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Thailand’s e-commerce market is expected to grow by 6.1% by year-end and Society Pass plans to be listed in the US stock market

According to a recent research report and estimation of Thailand’s Electronic Transactions Development Agency (ETDA), the E-commerce market of the country is expected to grow 6.1% to THB4 trillion (US$120 billion) this year. And the reason for this is cited to be the sudden focus which the companies are giving towards B2C businesses in the country.

According to sources, e-commerce in Southeast Asia might have reached 35% annual growth last year. And Bangkok Post further states that Thailand’s ETDA reached its conclusion by surveying 3,600 companies in eight major sectors and reached a consensus that direct-to-consumer (DTC) has become a common way for the companies to sell and market goods.

ETDA also stated its findings that people are growing more accustomed to using online services for daily activities amid the pandemic. This includes ride-hailing services and food and consumer goods deliveries and the major thing here is that e-commerce platforms usually provide bigger promotions to attract customers.

Though it is a fact that the e-commerce industry has decreased from THB4 trillion in 2019 to THB3.7 trillion in 2020 due to the pandemic. But more and more small- to medium-sized companies are now turning to e-commerce to gain benefits in the long run.

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In 2021, after the world has quite adjusted to the situation from a pandemic, small- and medium-sized companies are expected to contribute THB1.9 trillion to the e-commerce industry, making it grow from THB1.5 trillion from the previous year.

Reports are coming from Vietnam that Society Pass is planning on becoming the first Vietnamese e-commerce company that will be listed in the US stock market. This will boost the country’s already booming e-commerce market.

The founder and CEO of Society Pass have stated that the company will be continuing its mergers and acquisitions to increase its revenue and also to expand its user and vendor base. The company aims to raise US$17-22 million in NASDAQ through IPO. Last year, the company reported US$52,400 in revenue and US$3.8 million in a net loss.

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Nivedita Bangari
Nivedita Bangari
I am a software engineer by profession and technology is my love, learning and playing with new technologies is my passion.
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