Thailand's e-commerce market is growing rapidly, predicted to surge by 13.7% by 2024. Factors driving this growth include increasing consumer preference for online shopping, high internet penetration, and growing trust in online payments.
Key Takeaways
- Thailand's e-commerce market is expected to grow by 13.7% in 2024, driven by factors such as increasing consumer preference for online shopping and high internet penetration.
- In Thailand, the most preferred payment method for e-commerce purchases is bank transfer, followed by alternative payment solutions and payment cards.
- Despite the growing preference for electronic payments, a significant portion of online purchases in Thailand are still paid for with cash due to concerns about online payment fraud.
According to GlobalData's 2023 Financial Services Consumer Survey, over 92% of Thai consumers have shopped online in the past six months, while only 4% have never shopped online. Bank transfers were the most preferred method for e-commerce purchases, accounting for a 38.2% share in 2023. Alternative payment solutions such as TrueMoney, PayPal, and ShopeePay collectively accounted for 24.4% of e-commerce transaction value.
The market size is expected to reach 2 trillion baht ($58.7 billion) in 2023, with bank transfers being the most preferred payment method. Despite the preference for electronic payments, cash is still used due to concerns over online payment fraud. The e-commerce market is expected to continue to grow, with transaction volume expected to reach 3.5 trillion baht ($101.9 billion) by 2028.
