Nowadays, there are several key influences for Thai retail businesses, such as e-commerce trend, nationale-payment scheme, government stimulus measures, and digital technology.
The value of e-commerce in Thailand is projected to increase by no less than 10% annually over the next five years. Authorities are now working on the e-commerce tax law draft and obtaining comments from stakeholders.
The Thai government launched the national e-payment scheme to increase the efficiency in the infrastructure of Thailand’s payment system; allowing e-payments to be more convenient in the cashless society. Apart from 2017, national e-payment campaigns which include PromptPay, EDC Machine and QR Code, the government will also implement e-tax invoice, e-withholding tax and e-filing.
Thai Retailers Association (TRA) forecasts that the retail sector will grow 3.8%-4.0% in 2018 and 4.5% in 2019, an increase from the estimated 3.2%-3.4% in 2017. This growth will be mainly supported by government measures to shift funds to lower income people. This includes measures such as shopping tax break, welfare card, year-end shopping and SME measures.
Key digital technologies disrupting the retail sector include mobile applications, smart beacons, internet of things, artificial intelligence, as well as virtual reality and augmented reality.
Partner, Audit Retail, KPMG in Thailand