The thing about trends is, by their very nature they are always changing. To stay ahead of the curve, businesses must understand that and apply relevant insights to their business strategy and goals. To help you out, here are three trends to underscore the Thai digital marketplace in the remainder of 2020.
Broader Competition
Thailand has a large and thriving e-commerce sector, one dominated by Lazada, Shopee and JD Central. Although most of the brands and products sold are from Mainland China, the sale transaction is based in Thailand. Why? Because Thai shoppers have greater trust in local retailers, particularly when it comes to after-sales care and warranties. This gap in the market suggests that there is big growth potential in the market for Thai brands to jump in and offer broader goods selection for customers.
Direct Commerce
The introduction of a Free Trade agreement in Thailand brought with it the fast and easy importation of goods from across the region. This has meant local retailers have had to scramble to secure their distribution channels. One way to diversify their market share is to set up their own e-commerce platforms, to reach potential customers directly. One of the perks of this approach is the collection of data, one of the greatest tools to help leverage your brand’s positioning. No longer do you need to lose your valuable data to third-party vendors, now you can secure it for yourself, via landing pages and alike.
Social Media is (still!) King
When compared to the rest of the world, Thailand is still a market leader in social commerce. Thai people love to browse and purchase goods via social media platforms more than anywhere else. At present, Facebook and its various brands are preferred 61% of the time, with its closest rival being the instant messaging app LINE at 39%. Undoubtedly, for any brand trying to penetrate the Thai market, it is essential that they invest heavily and assiduously monitor and update their social media presence.
If you are looking to expand your business or need a strategy boost, feel free to reach out to us today for a no-obligation consultation. We are more than happy to assist.
Source: Priceza
