Value of Thai e-commerce nears 6 trillion baht
Insurance sector sees the highest growth as customers ditch in-person shopping for the internet
Like all things digital, the Thai e-commerce market is continuing to grow, with the Electronic Transactions Development Agency (ETDA) reporting that the value of e-commerce in Thailand was projected to reach 5.96 trillion baht last year alone.
The e-commerce industry experiencing the highest increase in value is the insurance sector, with a growth of 31%. Following this is the arts, entertainment, and recreation industry, which grew by 24%, and the retail and wholesale industry, which grew by 13%. Factors influencing the value of e-commerce include consumer behaviour and internet accessibility.
The Department of Business Development reported that over the past six years, the number of e-commerce business registrations increased in both quantity and value. In 2023, there were 1,713 new registrations, an increase of 17.41%, with a total capital of 2.27 billion baht, an increase of 18.12%.
Currently, there are a total of 7,393 e-commerce businesses in operation, with a combined registered capital of over 43 billion baht. Most of these businesses are located in key economic areas, including 2,626 in Bangkok, followed by Nonthaburi, Samut Prakan, Pathum Thani, and Chiang Mai.
