Thailand E-commerce to Grow By 13.7% Based on Increasing Consumers for Online Shopping

Thailand E-commerce - Shopee

The Thailand e-commerce market is experiencing rapid growth and is projected to expand by 13.7% in 2024, fueled by an increasing consumer preference for online shopping and robust internet penetration, according to GlobalData, publishers of EPI.

GlobalData’s E-Commerce Analytics indicates that the Thailand e-commerce market recorded a compound annual growth rate (CAGR) of 11.1% from 2019 to 2023, reaching THB2 trillion ($58.7 billion) in 2023.

The market is expected to grow by 13.7% in 2024, reaching THB2.3 trillion ($66.7 billion) in 2024.

Thailand E-commerce – Lazada

Ravi Sharma, Lead Banking and Payments Analyst at GlobalData, stated: “Thailand boasts one of the largest e-commerce markets in Southeast Asia, supported by a large young population and rising internet and smartphone penetration.

Improving logistics, rise in the number of middle-income families, increasing confidence in online payments, and the availability of alternative payment solutions will further aid e-commerce growth.”

Thailand Shopping

GlobalData’s 2023 Financial Services Consumer Survey reveals that over 92% of consumers in Thailand shopped online in the past six months, while only 4% never shopped online.

Among the various tools used for e-commerce purchases, bank transfers are the most preferred, accounting for 38.2% share in 2023.

Bank transfers are followed by alternative payment solutions, which collectively account for 24.4% of e-commerce transaction value, with some of the leading brands being TrueMoney, PayPal, and ShopeePay.

Ethan Johnson
Ethan's journey into journalism began with a deep curiosity about how businesses operate and evolve in today's dynamic markets. Armed with a degree in Journalism from a prestigious university, he embarked on his career, initially covering local business developments before expanding his scope to national and international commerce news.