The shutdown of NocNoc, Thailand’s last major Thai-owned e-marketplace, highlights the harsh realities of the e-commerce industry, where scale and rapid expansion are essential for survival.
NocNoc’s closure echoes the earlier exit of JD Central, the joint venture between Central Group and China’s JD.com. JD Central shut down in 2023, demonstrating that even backing from a global e-commerce leader was not enough to maintain momentum in Thailand’s highly competitive market.
According to a filing by Siam Cement Group (SCG) to the Stock Exchange of Thailand on Jan 9, BetterBe Marketplace Co Ltd—the operator of NocNoc, in which SCG holds an indirect 50% stake—has informed the Electronic Transactions Development Agency that it will cease NocNoc’s operations effective midnight on Feb 9.
SCG expects to record a non-cash accounting loss of approximately 1.8 billion baht in the fourth quarter of 2025 as a result of the shutdown. In 2024 alone, BetterBe contributed an estimated loss of 650 million baht to SCG’s consolidated financial results.
Pawoot Pongvitayapanu, a prominent e-commerce expert, told the Bangkok Post that NocNoc was the last local platform attempting to establish itself as Thailand’s national e-marketplace.
He said the closure reflects the mindset of shareholders in SET-listed companies, who tend to be unwilling to tolerate prolonged losses and remain focused on short-term profitability.
“In e-commerce, success depends on scale and growth rather than immediate profit,” Mr Pawoot said, noting that the same issue contributed to JD Central’s downfall.
He contrasted local firms with global e-commerce giants, whose investors are more willing to accept early-stage losses in exchange for long-term market dominance in an intensely competitive industry.
Unsustainable pricing strategy
Mr Pawoot said NocNoc initially focused on home and living products before expanding into the broader lifestyle segment in an effort to compete with foreign platforms. However, its heavy reliance on subsidised pricing led to unhealthy competition and was ultimately unsustainable.
Thanawat Malabuppha, chief executive of e-commerce and marketing platform Priceza, described NocNoc as the largest remaining local e-marketplace operator in Thailand.
“Its closure shows that shareholders were no longer willing to absorb continued losses, despite strong cash reserves,” he said. “Economic pressures and rising competition made it increasingly difficult to continue operations.”
Following NocNoc’s exit, Thailand’s e-commerce market is now dominated by three foreign players: Shopee, which continues to perform strongly; TikTok, which is growing rapidly; and Lazada, which remains stable and resilient.
Rise of instant commerce
Mr Thanawat said the industry is expected to move toward “instant commerce” this year, combining ultra-fast delivery—often within hours—with multi-channel sales strategies.
He noted that large retail and modern trade operators have invested heavily in technology, strengthening their online platforms and integrating them with offline operations. This omni-channel approach could help them compete more effectively with foreign e-marketplaces.
Brands, he said, must adopt diversified sales strategies, including instant commerce platforms such as Line and Grab, partnerships with modern trade retailers that have online capabilities, affiliate marketing, and direct-to-consumer websites that allow brands to retain control over customer data.
“Local companies can still survive by leveraging their offline strengths,” Mr Thanawat said.
He added that vertical marketplaces focused on specific sectors—such as home and living (DoHOME, HomePro) or electronics (Jib)—still have growth potential.
Shopee, meanwhile, is expanding into instant commerce by rolling out fast-delivery services and targeting offline merchants.
“This mirrors China’s Taobao model, where deliveries can arrive in under an hour,” Mr Thanawat said.
Kulthirath Pakawachkrilers, president of the Thai eCommerce Association, noted that NocNoc had never reached breakeven during its six years of operation. By comparison, Shopee and Lazada took more than a decade to become profitable.
Data from business analytics firm Creden Data shows that BetterBe generated revenue of more than 322 million baht in 2024, down 21.8% year-on-year, while posting a loss of 1.12 billion baht.
Between 2015 and 2024, BetterBe recorded accumulated revenue of 3.26 billion baht and accumulated losses of 4.52 billion baht, having reported losses every year since 2017.