When 4G wireless broadband meets the population’s eagerness to shop online, Thailand’s e-commerce is set to reach an all time high. By 2020 the country’s e-commerce is set to account for 8 percent of the country’s total retail market, Bangkok Post reports. That number can be compared to the US and China where e-commerce had reached a share of 8 percent by 2014.
- The local e-commerce market for products, excluding online services, will grow rapidly over the next five years, at the same pace as those developed countries, said Seubsakol Sakolsatayadorn, general manager of Ascend Commerce.
Ambitious Expansion Plans
It is previously known that Thailand is leading the way in the e-commerce of South East Asia. The country’s Internet penetration now exceeds 56 percent, which is the average percentage level of the region, and Thai companies see a growing need of going online since that is where the customers are heading.
Ascend Commerce for example plans to invest 5.3 billion baht ($149 million) in expanding its e-commerce presence in the ASEAN Free Trade Area this year.
- We aim to become a dominant e-commerce player in Southeast Asia in 2017, Mr Seubsakol said.