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“The e-commerce market in Thailand was valued at $23.4 billion in 2022, up 8 per cent year-on-year. Analysts expect the market to reach $26.5 billion this year and $34 billion by 2025,” said Thanawat Malabuppha, president of the Thai E-Commerce Association.
Live commerce and cross-border sales will lead Thailand’s e-commerce sector to grow by 13 per cent in 2023, as per a recent forecast. Growth is projected to be even higher if inflation does not constrain consumer spending. With high levels of mobile phone penetration, mobile banking, and social media use, the country is a fertile ground for e-commerce.
Thailand’s businesses and consumers have all gone in on e-commerce in recent years. With high levels of mobile phone penetration, mobile banking, and social media use, the country is a fertile ground for e-commerce to develop as an important component of the economy, the Royal Thai Embassy in Washington, DC said in a media release.
While the level of expansion forecast by the association is healthy, it is lower than the growth in the previous two years, which was powered by the restrictions on movements and other constraints associated with pandemic control measures. People and businesses conducted more commerce online during the pandemic. The COVID-19 disruption of global supply chains also sparked worldwide inflation, which has also dampened consumer spending, added the release.
“Thailand’s performance has been better than average. Globally, the e-commerce market in 2022 shrank 2.5 per cent year-on-year, the first-ever decline,” commented Thanawat.
One trend that Thanawat predicted would benefit Thailand is live shopping, considering the high level of social media use in the nation. Live commerce contributed 38 per cent of the social media market value. Social media app TiKTok is expected to give live shopping a shot in the arm this year.
Fibre2Fashion News Desk (NB)
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