Experts estimate Thailand’s e-commerce market value at US$3billion.
The exotic and versatile country of Thailand, home to the world’s most visited city, the world’s ninth tallest statue and the highly acclaimed elephant polo, is also home to nearly 70 million residents. With nearly one third of Thailand’s population avid internet users, experts estimate Thailand’s e-commerce market value at US$3billion.
Mobile tech saturation in the country is astounding, with e-commerce in Thailand boasting 1.7 million Instagram users, 4.5 million Twitter users and a whopping 28 million Facebook users. Even through the recent Bangkok shutdown, e-commerce in Thailand saw a 71 percent increase over three months, with some claiming a 637 percent increase in sales from mobile phones. Last month, YouTube launched a localized site for Thailand as the country’s views topped a billion.
637% increase in mobile E-commerce sales
E-commerce in Thailand holds nothing but favorable forecasts for the future mobile powerhouse. A strong indicator came last month as the country’s second company to launch 4G just delivered a month earlier than expected. 4G availability launches the Thai e-commerce market into global attention, bringing with it a much wider variety of products, services, businesses and exchange methods for Thailand’s consumers.
In 2014, first quarter smartphone sales showed a 25 percent increase from Q1 2013, allowing more users to purchase online and on the go. Coupled with the increase in available 4G speeds, these smartphone sales hold great promise for e-commerce Thailand. Digital content has long been popular in Thailand, but e-commerce via smartphones will only increase the Thai appetite for digital products.
4G availability launches the Thai e-commerce market into global attention
Since 2011, Thailand’s e-commerce sales growth has created an increasingly competitive market. A hurdle every e-commerce company must clear if it wants a corner of the market is viable branding. More physical Thai stores are adding to the e-commerce expansion by taking advantage of target-specific online sales platforms. These “vital e-commerce” trends are creating another avenue for companies to increase their brand visibility.
Thailand’s large numbers of internet users, especially social media participants, makes a comprehensive marketing strategy priceless for an e-commerce organization looking to break into the market.