Yếu tố ảnh hưởng đến doanh thu chuỗi siêu thị: Nghiên cứu từ lý thuyết
ECONOMICS - SOCIETY
P-ISSN 1859-3585 E-ISSN 2615-9619
CRITICAL FACTORS AFFECTING SALES REVENUE IN
SUPERMARKET CHAINS: A CRITICAL REVIEW OF LITERATURE
YẾU TỐ ẢNH HƯỞNG ĐẾN DOANH THU CHUỖI SIÊU THỊ: NGHIÊN CỨU TỪ LÝ THUYẾT
Vu Thi Thanh Binh1,*, Hoang Thi Huong1
to withdraw from the Vietnam market, similar to previous
supermarket chains such as Metro, BigC or Fivimart. Besides,
the retail industry also emerged the phenomenon of
acquiring and merging systems such as TheGioiDiDong
acquired Tran Anh, VinCommerce buy the entire system of
Fivimart [6], and Masan buy Vincommerce. Also, the impact
of the 4th industrial revolution (IR 4.0) has significantly
changed the shopping methods of customers. IR 4.0 makes it
ABSTRACT
The retail industry in Vietnam has received a great contribution from
supermarket chains. With the explosion of urban areas, the supermarket chains
have gradually replaced the role of markets. However, the retail industry is
highly competitive, requiring businesses in this industry to have appropriate
strategies to survive and develop sustainably. This study is a theoretical study,
based on the analysis of previous research papers, to investigate the factors
affecting sales in supermarket systems in Vietnam. The results of the study
suggest factors affecting sales revenue of supermarket systems in Vietnam,
convenient for customers to buy products online but
significantly reduces the revenue of supermarket systems.
including the quality of the goods, selling prices, the volume of sales and
This shows that the competitiveness in the business
supermarket location, competitors and marketing policies. Research results are
environment of the supermarket system is currently very
the basis for developing empirical studies later.
high. If supermarkets operate inefficiently, it is very easy to
Keywords: Critical factors, sale revenues, theoretical research.
close. Therefore, understanding the factors that help
increase sales for supermarkets is an urgent issue for
supermarket systems.
TÓM TẮT
Hệ thống chuỗi các siêu thị đã có nhiều đóng góp cho sự phát triển của
ngành bán lẻ tại Việt Nam. Với sự phát triển của các khu đô thị, chuỗi các siêu thị
đã dần thay thế cho các chợ dân sinh. Tuy nhiên, ngành bán lẻ có tính cạnh tranh
rất cao, đòi hỏi các doanh nghiệp trong ngành cần có các chiến lược phù hợp để
có thể tồn tại và phát triển. Đây là một nghiên cứu lý thuyết, dựa trên cơ sở phân
tích các tài liệu nghiên cứu trước đó, nhằm tìm hiểu các yếu tố ảnh hưởng đến
doanh thu bán hàng trong các hệ thống siêu thị tại Việt Nam. Kết quả nghiên cứu
đề xuất các yếu tố ảnh hưởng đến doanh thu bán hàng trong bối cảnh nghiên
cứu hệ thống các siêu thị tại Việt Nam bao gồm vị trí siêu thị, chất lượng hàng
hóa, chiến lược giá, sản lượng tiêu thụ, số lượng đối thủ cạnh tranh và các chính
sách marketing - xúc tiến thương mại. Kết quả nghiên cứu là cơ sở để phát triển
các nghiên cứu thực nghiệm sau này.
Revenue is the basis for determining the business
performance and an important indicator of an enterprise
because revenue is the basis for determining the payable
tax amount for the State budget, the basis for the
implementation of investment activities is an amount to
offset business capital and expenses incurred during the
operation of the firms. Revenue is also a factor to determine
the profitability of the business. Besides, revenue is a factor
that influences the sustainable development of enterprises.
To survive and grow in a complex business environment,
the firm’s managers need to be active in capturing market
trends as well as collecting and processing information
about continuous business operations. Enterprises that
want to sell a lot of products to achieve high sales must
satisfy customers' needs best. In the process of production
and business, when making customers satisfied and
favoring products of enterprises, enterprises can consume
a considerable number of products at reasonable prices,
leading to high sales revenue and creating sustainable
development for businesses. Therefore, it is very important
to analyze the cause of an increase or decrease sales in
business periods.
