Month: September 2020

Why Internet Marketing Is Important For Business

Digital space and marketing within it through the internet is what may be defined as Internet Marketing. Web Literacy has gained huge steam in the last decade and digital footprint is continuously on the rise globally. Therefore, it becomes imperative that in the era of binary numbers and cloud space, businesses make the necessary leap to market their products on truly the World Wide Web – the Internet. Whether a Startup or a legendary brand name – the market dictates the terms, and today those terms are clearly for being in the digital space.

Internet marketing has gained huge global currency due to its alignment with the way consumers make purchasing decisions. It helps building relations with customers and prospects through regular, low-cost personalized communication, reflecting the move away from mass marketing as it targets on specific target audience reach.

Ease of Internet Marketing

Flexibility of time and place. Can be reached out from any place at any time.

Global Marketing Influence

Overcoming barriers of distance. Ease of selling goods in any part of the country or even the planet without having to set up brick and mortar local outlets, widening the target market, setting up of exports without opening a network of distributors in different countries and much more. For international reach localization of services are required to ensure that the products are suitable for local markets and comply with local business regulations. Product display and search for suitable distributors and thereafter setting up a chain of network is smooth work with the advent of the Internet.

Cost of Online Marketing

Keeps warehousing costs and inventory costs low along with massive reduction on the establishment set up leading to reduced costs. This feature is very beneficial for fresh startup businesses where capital availability may not exactly be a cake walk.

Demographic Targeting

Internet marketing allows to target the population in terms of demographic information, socioeconomic status, hobbies, interests, or spending habits. Online marketing gives the ability to target audiences based on demography. This allows to concentrate the efforts on the audience to be offered products or services. With internet marketing, it is possible now to target different demographics.

Demographic targeting gives you the ability to target specific customers one thinks are likely to purchase one’s product or hire services. Every time someone visits a website and fills in a form, it gives an idea of who the inclined customers are and eventually helps to strategize marketing of the product and offer schemes as per need of the targeted base.

Relationships with Customers 24/7

Ideal platform for building relationships with customers and increasing customer retention levels by giving personalized products and maintain personal relations viz. wishing on special days.

Increasing Importance of Social Media

Social networking and online revenue growth are closely related. Proper marketing analysis, demography pattern and reach to target audience is required for product positioning to get the desired results. It allows to connect with potential customers and inform them of all the services you offer. It builds brand recognition and fosters healthy competition between businesses. It boosts sales, helps to construct a consist client-base, and helps to make a mark on the world. Internet Marketing increases business’s overall potential, builds reputation, and increases the reach, and is a tool that must be used in order to ensure the  business to be as  successful as it can be..

The many benefits of online business include:

Future Opportunities

Online tools are constantly evolving. To be at pace one should focus on the following:

Relationship Building

With more consumers (and businesses) shopping and researching products online, it’s become critical for companies to recognize the importance of Internet marketing. When one sees how effective Internet marketing is, one can start growing one’s business in brand-new ways.  With the growth of technology, it’s crucial that one has an effective Internet marketing plan in place. Internet marketing helps you continue to grow your business. Internet Marketing is important for a few of the reasons outlined below:

It creates two-way communication

The traditional mode of marketing like advertising, press ads, etc. are kinds of one-way communication. where audience questions or concerns are not being addressed immediately. The importance of Internet marketing lies in the ability to create two-way communication. Customers can be reached through several digital marketing channels. If someone sees the PPC : pay per click ad and has questions, they can find the contact information and reach out. It helps to build a relationship with the audience. This is valuable to the audience because they want to be seen as more than just a number. Customers want to be valued and know that their business matters. They choose companies that value them as an individual

Drive quality traffic

One of the biggest hurdles with traditional advertising is obtaining interested leads. Internet marketing is important because it helps you drive more qualified traffic. It can reach more leads that are interested in the specific business. The ability to target specific leads helps to drive traffic that takes interest in the company. One can get very precise with one’s targeting to ensure that one is only reaching leads expected to be interested in their business. Effective Internet marketing will help reach the right leads at the right time.

Increases Business Visibility

To attract more potential customers to check out business, one must increase the business’s visibility. It can be challenging to do this through offline tactics because there is less control over who sees the marketing materials.

Multitasking is Easy

The importance of online marketing also includes its ability to run multiple campaigns at once. Provides customers with a quality experience. Millions of customers can be taken care of  at one time when they’re on the website.

Automated, Tech-Savvy Marketing

One-mouse-click automation is the best part of internet marketing. Compared to traditional offline marketing where marketers delegate various tasks to the best hands and talents, internet marketing takes advantage of a more tech-savvy method. With internet marketing, everything can go automated.

Internet marketing gives the chance to turn every aspect of a business’s operations into a fully automated system. The right tool and technology has to be identified after proper research and such that one is on the right track. It is quite beneficial for start up consulting services.

