The global startup ecosystem is more competitive than ever, and success requires more than just innovation. Strategic execution , digital transformation , and market adaptability are key drivers of sustainable growth.
Firstly, digital transformation is a game-changer for startups. The widespread adoption of e-commerce, AI, and digital marketing allows businesses to scale efficiently. A clear example is Tiki – one of Vietnam’s leading e-commerce platforms – that optimized its logistics system using AI to reduce delivery times. This not only saved costs but also significantly improved customer experience. What is more, many offline stores are also adopting sales management platforms like KiotViet to synchronize online and offline orders, making inventory management much more efficient.
To implement digital transformation, startups should invest in data analytics to understand customer behavior and optimize marketing strategies, build automated customer service systems using chatbots or email marketing, and plan to transit from a traditional business model to an omnichannel approach to reach a larger customer base.
Secondly, it is of utmost importance for business to adapt business models to consumer preferences. Consumer purchasing behavior across the globe, as well as in Vietnam, is constantly evolving, and businesses must be flexible to adapt. A small fashion store that previously sold only in traditional markets can double its revenue within three months by adopting TikTok livestream sales. This demonstrates how applying technology and changing customer engagement methods can create a huge impact. In major cities like Ho Chi Minh City and Hanoi, cashless payments are becoming the norm. Small coffee shops and restaurants are integrating payment options like MoMo, ZaloPay, and ApplePay to cater to younger customers who prefer digital transactions.
With these thoughts in mind, businesses should research consumer shopping trends and experiment with new sales channels to stay competitive. Offering flexible payment methods can help accommodate various customer preferences, making transactions more convenient and appealing. Additionally, leveraging digital content such as livestreams or short videos can enhance engagement and build brand trust, creating a stronger connection with potential buyers.
Moreover, a business with a great product but poor financial management is likely to struggle. In contrast, businesses that optimize cash flow and secure the right investors can expand rapidly. For example, MoMo successfully raised hundreds of millions of dollars from major investment funds, allowing it to expand its digital finance ecosystem. According to Vietnamnet, MoMo had successfully conducted five major funding rounds, raising a total of $200 million, making it among few Vietnam unicorns. Smaller startups can follow suit by seeking low-interest loans from banks or applying for startup grants.
What is more, partnering with other businesses can help startups scale faster than trying to do everything alone. VinFast collaborated with top technology companies to develop electric vehicles, enabling them to enter international markets quickly. Similarly, many small restaurants, as well as cafés, partner with food delivery apps like GrabFood, ShopeeFood, Be to reach more customers without investing heavily in physical locations.
Startups can begin by identifying partners who can complement their product or service, then experiment with collaborations such as product bundles, co-branding, or joint marketing campaigns. It would be beneficial if relationships with suppliers and distributors can strengthen; that is another way to expand the sales channel.
Growth isn’t just about expanding quickly; it’s about building a strong foundation for sustainable success. Startups can learn from successful companies by leveraging technology, innovating business models, managing finances effectively, and forming strategic partnerships. By combining these strategies, startups can not only survive but thrive in highly competitive market.
