The key challenge for brands looking to go online successfully in Thailand is a lack of actionable data and insights into consumer behavior. Should they build their own platform or leverage existing sites?
Scraping together details of metrics like web sessions, device used, and peak shopping times give a generic and high-level overview of the industry but what’s more difficult to ascertain is the mapping of consumer segmentation; consumer income levels, demographics, popular categories, and other key takeaways brands can utilize when determining their go-to market strategy.
Through an in-depth survey aimed at understanding the Thai online consumer, ecommerceIQ pieced together a holistic understanding of how to do ecommerce successfully in the market.
There was a total of 1,249 online survey respondents spread across the breadth of Thailand to represented the largest captive audience: people with existing access to the internet. They, in theory, would be more amenable towards buying online.
- From a shopper’s perspective, Lazada and Shopee are quite different. Lazada has built its strength in the Mobile & Electronics category, whereas Shopee’s focus is Fashion & Beauty.
- There’s no way around Facebook and Google in Thailand, as these channels are the only way to effectively reach customers online. Offline ads like billboards, magazines, and newspapers still play an important role in the overall media mix.
- Thailand is still early in terms of ecommerce development and this can be seen from its online shopper profiles. Most shoppers look for bargains online and spend small amounts per order, in the low THB 500 – 1,000 range.
- The majority of online shoppers is between 16-34 years old and is evenly split between Bangkok and Non-Bangkok provinces.
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How will oil prices shape the Covid-19 recovery in emerging markets?
– After falling significantly in 2020, oil prices have returned to pre-pandemic levels
– The rise has been driven by OPEC+ production cuts and an improving economic climate
– Higher prices are likely to support a rebound in oil-producing emerging markets
– Further virus outbreaks or increased production would pose challenges to price stability
A combination of continued production cuts and an increase in economic activity has prompted oil prices to return to pre-pandemic levels – a factor that will be crucial to the recovery of major oil-producing countries in the Middle East and Africa.
Brent crude prices rose above $60 a barrel in early February, the first time they had exceeded pre-Covid-19 values. They have since continued to rise, going above $66 a barrel on February 24.
The ongoing increase in oil prices, which have soared by 75% since November and around 26% since the beginning of the year, marks a dramatic change from last year.
Following the closure of many national borders and the implementation of travel-related restrictions to stop the spread of the virus, demand for oil slumped globally.
In the wake of the Saudi-Russia price war in early 2020, Brent crude prices fell from around $60 a barrel in February that year to two-decade lows of $20 a barrel in late April, as supply increased and demand plummeted. The value of WTI crude – the main benchmark for oil in the US – fell to record lows of around $40 a barrel last year on the back of a lack of storage space.
While global demand for oil remains low, one factor credited with reversing the trend is the decision to make significant cuts to oil production, which subsequently tightened global supplies.
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