Từ khóa: Nhân tố ảnh hưởng, doanh thu bán hàng, nghiên cứu lý thuyết.
1Faculty of Accounting and Auditing, Hanoi University of Industry
Received: 20/01/2021
Revised: 25/6/2021
Accepted: 15/11/2021
1. INTRODUCTION
Vietnam retail industry is now very active, especially the
chain of supermarkets. The trend of globalization and the
Covid epidemic in 2020 greatly effected the supermarket
system. Auchan, a foreign-owned supermarket, in 2019, had
The main objective of this study is to indicate the factors
affecting the sales revenue in the supermarket system in
Vietnam. Specifically, the study identifies the factors
affecting the sales revenue of enterprises; analyze the
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impact of factors on sales revenue of enterprises. Since study estimated the average revenue, profit, and variable
then, the research proposes a model of factors affecting cost functions to provide a solution to maximize profits.
sales revenue in the supermarket system.
These two studies have in common that the analysis of
revenue and profit and the solution is to increase sales and
reduce costs to increase profits for the company. Research
by Kamarudin, Nordin, Muhammad, and Hamid [8] was
based on theoretical and analytical DEA. The study
examined the level of cost-effectiveness, revenue, and
profitability. The results of this study showed that they
have statistically significant differences in cost, revenue and
profitability. Because of the importance of revenue, many
studies have been carried out to identify the factors that
affect sales and to have policy recommendations to help
increase revenue.
The extensive research question in this research is: What
factors affect the sales revenue of supermarket systems in
Vietnam? The research results have theoretical
contributions, helping to determine the factors that have a
decisive influence on the revenue of the supermarket
system. With the business context different from other
forms of sale, research results have implications for the
management of supermarket system businesses in
Vietnam.
The research structure is presented in the next section is
a literature review to propose a research model of
influencing factors. The next section is the intended
research methodology and conclusions. This is a theoretical
research. Therefore, the results only stop at the analysis
based on the literature review of previous studies.
However, these results are fundamental for empirical
studies to analyze the impact of factors on the sales of
supermarket systems.
2.2. Factors affecting revenue
Impact of supermarket location: Some studies look at the
factors that affect revenue, the first factor that influences
that is the location of the supermarket. For supermarkets,
the choice of location is very important, involving customer
access. Clarkson, Clarke‐Hill, and Robinson studied the
impact of supermarket location [4]. The results of this study
have determined that selecting a supermarket location is
considered to be the most important decision. The factor of
a supermarket location is the factor that the retailer must
give and that location is considered a determining factor
for success. The study examines theories on supermarket
location patterns and how grocery retailers in the UK
evaluate supermarket locations on website potential and
the location models they apply to these potential websites.
It also developed and emphasized problems with the use of
current supermarket location models for geographic areas
of Eastern and Central Europe.
2. THEORETICAL FRAMEWORK
2.1. The overview of revenue
Revenue is an important factor in the sales performance
of the business. Revenue information should be collected
and presented in full on the financial statements, serving
users with sufficient information for decision making.
According to Phan Cong Nghia: "Revenue is the total
amount of the sale of products, goods, and services after
deducting the discounted prices of sold goods and goods (if
there are valid vouchers) that customers accept payment
(regardless of whether or not they have collected money)”
(page 207) [13].
Sales revenue is determined by the price and quantity
or volume of sales. Therefore, the factors that affect sales
are product price and volume of sales [11]. The study of Do
Thanh Hai explored the relationship between revenue,
cost, and profit within the scope of Truc Anh company [5].
With the theory of revenue, cost and profit, the author
conducted an analysis and assessment of the revenue and
expenses of the company by an econometric model to
determine the optimal price and then give the solutions to
maximize profits for the company. However, the study only
analyzed revenues, costs and their relationships across all
markets as well as with all items. The study had not
analyzed in detail the revenues, costs, profits and their
relationship to each specific market and item. The study of
Phuong Ngoc Anh has a study on the issue of revenue and
profit [14]. The author used Eviews software to estimate the
average variable cost function, thereby proposing the
optimal sales volume to maximize revenue and profit. From
these studies, it is possible to summarize the impact of the
sales volume and price factors as follows:
According to Vietnam Accounting Standard (VAS) No.
