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There are approximately 57 million internet users in the country that are well-versed in the use of digital technologies, mobile, and e-commerce.
The growing internet user base makes Thailand an ideal growth environment for e-commerce businesses. In this article, we discuss some of the latest trends and opportunities for online businesses in the country. Thailand — the biggest social commerce market According to market reports, over 50 percent of Thai online shoppers purchase products through social networks.
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The user base comprises mostly the young: To maximize customer reach in the over-crowded online market, many e-commerce merchants set up Facebook and Instagram pages where they post images and details of their products. This enables online browsers to inquire and discuss the product details directly with the company or the merchant, and further facilitate the deal.
Currently, Facebook and Instagram have upwards of 10, operating online stores in Thailand. Because of their dominance and reach, these platforms must be considered as serious competitors to companies looking to disrupt the e-commerce marketplace in Thailand. Payment preferences Like most emerging e-commerce markets in Southeast Asia, cash reigns as the most popular choice of payment in Thailand.
Approximately 70 percent of the online shoppers prefer cash on delivery COD in the country. Inthe government launched PromptPay service that allows registered customers to transfer funds using only mobile phone numbers or citizen ID. The scheme has already received 14 million registrations by the start of Several other private enterprises and large banks have renewed their mobile application to enable QR code payment, whilst non-banks such as TrueMoney, m-Pay, AirPay promote their services to draw in more e-Wallet users.
Logistics The continued expansion of e-commerce business has increased the demand for logistics space and brought about significant changes in the supply chain and logistics operations in Thailand.
Several courier companies have launched their cost-effective and high-quality logistics services and brought domestic end-to-end delivery to the market. Many companies have established central warehouses, along with smaller drop-off and pickup point across the country, to sustain the rise in demand.
For small and medium enterprises, this means greater convenience and a quicker process to deliver to their consumers, at much lesser cost. Opportunities for businesses The Digital Thailand 4. The initiative has increased internet adoption, and encouraged businesses — especially small and medium enterprises in remote areas, to use e-payments and e-marketplaces to sell local products and services.
The variety of products sold on e-commerce platform is, too, expected to grow significantly. Some of the key verticals of the Thai e-commerce industry are discussed below.
Electronics and media Currently, electronics and media is the leading e-commerce vertical in terms of total sales. Recording a robust growth inthe sector is estimated to grow rapidly in the next five years with the ongoing proliferation of online and mobile games in the country.
Fashion and beauty Fashion and beauty is the fastest growing and the most competitive online market segment in Thailand. Furniture and appliances Revenue in furniture and appliances amounted to million in and is expected to show an annual growth rate of Food and personal care Food and personal care is the smallest yet an important e-commerce market segment, comprising sales of food and beverages, cosmetics, pharmaceutical and medical products.Watch video · So what Amazon has is a retrofit strategy for connecting smart appliances to its e-commerce operations and a future-facing strategy for the coming flood of connected devices.
ecommerce business plan template The preferred format online retail store business plan template for investors, SBA, banks and angel investors in MS Word format.
You don't have to create your own contents from scratch or delete most of it as may be the case with a sample business plan. E-Commerce or Electronics Commerce is a methodology of modern business, which addresses the need of business organizations, vendors and customers to reduce cost and improve the quality of goods and services while increasing the speed of delivery.
Keywords: E-Commerce, online stores, business models, strategies INTRODUCTION E-commerce is playing a more important role in the business plan and the operating infrastructure.
The reality is there are no barriers to entry for an online ecommerce business (as compared to traditional brick and mortar), so it can be tempting for entrepreneurs to jump right in without a well thought out plan. That’s a lot of growth (and money!), which is why if you’re interested in doing business online, you need to know the ins and outs of the ecommerce industry.
And that’s exactly what this guide is for.