Online comprises only 2% of the 3.3-trillion-baht retail sector, indicating huge potential for e-commerce growth in Thailand.
The market value of the online customer-to-customer segment is 280 billion baht, or four times higher than the business-to-consumer segment at 70 billion, reflecting the power of social commerce in Thailand.
According to a seminar held yesterday under the theme “KTC Fit Talks” held by Krungthai Card, online merchants must be quick to respond and have a personalised approach when dealing with customers by using data analytics and artificial intelligence to ensure the success of online businesses in a digitaldriven market.
Songpol Shanmatkit, chief executive of TV Direct, said consumer behaviour has been moving towards virtual shopping in the past decade, beginning with the advent of 3G wireless services.
E-commerce in the country has been developing for years to facilitate merchants and buyers through payment, logistics and customer service systems.
Meanwhile, the TV business is not dead, but the way Thai audiences consume content has changed.
Mr Songpol said omni-channel or offline-online mixed channels are important for e-commerce businesses to capitalise on the fast-growing market.
For TV shopping, industry groups in Thailand expect the market value this year to rise 35-45% from 2018.
He said the omni-channel platform is a key tool for e-commerce business to capitalise on the digital economy.
Offline and online channels should not be separated, but rather used to cater to customer preferences.
Pittaya Vorapnayasakul, executive vice-president of Krungthai Card, said the company has secured 1.9 million KTC credit cardholders, but only 900,000 KTC credit cards were used for online purchases in 2018.
Last year, online transactions via KTC credit cards grew by 32% from 2017.
The top five online products purchased with KTC credit cards were electronics, cosmetics, fashion and decorative products, and items for mothers and children.
Thanida Suiwatana, chief marketing officer of Lazada Thailand, said the Thai market is a sunrise market with e-commerce market growth of at least 15% per year.
