The latest data from the Electronic Transactions Development Agency (ETDA) revealed that Thailand’s e-commerce activities over the past 10 years drove the country to claim the second spot in Southeast Asia’s top internet economies.
According to the local portal The Nation, the ETDA found out that Thailand’s internet economy expanded to 3.2 trillion baht last year with the number of internet users increasing by four times over the last decade. Growth in the online economy is attributed to international and local platforms catering to the growing number of e-shoppers.
ETDA President Surangkana Wayuparp explained that the country displayed consistency in growth since the agency started collecting data in 2014. E-commerce value blew up between 8-10 percent year-on-year since then.
In 2008, Thailand only had 16.1 million online consumers. Fast forward to 2017, the figures doubled to 45.2 million. Experts said a decade of growth is a result of changes in consumer behavior due to the introduction of new technology and improved communication tools.
Sellers have also started exploring the beneficial aspects of online marketing, encouraging buyers to patronize advanced services from providers that are taking advantage of the rise in e-commerce platforms for business owners.
Sansiri Plc., one of Thailand’s top real estate developers, is among the businesses that ventured into e-commerce over the past couple of years. The firm’s Chief Technology Officer, Tawicha Trakulyingyong said, “This is the way that we have to move to digital and online booking for our business.”
Google and Temasek’s latest study titled “e-Conomy SEA 2018: Southeast Asia’s Internet Economy Reaches an Inflection Point,” it was predicted that Thailand’s internet economy will further grow to a value of $43 billion or 1.33 trillion baht in 2025. Just last year, the country’s online economy was valued at $12 billion.
It was further forecasted that local e-commerce will continue growing due to the arrival of 5G networks and new innovations that the high-speed connection can offer.
Meanwhile, it was also revealed that 74 percent of Thai internet users are engaged in online banking on a monthly basis. According to Southeast Asia Globe-News, online purchases in the country saw significant growth with 71 percent of online shoppers using mobile apps to make their purchases.
While Thailand is only second to South Africa in terms of crypto ownership, around 10 percent of the country’s online population continues to foster different forms of financial technology, opening further opportunities for fintech businesses to expand into the Kingdom.