14, revenue is defined as "the total value of economic
benefits that enterprises have obtained or will be collected in
the accounting period, arising from common activities of
businesses, contributing to the development of equity” [3].
As such, the revenue or turnover is the total amount of
money earned from the sale of its products, services,
financial activities, and other activities. Increasing revenue
affects the business performance of the enterprise.
However, unreasonable sales policies may increase sales
but will cause bad effects on receivables and business
performance. Therefore, the studies are also interested in
the impact of revenue on businesses and the factors
affecting revenue.
Revenue plays an important role in all types of
businesses. Revenue directly affects business performance,
for example, many studies have found a direct effect of
revenue on firm profits in the accounting period. Regarding
the relationship between revenue and profit, the authors
Truong Ha Anh [21] and Tran Thi Thanh Tra [20] have
provided a theoretical basis for revenue and profit. Their
Impact of sales volume on revenue: The volume of sales in
the period is proportional to the revenue. Therefore, when
the number of goods sold increases, it will help increase
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sales [14]. Sales volume impact not only on sales revenue Besides, marketing channels include social networks,
but also the tax revenue [15]. Revenue is manageable, so sponsorship programs for loyal customers, phone sales,
when analyzing revenue, attention should be paid to direct mail sales, product introduction at home, and
measures to increase the volume of goods sold in the catalogs for customers. Sales promotion and marketing
period. In the context of the retail industry, the activities will help customers better understand the
supermarket system consumes many different types of products of the business and generate demand for
products, their prices also vary. However, each type of products, so they are a factor to increase sales for
product has a certain effect in satisfying the needs of businesses [12, 22]. Willis has confirmed the relationship
consumers, so striving to increase sales of businesses must between the marketing strategy of enterprises and revenue
pay attention to the implementation of the sales plan.
[22]. When companies increasingly use sales promotion
and marketing strategy, they can expand sales revenue [12,
17]. Businesses need to integrate sales activities with
marketing strategies to optimize revenue.
Impact of selling price on revenue: Selling price is the
significant factor affecting revenue when the selling price
increases leading to increased sales and vice versa [11].
However, the change in price is considered an objective
factor outside the control of the firms. The selling price is
influenced by many other factors such as the quality of
goods, the supply and demand of goods in the market, the
State policies such as account policy, monetary policy. In
the context of supermarkets, there is highly competitive,
the price increase will reduce sales, causing revenue
reduction.
3. METHODOLOGY
This was a theoretical research. The paper was to review
previous articles and synthesized results of the
supermarket retail industry and factors affecting revenues
in the supermarket system as well. From the results of the
literature review, the research model of factors affecting
the sales revenue in supermarket system is proposed in
Figure 1. The study identified 6 factors affecting sales
revenue in the retail supermarket chain.
Impact of product quality on revenue: Product quality is
the factor that affects the financial performances of the
business [10]. These financial performances can be
measured by stock price movements [1], or profit [23].
Revenue is also considered a financial indicator to evaluate
business performance. For the revenue, the study of Kimes
[9] confirmed the influence of product quality on revenue of
sales. With these research results, it can be said that
increasing the quality of products provided to customers
will help increase sales revenue for retail firms. The
production and business should be associated with the
assurance and improvement of the quality of products and
services. High-quality products sell at higher prices, so
quality is the added value. In supermarkets, goods with clear
origin and quality assurance will help increase sales
revenue.
Product quality
Product price
H1 (+)
H2 (-)
H3 (+)
H4 (+)
H5 (-)
H6 (+)
Volume of sales
Sales Revenue
Location of
supermarket
Competitors
Marketing policy
Figure 1. The proposed research model
Based on the research model, hypotheses were stated:
Hypothesis H1: Increasing the quality of goods helps
increase the sales revenue of supermarkets.
Influence of competitor factor: According to Mark:
"Competition is a rivalry, a fierce struggle between
capitalists to win favorable conditions in the production
and consumption of goods to earn super profits." In a
market economy, every consumer needs in the form of
similar products - products often meet by a wide range of
suppliers. Therefore, firms operating in the retail industry
and supermarket chains need to have innovation and
creativity in the sales process and improve product quality
and service quality.
