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

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.

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, 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.

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.