eCommerce market in Thailand

Thailand is the 18th largest market for eCommerce with a predicted revenue of US$31,804.2 million by 2024, placing it ahead of Poland. Revenue is expected to show a compound annual growth rate (CAGR 2024-2028) of 17.4%, resulting in a projected market volume of US$60,356.5 million by 2028. With an expected increase of 22.6% in 2024, the Thai eCommerce market contributed to the worldwide growth rate of 7.4% in 2024. Like in Thailand, global eCommerce sales are expected to increase over the next years. Seven markets are considered by ECDB within the Thai eCommerce market. Electronics is the largest market and accounts for 25.3% of the Thai eCommerce revenue. It is followed by Fashion with 20.0%, Hobby & Leisure with 19.2%, Furniture & Homeware with 12.1%, Grocery with 8.7%, DIY with 7.5%, and Care Products with the remaining 7.1%.

The online share refers to the proportion of the retail volume that is transacted via the Internet. It includes purchases via desktop PC, tablet or smartphone, both via website or app. Only retail of physical goods is taken into account. In the Thai retail market, the online share is 12.9% and will increase by an average of 8.8% to 18.1% by 2028.

The biggest player in the Thai eCommerce market is central.co.th. The store had a revenue of US$644.5 million in 2023. Store rankings include every store that generates revenue in Thailand. These stores can either have a national focus and only sell in their main country or operate on a global scale. For this evaluation, only revenue created in Thailand was considered.

With 77.8% VISA the most commonly offered payment method of all online stores in the Thai eCommerce market in 2023. Like VISA Mastercard with a share of 75.6% and JCB with a share of 41.1% the payment type Cards is the most common used by online retailers in in the Thai eCommerce market in 2023. Other commonly used payment methods in that market are Bank transfer/cash in advance (Bank transfer) with 67.8% and Cash on delivery (Cash on delivery) with 41.1% of stores offering that payment method to the clients.

Despite Kerry Express's dominant position with 34.2% of online stores opting for its services, the Thai eCommerce market in 2023 remains diverse and competitive. Several other shipping service providers, including DHL, Thailand Post, Flash Express, and EMS World, hold smaller but significant shares, contributing to a dynamic and fragmented market.