Last October 25, 2021, Thailand officials approved a bill that allows the regulation of digital platforms to operate in the country. This is issued to maintain the commercial and financial stability of the Kingdom, as well as provide more options for the consumers.
With this in place, entrepreneurs can seize more business opportunities and start their own digital business on platforms like social commerce, food delivery, search engines, and more. But if you want to gain maximum profit in your new business venture, take a look at some of the lucrative digital platforms in Thailand.
E-commerce
In this day and age, people are always seeking convenience from technology. For this reason, most Thai residents would rather go online to purchase products than go to physical stores. According to statistics, up to 75% of people shop online at least once a month. In Thailand, 52.3% of users are visiting E-commerce websites, and it is expected to grow to 61.8% by 2025.
E-commerce is thriving in the country and shows no signs of slowing down. This shift in behaviour has increased the rate of online shopping in the country, which opens a window of opportunity for you to venture into.
So, consider building an E-commerce website where you can sell your products and engage with your potential consumers. In doing so, you can better facilitate the interaction between your brand and your customers and build long-lasting relationships.
Delivery
Nowadays, the service industries are some of the biggest contributors to the country’s GDP. With online shopping on the rise, businesses are constantly looking for ways to enhance convenience and consumer satisfaction. This is where delivery companies come into play.
Food and product delivery services have tripled since the rise of the pandemic in 2020. During the lockdown, people relied heavily on delivery services like Grab, Food Panda, Lineman and more to have their orders delivered to their doorstep safely and conveniently. But as new technologies emerge, delivery businesses need to find ways to adapt new strategies to remain competitive.
It’s not enough to partner with traditional restaurants and retail stores when running a delivery service. You need to expand your scope and introduce more niche brands to your consumers through your services. This will give you a unique advantage in this industry.
Digital Marketing
From e-commerce to delivery services, digital technology continues to influence everyone’s way of life. Because of the immense potential it offers, businesses need to invest in technology or other digital platforms when starting their company. One of which is digital marketing.
Like other virtual businesses, digital marketing has experienced an all-time high during the pandemic. Since companies have shifted online, they needed the help of digital marketing agencies to create effective strategies to connect with their consumers.
As of 2021, there are 55 million social media users in Thailand, which comprises 78.7% of the country’s total population. The number is expected to grow to 59 million by 2026. That said, it’s clear to see that this digital trend will increase and remain the most powerful marketing tool for years to come.
When you register a Thai company in the digital marketing industry, make sure to establish a distinguishable brand identity and keep up with the constant developments in the industry. For instance, knowing how to leverage SEO strategies, paid search, and display advertisements to help your clients reach their target market can add significant value to your services. So, be sure to be alert, agile, and adaptable to the evolution of digital marketing.
Virtual Consultancy
Another lucrative digital business venture is virtual consultancy. As individuals and corporations try to grapple with the changing times, they require professional assistance to help them overcome challenges now more than ever. With the power of technology, providing these solutions-based services has become more accessible to a wider audience.
If you have expertise in a certain field, this is a great way for you to share your knowledge while gaining profit.
Conclusion
Because digital platform service businesses are important to the country’s societal and economic prosperity, there is a need to closely oversee their activities. So, before you can operate an online business, you need to register a company in Thailand.
If you require assistance in company registration in Bangkok, contact Reliance Consulting today to engage with our expert team.
