In 2020, Thailand's e-commerce market value grew significantly, which accounted for 9,000 million dollars or 270,000 million baht and is expected to increase by 35% and 50% worldwide in 2021. COVID-19 is an important driver to change consumer behaviors, resulting in purchasing and executing transactions online.
Thailand's Ministry of Commerce has planned on e-Commerce development and determine 4 main strategies, namely; 1. e-Marketplace development: enhancing and supporting domestic and international e-commerce 2. Ecosystem and Enabling Factors: to support e-commerce in every aspect to subtend the growth of e-commerce. 3. Trust and Sustainability: to build trust and sustain e-commerce 4. Competency Building: to enable Thai SMEs to receive advantages out of e-commerce value. As a result, e-commerce the market is expected to have a significant impact on the country.
The important factors that drive to the digital era;
- Thailand has seen 9M new digital consumers since the start of the pandemic in 2020 (up to H1 2021).
- Consumption penetration in Thailand is the second-highest in the Southeast Asia region
- Pre-pandemic users - those who used the services before the pandemic - have consumed an average of 3.9 more services since the pandemic began.
- 58% of digital merchants expect to increase their usage of digital marketing tools in the next five years.
- Looking at 2025, the overall internet economy will likely reach $57B in value, growing at 17% CAGR.
- Despite market uncertainty, global capital continues to pour into the country given its strong growth in digital services that surged as a result of COVID-19, including e-commerce, fintech, health tech, and edtech.