Digital technology has transformed various industries in Thailand. This blog explores its impact on both businesses and customers.
Businesses are turning to e-commerce and AR/VR to reach new customers and provide memorable customer experiences, but these technologies must still be improved to address issues like infrastructure constraints and digital literacy. This Blog Will Show You About The New Digital Technology in Thailand
E-commerce
E-commerce in Thailand has experienced rapid expansion due to increased internet and mobile phone use, improved logistics and payment systems, as well as greater consumer trust. E-commerce is also a vital element of Thailand’s Agenda 4 initiative which seeks to modernise economic infrastructure in the country.
Thai e-commerce market is worth over US$10 billion and presents numerous opportunities for foreign companies, while creating employment in customer service, logistics and digital marketing sectors. Furthermore, this market has driven SME growth with competitive online commerce and digital marketing solutions becoming more accessible to SMEs and entrepreneurs.
Thai consumers purchase online products via various platforms, including e-marketplaces such as Shopee and Lazada, individual seller websites/apps and social media channels such as KOL commerce (key opinion leader) which utilises influencer recommendations to drive sales. Furthermore, live stream shopping is becoming an increasingly popular trend allowing customers to buy items directly from brands/retailers while watching them use them firsthand.
Telemedicine
Telemedicine has become an essential component of Thailand’s healthcare system, offering patients access to consultations and diagnoses from the convenience of their own home, removing barriers to receiving care. Telemedicine reduces hospital visitation costs while increasing patient convenience – ultimately improving healthcare accessibility overall.
As we face an ever-increasing shortage of healthcare professionals and limited healthcare resources, telemedicine offers an efficient solution. Telemedicine enables physicians to focus more closely on those patients most in need while streamlining many healthcare processes – ultimately increasing patient satisfaction and overall quality of care.
Government agencies and digital platform providers are working closely together to foster the advancement of telemedicine. One such partnership between National Health Security and a healthtech startup has allowed hospitals to connect with physicians via long-distance video calls, with plans to expand this service throughout the nation in future years; provided however that they meet all applicable medical standards and ethics imposed on healthcare providers.
Blockchain
Blockchain is a decentralized ledger used to record and verify transactions without the need for a central authority. As its popularity rises in Thailand, its use is growing for managing financial assets, digital contracts and supply chain traceability – with Charoen Pokphand Foods Public Company Limited (CP), Thailand’s leading food exporter planning to adopt blockchain for chicken and shrimp products as part of their supply chain management practices.
Blockchain can reduce costs for all parties involved in transactions by eliminating redundancies and errors as well as making information easily accessible from a central database.
Analysis of blockchain research in Thailand indicates its rapid expansion from 2016-20, yet there is still room for further expansion. Research can be divided into three groups: framework, implementation guidelines, and adoption; the first being more technical with focus on framework/software solutions while the latter two focus more on implementation/adoption/implementation strategies of blockchains.
Cryptocurrency
Cryptocurrency has rapidly gained prominence as an alternative investment, widely utilized in trading and gambling activities as well as being accepted in numerous businesses including tourism sector operations.
Thai authorities have welcomed cryptocurrency’s growth as it provides businesses with additional means of raising investment capital, but remain wary of how its effects might impact Thailand’s financial stability and economy; work is underway to establish clear regulations so the sector can develop safely.
According to a YouGov RealTime Omnibus survey, more than three-quarters of Thai people are aware of cryptocurrency and half own it, with Ethereum and Bitcoin the two top choices being owned most by Gen Xers and 4/5 of holders citing investment value as their reason for purchasing coins. Furthermore, Thailand recently announced it would relax tax regulations regarding cryptocurrency trading until 2023 in order to boost this sector.
