KResearch projects that the turnover of online platforms or B2C E-commerce (products only) will likely expand by 30%YoY in 2021 to approximately THB 300 billion. Supporting factors include the COVID-19 pandemic, which has altered consumer behaviors including the number of buyers and product diversity, and the adjustment of business operators in the supply chain, both in terms of online delivery and payment channels, all of which help to promote and shore up consumers’ confidence. Essential goods such as food and beverages are estimated to grow well during the COVID-19 pandemic, accounting for more than 33% of the total market value, followed by health care and beauty products at 23%, with the remaining 44% being non-essential or non-food items such as fashion products, furniture and home decorations, electronic devices and personal care products.
However, KResearch believes that while the B2C e-commerce market will continue to expand, business operators may face more challenging business issues as the number of market players increases in contrast to the purchasing power of consumers who remain cautious in their spending. Meanwhile, the growth in e-commerce may not be due to an increase in overall consumer spending, but rather a shift from the original purchase of goods through physical stores to online platforms, especially for food and personal care products, making it a challenge for business operators to adapt in each sales channel to match changing consumer behavior. Looking forward, new technology may lead to a new competitive landscape within the retail business; therefore, resiliency in adapting operations to consumer behavior is critical. Presently, some major business operators on online platforms are seeking for new ways to increase revenue or expand their investments in other businesses such as finance, logistics, etc.
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