It is expected to reach $66.7b in 2024.
Thailand’s e-commerce market is set to grow by 13.7% in 2024, driven by increasing consumer preference for online shopping and strong internet penetration, GlobalData said.
According to the report, the market achieved a compound annual growth rate (CAGR) of 11.1% from 2019 to 2023, reaching $58.7b (THB2t) in 2023. It is expected to grow to $66.7b (THB2.3t) in 2024.
Ravi Sharma, lead banking and payments analyst at GlobalData, said that Thailand has one of Southeast Asia’s largest e-commerce markets, supported by a young population, increasing internet and smartphone use, and improving logistics.
“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,” he added.
As per GlobalData’s 2023 Financial Services Consumer Survey, over 92% of Thai consumers shopped online in the past six months, whilst only 4% never shopped online.
Bank transfers were the most preferred payment method, accounting for 38.2% of e-commerce transaction value in 2023.
Alternative payment solutions, including TrueMoney, PayPal, and ShopeePay, accounted for 24.4%, whilst payment cards made up 21.6% of the transaction value.
Despite the rise of electronic payments, a significant portion of online purchases is still paid for in cash due to concerns about online payment fraud.
Sharma said that Thailand’s e-commerce sector is on a strong growth path and is expected to achieve a CAGR of 11.2% from 2024 to 2028, reaching $101.9b (THB3.5t) in 2028.
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