Diversified Marketing and Advertising

Diversification plays an important role in the marketing and advertising campaigns. Diversification means that one can use a variety of tactics and strategies to reach the prospects. With online marketing, diversification becomes a lot easier. For start up businesses this diversification helps to analyze their propositions.

Conclusion

The above discussion drives home the point that Internet Marketing is here to stay and is the numero uno medium of marketing and advertising. Why it has assumed such mammoth importance in the world of Marketing is because it deals with personalized DATA of individual customers derived out of serious and precise human behavioural studies. Such behavioural study is collected through programmed software customized by each business house running the portal or website or digital App. Such data of human behaviour today has been given the new coinage of ‘New Oil’ or ‘New Gold’. The importance of behavioral data is underscored here by the fact it is being compared to precious metals and resources.

The global Big 4 of Google, Facebook, Apple and Amazon have made billions of dollars$ just by making their portals globally available for advertising to their huge customer base. Above all, the world as we have known it shall now be divided into two eras – Pre-Covid and Post-Covid. In the Post-Covid Era the world has survived and is still in workable shape due to business and global economics having shifted online on the internet. The market is no longer in the brick and mortar houses or stores. The market now is in the computer and in the mobile phones. Cheap data charges and the existing 4G and upcoming 5G technologies are set to revolutionize the world economics the way we know it. Therefore, for all business houses, startups, iconic stores have to adopt and adapt the new way of marketing- Internet Marketing.

Contact the Startup Specialists if you would like any assistance in Sales and Marketing techniques or handholding support for doing business in Thailand

Take a FREE Online Consultation here or get essential tips by downloading this e-Book on how to Startup in Thailand

Interesting Reads: 

Thailand 4.0
Sales and Marketing in Thailand
Virtual Director – Your Man Friday for Asia
Thailand Digital Scenario-technology focus
How important is the online reputation for your business?
How essential is blogging in business?
What are your biggest challenges while promoting your business online?

The post Why Internet Marketing Is Important For Business appeared first on StartUp in Thailand.

Source: Asian Correspondent

5 essential things people often forget while considering a Business Startup

The idea of setting up a business in Thailand seems like an exciting and lucrative idea for one and all. Starting a business in Thailand is comparatively easy than to keep it running and reap profits from the very first year.

Thailand has always been one of the foremost choices for one looking for setting up a business in Thailand or a branch of the Asian office. But before setting up a proper structure and investing in the same. It is important to weigh out all options.

A business idea emerges from a superlative, path breaking idea or out of requirement. One starts small with a basic idea and an overview of the basic methodology that is wanted to be followed. But, while fleshing out the more intricate, most essential parts are almost always missed out.

Listed below are five essential things that one forgets while establishing a company in Thailand.

Basic Business Concept Should Never Be Over Complicated

The best of anything is its simplicity. When starting a business, the basic idea that lets one go is a simple concept. One should make sure, that while setting up the business in practical, the basic idea is not lost and turns into something too complicated. Overly complicated ideas get too expensive.

One should always start small with a definite goal.

Thailand has always been the first preference for foreign nationals owing to its lucrative geographical location. But, understanding, reviewing the business concept in a foreign land needs expert hands, one that can only be provided by startup consulting services & consulting firms in Thailand.

Focus on the market instead of the product

While setting up a business, almost all forget to take the existing market into consideration and concentrate more on their own product. Startups should concentrate more on delivering a customer need oriented product to create a want for their business. The basic rule of succeeding in a business is to create a market share of one’s own. One should focus more on creating their own niche.

An existing market structure and demand can only be understood by the experts who are dealing with all the markets and businesses of all kinds. Hence, startup consulting services in Thailand bridge this gap and help one understand the market better.

Over Estimation of Costs Is Imperative

Working out costs and creating a budget for oneself is one of the foremost steps to establish a business. In this regard, it is always advisable to overestimate costs and keep some room for betterment. One should always be prepared for the worst and have enough funds ready to tackle any hiccup. Not all expenses will always be in the green. One should always be prepared for exigencies.

Startup consulting firms in Thailand help sketch out all the necessary costs and work out a cost also includes allocated funds to be used in times of emergencies.

Support Team Is Extremely Important

A business cannot be run by oneself entirely. One needs to establish a support team from the very initial days. A strong in-house support team is what works best, so that in terms of crisis one can easily fall back on them for management. One should always have a strong support team to tackle all situations.

Startup consulting firms in Thailand form the perfect support team for all business startups. They have all the required knowledge and experience. In times of crisis, the consulting startup are pre equipped to deal with a situation better.

Initial Income Generation

When setting up a business, a lot of investment is poured in. More than financial investments, emotional investments also play a major role. Rotation of investment and generation of income is important to keep the energy up in a newly established business. One should always look for ways to generate income from the very beginning.

While setting up a business, if the help of startup consultants are taken, then a concrete business plan is put in place before, actual investments are put in.

Starting a business has never been easy. There are a ton of factors and conditions that need to be creased out before, putting the actual plan into action. The above-mentioned points are some of the crucial factors that need to be considered. Also, these are some of the points that most of the people forget while setting up a business. Thailand, is extremely receptive towards foreign businesses and these go a long way. The hiccups of the initial few years can easily be taken care of by the startup consultants.

