# Thailand’s e-commerce market is expected to grow by 13.7% in 2024

- Link: https://www.thailand-business-news.com/business/145526-thailands-e-commerce-market-is-expected-to-grow-by-13-7-in-2024
- Published: 2024-06-11T10:03:57+07:00
- Author: Abhishek Prakash

The Thailand e-commerce market is rapidly growing, with a projected surge of 13.7%
in 2024. Factors driving this growth include increasing consumer preference for 
online shopping, strong internet penetration, and rising confidence in online payments.

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## Key Takeaways

 * Thailand’s e-commerce market is expected to grow by 13.7% in 2024, driven by 
   factors such as increasing consumer preference for online shopping and strong
   internet penetration.
 * Bank transfers are the most preferred payment method for e-commerce purchases
   in Thailand, followed by alternative payment solutions and payment cards.
 * Despite the growing preference for electronic payments, a notable share of online
   purchases in Thailand is still paid for in cash due to concerns around online
   payment fraud.

[GlobalData’s 2023 Financial Services Consumer Survey shows that over 92% of Thai consumers shopped online in the past six months](https://www.globaldata.com/media/banking/thailand-e-commerce-payments-to-surge-by-13-7-in-2024-forecasts-globaldata/),
while only 4% never shopped online. Bank transfers are the most preferred tool for
e-commerce purchases, accounting for 38.2% share in 2023. Alternative payment solutions,
including TrueMoney, PayPal, and ShopeePay, collectively accounted for 24.4% of 
e-commerce transaction value.

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The market reached THB2 trillion ($58.7 billion) in 2023, with bank transfers being
the most preferred payment method. Despite the preference for electronic payments,
cash is still used due to concerns about online payment fraud. The e-commerce landscape
is expected to continue growing, with an anticipated transaction value of THB3.5
trillion ($101.9 billion) by 2028.