Thai Retail Sector Facts and Figures

Fri, 05/07/2021 - 11:35 -- tilalegaladmin
Thailand is rated as the largest economically stable nation in South Asia. Moreover, it is reported as the second-largest economy in South East Asia. If we look at the current stats, the capital city of Thailand, Bangkok, has become a new social hub for the country with several retail business owners booming fast.

The ongoing advancements in technologies and the changing market trends in Thailand have opened new opportunities for the business owners in the country. Whether you are a local resident planning to set up a new business in the country or a foreign investor who wants to create a new venture in Thailand, there are several amazing options to make investments. Moreover, the Thai government has eased the procedures for company registration in Thailand which seems a great opportunity for foreign business owners.

The retail market in Thailand is evolving swiftly with the varying lifestyles of the residents. The country has a huge population of seventy million with extensive buying power. Furthermore, the online buying trends these days have offered more convenience to the buyers with time. Both wholesale and retail sectors these days are following digital trends. These major shifts in the business industry have created new opportunities for investors.

At present times, technology has influenced all business industries where online shopping has become the major driving factor. Furthermore, the Internet of Things has made it easier to sell and track products being sold online as well as offline. However, the price variations at traditional stores and online marketplaces can be a matter of concern for the retail sector.

Other than this, the Thai retail sector is expected to grow more with a stable political environment in the country. The Thai government is welcoming modern trends with growing awareness about the technology. The tech-savvy population these days prefer to shop using high-end smartphones and it helps them to place an order for products on the go. Other than this, social media has become a major driving factor for shopping online. All retail stores these days are promoting their products online using multichannel marketing strategies. These modern age techniques have made it easier for business owners to reach up to an extensive range of audiences.

The overall retail market in Thailand is expected to grow by USD 31,880.8 billion by the end of the year 2023. These sectors include food, apparel, jewelry, and furniture as well. The 12.1 million consumers in Thailand are currently making a purchase online. It may increase up to 13.9 million by the end of 2021 and the number is expected to grow by 15% in the coming five years. The eCommerce business value is expected to double from the year 2015 to 2021. With this, the Thai retail sector may also step ahead of the average growth predictions.

If you are planning to open a new retail business in Thailand, it is good to pick some potential niche areas that could be useful for the Thai community. You can take help from experts to follow legal formalities. Soon you will be able to be a part of the growth trends in the Thai retail sector.

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