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Finance & Economics

Thai e-commerce to surpass 1 trillion baht in 2020: forecast

Aug 17, 2020

Thailand is among the few countries globally that have been successful in combating COVID-19

Thai e-commerce

Thai e-commerce to surpass 1 trillion baht in 2020: forecast. Source: pixabay.com

According to GlobalData, e-commerce in Thailand is registering a compound annual growth rate of 12.2% between 2016 and 2020 to reach 1.1 trillion baht in 2020.

The report states that a large young population, Internet and smartphone penetration, coupled with growing consumer confidence in online payments drive this growth.

Amid the pandemic, online shopping turned into a new normal in Thailand. The value of e-commerce transactions is forecasted to rise at 14.8% in 2020, the highest since 2017.

The COVID-19 pandemic had a major impact on the Thailand economy. While it has resulted in a decline in consumer spending, on other hand, it has paved the way for e-commerce growth sharply. Thai consumers’ familiarity and comfort in using digital payments enabled a smooth shift from offline to online channelrn
Ravi Sharma, Lead Banking and Payments Analyst at GlobalData

We’ve reported that?as long as job losses reduce incomes and stress household finances, consumer demand will keep weakening, further destroying workplaces. As a result, those losses will affect personal finances and limit spending intentions.

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