E-commerce boom fuels speed economy
Thailand is progressing into the “speed economy” era, driven by the rapid expansion of e-commerce, forcing consumers, merchants and financial service providers to adapt to a faster-paced digital marketplace.
Quicker Buying Decisions
Online shoppers are making purchasing decisions more quickly than ever, resulting in a shorter customer journey, particularly for credit card spending, said Natthasit Suntranu, chief marketing officer for credit cards at Krungthai Card Plc (KTC).
KTC, one of Thailand’s leading cre- dit card providers, recently partnered with the Thai e-Commerce Association (THECA) and the Thailand Content Creator Association (TCCA) to host a KTC Fit Talk on the speed economy, raising awareness among consumers and merchants about emerging trends and how to adapt to them.
“The faster purchasing decisions are partly driven by promotional campaigns offered by e-commerce platforms, such as double-day sales, payday promotions and flash-sale programmes,” he said.
Platforms also adjusted their delivery strategies to meet consumers’ expectations for convenience. Many now offer next-day or same-day delivery, allowing customers to place an order in the morning and receive it by the afternoon.
According to Mr Natthasit, KTC cardholders are making purchases more frequently, although the average transaction value has declined to 800-1,000 baht per purchase.
In response to these changing patterns, KTC partnered with major e-commerce and food delivery platforms such as Shopee, Lazada, TikTok, Grab and Line Man to introduce promotional campaigns and spending privileges.
During the first four months of this year, KTC’s credit card transactions on these platforms increased by 25% year-on-year.
Spending through online platforms accounts for 40-45% of total KTC card spending.
The company targets 18% growth in online platform spending this year.
As the speed economy accelerates, KTC is emphasising payment security. The company continues to strengthen its cybersecurity systems and upgrade technology to keep pace with increasingly sophisticated financial threats.
“In a speed economy, consumers should prioritise payment security, always verifying transactions carefully to avoid falling victim to scammers,” Mr Natthasit said.
SME Opportunities
The speed economy also creates significant opportunities for Thailand’s small and medium-sized enterprises (SMEs), while supporting the continued expansion of the country’s digital economy, said Kulthirath Pakawachkrilers, chief executive and co-founder of TeC e-Business Centre and president of THECA.
Citing data from Priceza, she said Thailand’s business-to-consumer e-commerce market is expected to reach 1.6 trillion baht in 2026, while the business-to-business segment is projected to be worth between 600-700 billion baht.
Thailand ranks second in Southeast Asia for e-commerce market size, behind Indonesia.
The country’s e-commerce sector is expected to grow 10-20% annually over several years, reflecting the digital economy’s role in driving the Thai economy, said Ms Kulthirath.
This forecast offers opportunities for Thai SMEs to expand their presence on e-commerce platforms and strengthen their businesses, she noted.
Improvements in digital skills and adoption of artificial intelligence (AI) are expected to enhance business competitiveness, according to THECA.
The association plans to support local SMEs in expanding into high-potential regional markets such as Vietnam, Indonesia, the Philippines, Hong Kong and China, while leading Thai SMEs to participate in the Global AIE Expo 2026 in China later this year, said Ms Kulthirath.
Creator Shift
As e-commerce evolves, the speed economy is giving rise to the “creator economy” and the “live economy”.
Suvita Charanwong, chief executive and co-founder of Tellscore as well as vice-president for ethics and professional governance at TCCA, said businesses must adapt by developing skills in live commerce and creator-led marketing.
“The creator economy is shifting from a focus on visibility to an emphasis on credibility and long-term relationships with consumers,” she said.
As a result, creators are no longer simply content producers. They now play a crucial role in connecting information, experiences and trust with consumers’ purchasing decisions in the digital marketplace, said Ms Suvita.
This trend is reflected in the growing influence of micro-creators with niche follower communities. While their reach is smaller than that of major influencers, they often generate stronger and more consistent engagement, particularly in sectors such as beauty, food, gadgets and personal finance, she noted.
Key opinion leaders with tens of thousands of followers can generate strong business results without needing the hundreds of thousands of followers that were once considered necessary.
“Beyond advancements in technology and content creation, trust remains the most important factor in sustaining business growth amid intensifying competition in the online marketplace,” Ms Suvita said.
Source – Bangkok News
