Seize is now “stronger than ever” after 10 years of operations in Vietnam, its nation chief mentioned within the wake of competitor Gojek’s exit from the market.
It now has extra customers and companions than ever, Alejandro Osorio, managing director of Seize Vietnam, mentioned on the firm’s current tenth 12 months celebration.
They quantity within the thousands and thousands, and tens of thousands and thousands of transactions are carried out every month, he mentioned. The Singaporean firm entered Vietnam in 2014 as GrabTaxi, and has since grown to supply 15 providers in 50 localities.
The ride-hailing market has additionally seen many different opponents like Uber, Tada and Baemin come and go and now solely Be and Xanh SM stay.
Seize stays the predominant participant with a two-third market share, in line with analysis agency Q&Me. Within the meals supply enterprise, Seize faces competitors from Be and ShopeeFood.
Many opponents entered the market and spent a substantial amount of sources on reductions, however didn’t obtain sustainability, Osorio mentioned referring to their exit.
Seize however centered on giving customers quite a few causes to open its app, not only for reserving a journey, he mentioned.
Meals, supply, buying, and different providers assist keep a loyal group of shoppers and cut back the price of buying new ones, he mentioned.
This sophisticated community of providers helps create success and is tough to duplicate, he mentioned.
Seize has additionally modified its low cost technique, and solely has promotions when crucial as an alternative of providing many, he mentioned.
It additionally works with companions similar to eating places and fee firms, and so the reductions come from them and never its pockets, permitting it to take care of a worth benefit, he defined.
Nevertheless, it continues to pour “massive investments and efforts” into bettering tech options, he mentioned, pointing to the brand new options it has been providing similar to personalizing customers’ expertise and permitting them to order as a bunch as examples of this.
However what opponents stay do not make issues simple.
ShopeeFood is backed by e-commerce large Shopee, whereas Be and Xanh SM are broadly supported since they’re Vietnamese companies.
Xanh SM’s all-electric fleet additionally aligns with the federal government’s plans for future growth.
Le Hong Hiep, a fellow on the ISEAS – Yusof Ishak Institute in Singapore, informed the Vietnamese media in June that Xanh SM has the potential to threaten the dominance of Seize if it maintains present development charges.
However Osorio mentioned Seize believes competitors is constructive and fosters growth.
The corporate is contemplating serving to drivers swap to environment-friendly autos, and mixing meals supply orders to scale back journey for drivers, he added.
Vietnam’s ride-hailing and meals supply market was estimated at US$3 billion final 12 months and is anticipated to achieve $10 billion by 2030, in line with a 2023 report by Google, Temasek and Bain & Co.
