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16 Mar 2023


Cyber threats may cause consumers to purchase goods via B2C e-commerce with extra caution (Current Issue No.3389 Full Ed.)


        Cyber threats may have an impact on consumer confidence in using B2C e-commerce. According to KResearch’s survey findings, ongoing cybersecurity issues have affected consumer behaviour in making online purchases. Around 70 percent of surveyed respondents have assumed a more cautious stance in choosing online stores, payment methods and reliable logistics services.
        KResearch estimates that current cybersecurity problems may not significantly affect sales in the B2C e-commerce market. As evidenced, the volume of payment/transfer transactions via mobile banking in 2022 grew by 43 percent YoY. However, cyber scams may have an impact on consumer confidence in terms of behavioral adjustments in using e-commerce platforms. Consumers may need to make online purchases with extra caution. In 2023, B2C e-commerce is expected to grow at a slower pace, with market value projected to increase by 4-6 percent YoY, down from an average growth of 27 percent per year during the pandemic. The slowdown is mainly due to limited consumer purchasing power, pressured by rising costs of living, and an increase in spending outside the home following improvements in the COVID-19 situation.

        Looking ahead, KResearch holds the view that B2C e-commerce will still face security risks caused by the dynamic development of digital technologies, and more sophisticated cyber threats even if consumer purchasing power sees improvement. These issues may affect consumer confidence towards product purchases through B2C e-commerce. As a result, collaboration among all related parties in the value chain, and adjustments of businesses focusing on security management, would be key factors to bolster consumer confidence in service use. This would also benefit long-term competitiveness amid the market that is approaching a maturity stage, as shown in the recent decline in Thai population figures, and intensified competition among players.

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