The UTCC Lists E-commerce As One of The Top 10 Rising Industries In 2024
Jayson 04 Jan 2024 11:21
According to Thai media sources, the University of Thailand Chamber of Commerce (UTCC) has listed e-commerce as one of the country's top ten rising industries in 2024.
The size of Thailand's online retail industry is expected to grow from 634 billion baht in 2023 to nearly 700 billion baht in 2024, according to the Thailand E-Commerce Association.
There were 41.5 million online shoppers in Thailand in 2023, with an average spend of 8,840 baht, up from 30.2 million users in 2019, with an average spend of 2,970 baht.
The association said platforms such as Lazada and Shopee are expected to shift their strategies from subsidies and discounts to profitability and sustainability after experiencing huge losses over the past decade.
TikTok Shop entered the market by positioning itself as "shopping entertainment" and using a heavy marketing campaign. These promotions create growth momentum through live commerce and short videos.
Recently, TikTok also launched TV ads, signaling an attempt to increase its brand awareness, while platforms like Lazada are focusing more on gamification strategies to entice users to spend more time on their platforms.
In response to the rise of TikTok Shop, Shopee has provided more discount codes and activities on Shopee Live and the short video platform.
The size of Thailand's online retail industry is expected to grow from 634 billion baht in 2023 to nearly 700 billion baht in 2024, according to the Thailand E-Commerce Association.
There were 41.5 million online shoppers in Thailand in 2023, with an average spend of 8,840 baht, up from 30.2 million users in 2019, with an average spend of 2,970 baht.
The association said platforms such as Lazada and Shopee are expected to shift their strategies from subsidies and discounts to profitability and sustainability after experiencing huge losses over the past decade.
TikTok Shop entered the market by positioning itself as "shopping entertainment" and using a heavy marketing campaign. These promotions create growth momentum through live commerce and short videos.
Recently, TikTok also launched TV ads, signaling an attempt to increase its brand awareness, while platforms like Lazada are focusing more on gamification strategies to entice users to spend more time on their platforms.
In response to the rise of TikTok Shop, Shopee has provided more discount codes and activities on Shopee Live and the short video platform.
