Thai e-commerce Businesses
Why are your online sales slow? Why are you constantly promoting but no one buys your product? Why are the mentioned still happening when online shopping amongst Thais are significantly increasing? Before we answer these questions, here are some numbers to guarantee that e-commerce in Thailand is still as hot as ever accordingly to Kasikorn Research Center.
- In 2017, it was valued at 214 billion baht
- In 2022, it is estimated to increase to 470 billion baht
With sales valued at over billions in an age where there is an infinite list of online stores, it is easy to launch businesses but not as easy to grow them. As an entrepreneur, what should you do? Will good products and quality service be enough to meet the demands of online customers?
With high competition in online business and the arrival of Jack Ma’s Alibaba, which has taken a plunge into Thailand with the sales of 80,000 durians in 1 minute, e-commerce is now hotter than April’s scorching weather. The joint investment between the Thai government and Jack Ma looks like a big deal. While it will create more opportunities for Thai e-commerce to grow, many people are concerned that Thai businesses that are currently importing Chinese products will be highly affected. To defeat this huge wave of online commotion, what can online entrepreneurs do to attract sales when consumers are using just a split second to make a purchase? In the beginning, it is important to understand the behaviors of online shoppers.
- What are they looking for? What are the best-selling products? These answers should come in line with products that solve problems in life while also offering new experiences.
- To respond to these questions, sellers should make it convenient for online shoppers to make purchases, use fresh and attractive promotions such as implementing flash sales, giving away discount coupons to returning customers, and doing personalized marketing to make customers feel closer to the business and thus continue to buy products with you.
How will personalized marketing help e-commerce businesses? According to studies made by BrainSINS, this kind of marketing attracts greater sales as it is catered to the narrowly targeted customers. This strategy can draw in up to 73% more shop visits and up to 46% sales when compared with regular online marketing strategies. Personalized marketing certainly impresses customers in the long run, while the business continues to make sales.
