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.
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.”
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.
