The “Cool Product Awards 2022” gives participating enterprises a range of opportunities to cooperate with and support each other in line with the sharing economy and their own strengths to develop a sustainable retail market.

This was the message from Dr. Chu Van Lam, Editor-in-Chief of Vietnam Economic Times / VnEconomy, the organizer of the “Cool Product Awards 2022” held on December 7.

The ceremony honored the Top 100 cool products and services in 2022 in Vietnam, as voted on by consumers.

Of note, the Awards recognize products and services applying digital platforms to boost consumption and create a multi-platform experience for customers while facilitating traceability and cashless payments.

“Digital transformation not only directly helps brands capture the customer experience on digital platforms, but also helps retailers optimize and easily manage operations and staff, boost workplace productivity, and increase competitiveness,” said Dr. Lam.

The post-pandemic “new normal” has led to new consumption trends and habits, he went on. With adaptability in the face of risk, retailers have paid greater attention to digitizing their operations in 2022.

“In the post-pandemic context, with the whole country focusing on economic recovery, Vietnam’s retail and service industries have applied many measures to gradually stabilize the market, develop distribution channels, and actively offer many solutions to adapt to new consumer needs,” Dr. Lam said.

Unexpected, rapidly changing, and complex developments globally have had a major impact on economies worldwide.

Under such circumstances, Vietnam has also experienced high inflation and rising prices of materials and fuel, which affect many industries and sectors.

This is a time when businesses must actively capture consumer psychology and adjust production and business plans in line with market fluctuations in order to adapt and recover. But it is also an opportunity for the retail industry to look back and comprehensively innovate itself while overcoming previous shortcomings to improve business performance, Dr. Lam believes.

He also urged participating enterprises to share their own stories and experience in the process of digitization and applying advanced technologies to recover, develop, and thrive.