Thailand e-commerce payments to surge image credit shutterstock

The Thailand e-commerce market is growing at a fast pace and is expected to surge by 13.7% in 2024, driven by growing consumer preference for online shopping and strong internet penetration, reveals GlobalData, publishers of EPI.

GlobalData’s E-Commerce Analytics reveals that Thailand e-commerce market registered a compound annual growth rate (CAGR) of 11.1% between 2019 and 2023 to reach THB2trn ($58.7bn) in 2023. The market is set to increase at 13.7% growth in 2024 to reach THB2.3trn ($66.7bn) in 2024.

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Ravi Sharma, Lead Banking and Payments Analyst at GlobalData, said: “Thailand boasts one of the largest e-commerce markets in Southeast Asia, supported by a large young population and rising internet and smartphone penetration. 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.”

GlobalData 2023 Financial Services Consumer Survey

GlobalData’s 2023 Financial Services Consumer Survey reveals that over 92% of consumers in Thailand shopped online in the past six months while only 4% never shopped online.

Among the various tools used for e-commerce purchases, bank transfers are the most preferred and accounted for 38.2% share in 2023. Bank transfers are followed by alternative payment solutions, collectively accounting for 24.4% of e-commerce transaction value, with some of the leading brands being TrueMoney, PayPal, and ShopeePay.

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Payment cards are also increasingly used for online purchases, accounting for 21.6% of e-commerce transaction value in 2023. This can be attributed to the convenience, pricing benefits such as cashback, discounts, and reward points as well as instalment payment options available with these cards.

Despite the growing preference for electronic payments, a notable share of online purchases is still paid for in cash, partly due to concerns around online payment fraud.

Sharma concluded: “Thailand’s e-commerce landscape continues its upward trajectory and is poised for substantial growth between 2024 and 2028, with an anticipated compound annual growth rate of 11.2% in transaction value to reach THB3.5 trillion ($101.9 billion) in 2028.”