022, including capital from a $258 million
capital call in November 2021. The company appears to have proposed a conservative
funding strategy. strategy, wait until 2024 or early 2025 before making an IPO. This
conservative financing strategy allowed Tiki to operate for about three years without additional capital. 3. Strategy Assessment
3.1. Is the Strategy Working Well?
Tiki's strategy has demonstrably helped the company achieve significant success in the
Vietnamese e-commerce market. However, continuous adaptation and improvement are
necessary to navigate the evolving landscape and maintain its competitive edge.
Factors contributing to Tiki's success:
- Customer trust in Tiki is strong due to its reputation and commitment to 100% authentic
products. Tiki also has a rigorous quality control process.
- Tiki has a strong brand recognition, being closely associated with books.
- Tiki has a strong focus on customer satisfaction. 95% of customers are satisfied with
Tiki's products and services, and the return rate is only 1-3%.
- Tiki offers the most competitive discount and payment fees in the market, helping
partners to reduce their business costs.
- Technology and logistics: Tiki's investments in technology and logistics have allowed
for faster and more efficient delivery services, a key differentiator in the market.
Challenges and areas for improvement:
- Tiki is at a disadvantage compared to other e-commerce platforms in terms of the variety
of products it offers and the attractiveness of its promotional programs.
- Tiki has been accused of inflating prices during 20-50% discount campaigns.
- The process of opening a store on Tiki is difficult and complicated, requiring a lot of documentation.
- Rural reach: While strong in urban areas, Tiki's reach in rural areas remains limited.
Expanding its reach to rural customers is essential for continued growth.
- Logistics costs: As a significant expense for e-commerce companies, particularly in
Vietnam, Tiki needs to find ways to reduce logistics costs to improve profitability. 12
3.2. How Has the Company Changed Its Strategy?
● Has the company changed its strategy because of new technology, what customers want, or competition?
● What changes did it make? Were these changes good?
Tiki has indeed made changes to its strategy over time, adapting to various factors such
as new technology, changing customer needs, and fierce competition.
Changes driven by technology:
- Marketplace model: In 2017, Tiki transitioned from a B2C model to a marketplace model.
- Tiki heavily invested in developing its mobile app.
- Tiki has implemented AI technologies to personalize user experiences, recommend
relevant products, and improve search functionality. Ex: Tiki app
Changes driven by customer needs:
- Fast and reliable delivery.
- Exclusive products and partnerships.
- Tiki has implemented various measures to improve its customer service, including easier
returns and refunds, and a more responsive customer support team.
Ex: Service "TikiNow - Delivery of the right time"
Changes driven by competition:
- Tiki has partnered with brands to offer exclusive products and deals. - Flash sales and promotions.
- Tiki has increased its social media engagement and marketing campaigns.
Ex: “Tiki đi cùng sao Việt" campaign
→ The majority of these changes have been positive for Tiki, contributing to its growth and
market share. The marketplace model has significantly increased product selection and reduced
operational costs. Mobile app development has improved user convenience and accessibility.
Investing in technology like AI and personalization has enhanced user experience and customer
satisfaction. Focusing on fast delivery, reliable customer service, and diverse payment options
has also addressed key customer needs and preferences. However, some changes, such as
aggressive discounting and flash sales, could lead to unsustainable price wars and lower profit margins. 13
3.3. What Could the Company Do Next?
Based on the current situation, Tiki should implement the following measures to once
again rise in the e-commerce market in Vietnam:
Maintain customer trust: With the affirmation “Tiki bán sự yên tâm để thu về lòng
tin”, Tiki has won the trust of customers by providing “Tốt & Nhanh” services.
Therefore, Tiki should maintain this value to continue to grow.
Diversify business items: According to YouNet’s assessment, Tiki has full potential in
terms of delivery and information technology, however, restrictions on business items,
limitations on the number of goods and incentives, could lead customers to other e-
commerce platforms for shopping.
Expand warehouses: Currently, Tiki has 10 warehouses, concentrated in 7 major
provinces and cities; Tiki should continue to expand more warehouses in other
provinces and plan inventory for products that are rated as having large purchases to
shorten delivery time to all provinces nationwide. In addition, Tiki could consider
applying Tikinow and support services for installing electronic devices nationwide
instead of just limiting it to Hanoi and HCM.
Promote communication activities: Despite being very successful with the “Tiki - Đi
cùng sao Việt” campaign, Tiki still does not get the level of attention from customers
like other e-commerce platforms. Tiki should have more programs that can interact with
customers and launch more quality media products along with incentive programs to
attract attention from customers. 4. Conclusion
In general, compared to the past, Tiki’s business situation in 2023 is showing significant
improvements and Tiki’s efforts to change are also receiving some definite results. The owner
of Tiki once affirmed that the only thing that “evolves” over time is the business strategy. From
here, it can be seen that Tiki is making innovative changes to its business strategy to be able to
adapt to the changing psychological and consumption characteristics due to the impact of
social, economic, technological factors… in Vietnam.
However, Tiki is facing many disadvantages such as the strong development of
competitors such as Shopee, Lazada, or TikTok Shop, or the over-reliance on Tiki Trading can
make Tiki lose out compared to other e-commerce platforms in terms of product diversity, as
well as the attractiveness of promotional programs. Therefore, we conclude that Tiki still needs
to make more efforts to be able to create a competitive advantage and return to the race. 14 REFERENCES
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