Retail in Asia


Will Thailand’s e-Commerce ‘cashless’ boom disrupt Asia’s retail market?

Thailand’s e-commerce market is booming and shaping up to be one of Asia’s top performers. With the imminent start of the government’s national e-payment system, aimed at making Thailand a cashless society, it’s expected to see double-digit growth.

“Thailand will be the hub of e-commerce and e-payments among ASEAN Economic Community (AEC) by 2017,” predicted  Kulthirath Pakawachkrilers, an e-commerce specialist and the managing director of Joyfulness Co., a Bangkok-based technology consulting firm.

The value of the e-commerce market was forecast to be 2.1 trillion baht ($58.4 billion) in 2015, a 3.65 percent raise from 2014, reported the Electronic Transactions Development Agency (ETDA), a Thai governmental agency.

According to Sebastien Lamy, a partner at Bain & Company and expert in the firm’s digital practice, “11 million consumers are [currently] doing online purchases in Thailand,” with this number expected to double in the next three to five years.

(Image credit: Dario Pignatelli/Bloomberg)

(Source: Forbes)