Thailand’s eCommerce growth and attractiveness it is
The eCommerce industry has grown exponentially worldwide, especially during the pandemic. In 2020 alone, the Thai population spent an average of 8.44 hours on the internet per day and ranked the 3rd highest in the world for Mobile internet usage. This change in Thai consumer behavior has had an undeniable impact on the growth of the Thai eCommerce industry.
Mint-Kultirat Phakawat Klailert, President of the Association of Thai E-commerce Association or THECA, said that the eCommerce market in Thailand will have a projected value of more than 4 trillion baht in 2025.
It is also believed that Thai consumer behavior has been inspired by trends occurring in China, and there is a new trend on the horizon, Meta-Commerce. China’s eCommerce giant Alibaba has acquired a VR glasses company to produce slimmer smart VR glasses for easier access to the metaverse. It is also estimated that the value of e-commerce along with Meta-Commerce could reach US$600 billion by 2030. This trend that will happen in China could inevitably one way or another affects Thailand’s eCommerce landscape.
e-commerce, a comprehensive e-commerce data, and reporting service by statista.com also believes that the category that is most popular in terms of eCommerce revenue for the Thai market is
- Food & Personal Care (35%)
- Electronics and Media (31%)
- Toys, Hobby, and DIY (20%)
- Fashion (9%)
- Furniture and Appliances (5%)
There are still growth opportunities for businesses that have yet to enter the eCommerce industry. Stigmas like high capital and human resource requirements for going into eCommerce business have discouraged many businesses from stepping into the eCommerce scene, whether it is in the form of a brand store (brand.com) or operating through marketplaces like JD.co.th, Shopee.co.th or Lazada.co.th.