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Thailand’s E-commerce Market Projected to Hit 700 Billion Baht by 2024

Thailand's E-commerce Market Projected to Hit 700 Billion Baht by 2024

The e-commerce industry in Thailand is experiencing rapid growth due to increased internet usage and a rise in online shopping activity, prompting many businesses to enter this sector.

Anticipated to hit 700 billion baht this year, Thailand’s e-commerce landscape is witnessing a surge in business registrations and consumer technology adoption for retail transactions. This expansion has sparked a heightened demand for warehouse space, eco-friendly packaging solutions, and enhancements in the country’s supply chain and logistics infrastructure.

As the market value of e-commerce continues to climb, companies are turning their focus towards last-mile delivery services, digital marketing strategies, and leveraging data analytics from social media platforms to better understand consumer behavior.

In January 2024, the country counted 63.2 million internet users, representing an 88% penetration rate, as reported by DataReportal. With an average daily online time of 7 hours and 58 minutes, Thais are increasingly engaging in various digital activities, notably social media usage, communication services, and online shopping.

Facebook, Line, and TikTok reign as the most popular social media channels in Thailand, with a survey revealing that 66.9% of Thai internet users make weekly online purchases. Over the past six years, there has been a notable increase in e-commerce business registrations, resulting in a growing number of establishments and a rise in registered capital. For instance, 2018 saw 310 establishments with registered capital amounting to 545 million baht.

Consequently, there is a burgeoning demand for warehouse facilities and logistics services to support express delivery needs. The e-commerce upsurge has also steered attention towards sustainable packaging practices.

The Director-General of the Business Development Department foresees continued growth in the e-commerce market value, projecting it to soar to 750 billion baht by 2025.

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