Hypothesis H2: Low pricing strategy help supermarkets
increase sales revenue.
Hypothesis H3: Increasing sales volume help supermarkets
increase sales revenue.
Hypothesis H4: Favorable supermarket location helps
supermarkets increase sales revenue.
Hypothesis H5: Increasing the number of supermarkets of
competitors reduce sales revenue for the supermarket.
Influence of sales promotion and marketing strategy: Sales
promotion is all activities to ensure that customers are
aware of products or services of enterprises, have a good
impression of them and perform them real deal. These
activities include advertising, catalogs, public relations.
Some sales promotion measures such as advertising on
television, newspapers, notice boards, putting product
images into movies, sponsoring television programs.
Hypothesis H6: Promoting marketing policies, promoting
trade help increase sales revenue for the supermarket.
4. RESULTS
Characteristics of Vietnam’s retail industry and
supermarket chains.
The outstanding features of the retail industry and the
supermarket chains show the high competitiveness of the
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business environment. High competitiveness in the by many supermarket chains, such as the Adayroi app of
business environment leads to the frequent occurrence of Vincommerce supermarket chain. Moreover, the
mergers and acquisitions in the retail industry as well as supermarket chains in Vietnam have also taken actions to
supermarket chains. For example, Vingroup has actively greenen products [2].
implemented mergers and acquisitions, helping Vingroup
rise to the top of Vietnam's modern retail industry. After
this deal, Vingroup increased the number of supermarkets
and stores across the system to 2,346 stores, an increase of
15% compared to the end of last year to the end of July
2019 [7]. Another deal is Saigon Co.op acquiring Auchan
Vietnam. Moreover, some foreign brands in the retail
industry like Metro, Big.C, and Fivimart also withdrawn
from Vietnam market.
In the recent years, the retail industry and the
supermarket chains have gained significant development.
Figure 2 shows the picture of the retail channels in Vietnam
in a comparison between 2010 and 2017 [18]. The number
of retail channels has been increasing in recent years.
(Source: [16])
However, the market is still a major retail channel.
Figure 3. Statistics of the number of convenience stores/mini supermarkets
in Vietnam in 2020
Factors influencing the revenue of the supermarkets
This research shows the role of revenue in the
enterprise in general. The key result of the study is to
synthesize factors affecting supermarket revenue. From the
results of the literature review, this research proposes a
research model with 6 factors affecting the revenue of
supermarket systems. This study is theoretical research. The
results of the research are the basis for continuing the
empirical studies, analyzing and determining which factors
affect and the extent of the impact of these factors on the
turnover of supermarkets in Vietnam.
(Source: [18])
Figure 2. Retail channels in Vietnam
5. CONCLUSION
Table 1. The business performance of the first half of 2019
Increasing sales revenue contributes to better meet the
needs of goods for society, ensuring the balance between
supply and demand, stabilizing market prices and
expanding economic exchanges between regions.
Increasing revenue means that businesses meet the
material needs of society, making people's lives
increasingly improved, thereby increasing their spiritual
life. Supermarkets are increasingly popular in service of
shopping needs of the society. Supermarkets are an
important component of the national retail system. This
study is theoretical that explores and identifies the factors
affecting the sales revenue of the supermarket system
including product quality, product pricing strategy, sales
volume, supermarket location, number of competitors and
marketing policy. This study is the basis for further research
to determine the factors affecting sales of supermarket
businesses in Vietnam.
Revenue The growth rate
Number of
over the same
period
supermarket in
the system
(Billion
VND)
Lotte Mart
3.320
14.021
22%
72%
14
Vincommerce
2.346
(Source: Summary of the author)
The business performance of some supermarkets has
seen significant growth such as Lotte mart supermarket
chains of Lotte Shopping or Vincommerce of Vingroup in
the first half of 2019. As can be seen in Table 1, modern
supermarket chains have experienced a significant increase
in sales, a growth rate over the same period and the
number of supermarkets or convenience stores. In 2020,
the report of Q&ME has shown a strong growth and trend
of the retail industry as the number of supermarkets
decreased and gradually shifted to convenience stores
(Figure 3) [19].
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Vũ Thị Thanh Bình, Hoàng Thị Hương
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