Thai retail innovates with new digital strategies

Thailand embraces advanced digital solutions to enhance retail experiences, setting a global standard for innovation.

With high internet penetration and a thriving e-commerce landscape, Thailand’s retail market is anticipated to see a growth of almost 6% annually, fueled by innovative approaches that blend digital and physical retail experiences, positioning Thailand at the forefront of global retail innovation.

Axel Winter, Chief Digital Officer at Siam Piwat Group, highlights the unique position of Thailand in integrating new technologies with traditional retail models. "I think in Thailand, we see that consumers as well as the retail and property market are always excited about new innovation," Winter explained. 

He said that malls are transforming into multi-service platforms that offer a wide array of services and products beyond traditional shopping. "The mall actually is already offline in an analog way to Super App as it provides a diversity of services and products," Winter said. 

He cites the example of Paragon, a mall that integrates various facilities including an aquarium, and numerous dining and retail options, which can be accessed both physically and through digital platforms.

This omni-channel approach is not just about adding digital layers to physical spaces but creating a seamless integration that enhances customer engagement and convenience. "So maybe the parking arrangement is easier. And then, you know, collecting, buying something online, which you can collect on your next visit, or maybe you just drop by over lunch if you're downtown," Winter elaborates.

On the global stage, Southeast Asia is making significant strides in digital innovation within the retail sector. Winter believes that the region is ahead of more established markets like the United States and Europe in terms of integrating lifestyle with digital commerce. 

"I think definitely Southeast Asia is the leader here on the digital innovation side," he asserted. The proactive adoption of digital strategies in Thailand and the broader region is not only meeting but also shaping consumer expectations and industry standards worldwide.