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Thai E-commerce Market Set to Hit 7 Trillion Baht by 2023

According to a recent study by Krungthai Bank, the count of internet users in Thailand has experienced a significant increase of 13.7 million individuals over the previous five years, culminating in a total of 61.2 million internet subscribers.

Thai E-commerce Market Set to Hit 7 Trillion Baht by 2023

The usage of social media is increasing, with platforms like Facebook and Line topping the popularity charts.

Key Takeaways

The upcoming years are expected to witness a significant surge in online shopping, with its anticipated worth lying between 634-694 billion baht. The average growth rate is predicted to be around 6% per year. The most popular items include personal and household care products, food, and beverages.

Over a span of 5 years, there has been a rise of approximately 13.7 million Thai internet users, totaling to about 61.2 million people. There has also been a massive increase in social media interaction, with 52.3 million users, primarily utilizing platforms like Facebook and Line.

There has been a noticeable shift of various companies towards online platforms, supported by the average 12.4% annual increase in spending on online advertising during the previous five years. Meanwhile, traditional offline advertising has seen a steady 3% yearly decrease.

The rise in internet utilization is credited to the expansion of nationwide coverage by private sector service providers and the government’s commitment since 2019 to enhance internet accessibility. Thailand holds the fourth position in terms of fixed broadband internet speed, and ranks 15th for mobile internet. Almost 70% of Thais rely on mobile phones for internet browsing.

The most visited websites in Thailand include Google, YouTube, and Facebook. Thai consumers are increasingly inclined towards online shopping for goods and services, especially for personal and household care products, food, and beverages.