There are also many more points in the nitty gritty that are to be combed through to avoid any mishap in the foreseeable future. But, establishing a business is also a matter of extreme patience, hard work and understanding the key knowledge of all aspects the business deals in.  Business startup consulting services deal with all the key knowledge areas and help in setting up a strong foothold in the market.

The main challenge for any business is to create a niche for oneself. The sooner it happens, the easier it is for a startup to get a strong foothold in the market. The creation of the niche for a business can only be done by an expert who has a strong understanding of the market and has influential relations in the market. It is nearly impossible for a foreigner or even a local resident to establish such connections, develop key area knowledge, understand, and execute operations for the smooth running of a business. If one plans on doing everything by one own self, then either the business suffers terribly from the initial stages because of such trial and error procedures or the income generation is delayed by such periods of time that a business is considered a failure even before proper steps have been taken for sustenance.

Hence, it is imperative before starting a business, to chalk out all important and essential points to consider to ensure smooth running of the business.

Contact the Startup Specialists for doing business in Thailand.

Startup in Thailand  is the only company in Thailand to provide a single-window solution for all business startup and expansion requirements: Startup Consulting Thailand Market Entry Legal assistance Serviced Office | Factory Setup | Representation | Recruitment Services | Accounting Operations Buying & Sourcing Distribution | Sales & Marketing | M&A Regional Business Development | Project Management

Few More Interesting Reads :

The post 5 essential things people often forget while considering a Business Startup appeared first on StartUp in Thailand.

Source: Asian Correspondent

Top 6 Digital Marketing Trends in Thailand

Marketing moves at a lightning speed. New trends and techniques pop up and transform the way businesses attract, connect with, and market to their audiences. But keeping up with these changes is not always enough. It is important at the very least to keep up with emerging trends other than keeping up with developments in the industry to stay ahead at the game.

Thailand is one of the most desired spots for all economic activities in Asia. Business in Thailand is always at top speed turning startups to full-fledged established businesses in no time.  In the last decade, the digital marketing trends in Thailand have moved at a speed that keeps most digital marketeers grappling with the situation.

Owning a business in Thailand gives any startup the extra push that is needed to establish a strong foothold. Marketing and promotional activities are given special attention in Thailand. There are many marketing consultants in Thailand that help businesses create promotional plans to market themselves in a correct manner. This vastly helps to not only do business in Thailand but also overseas.

Digital marketing is an ever-evolving marketing trend that has replaced older versions of promotions. New technologies are constantly influencing the world of marketing and to stay ahead of the game one needs to be quick to adapt. Though, what happens next in the world of digital marketing is a mystery yet to be unfolded in a concrete manner; the trend shows what could be the top 6 digital marketing trends in Thailand in 2021.

1. Augmented and Virtual Reality

Virtual Reality has been creating all the buzz around digital marketing for quite a while. But Augmented Reality is a shift that is buzzing around for a while. Augmented Reality helps give one a taste of what it feels like to use or experience a product or service before confirming a purchase. Virtual Reality is an experience all have been getting their hands on since its inception. It helps one transport to another experience from the comfort of their suitable surroundings. Augmented Reality will help one experience the unknown in a much more feasible manner. A company in Thailand will be able to market its product or service to a customer from anywhere in the world, through Augmented Reality. AR negates the need for a large physical inventory for allowing customers to try or experience hundreds in search of the perfect one. Read more – Thailand Digital Scenario-technology focus

2. Marketing Technology

Marketing Technology stack is a grouping of technological tools and software that marketers leverage to carry out and improve marketing activities. Marketing consultants in Thailand use this to plan, create, execute, and measure marketing campaigns. MarTech is a commonly used jargon for Marketing Technology. It automates, streamlines, and simplifies marketing processes, such that it becomes understandable in a common language to all businesses. It is also used to collect and analyze data, give businesses various methods of reaching and engaging with their target consumers. Businesses in Thailand, businesses with branches in Asia, branches in Thailand all can be reached and planned to the optimum using Marketing Technology.

3. Smart Bidding

Smart Bidding is a subset of automated bid strategies. It uses machine learning to optimize conversion value in each & every auction. It is imperative to stay at top of things to stay ahead at the competitive games. Using smart bidding businesses expect increased conversions and better conversion values. Online advertising is the best platform to use the same. Asian business consultants have already prepared to use the same for their businesses. Startups in Asia would reap from the smart bidding, opening avenues to the rest of the world.

4. Shoppable Social Media Post

Most digital marketing efforts focus on social media, where most people spend their time on it. More and more people engross in shopping on these portals. Hence, advertising businesses on social media would be highly beneficial. Consumers come across these ads and are directed to pages or websites where easy purchases can be made. The success of social media falls on the mindset of customers who want a one-stop, or fewest stops experience, which is mostly the case with everyone. All credits to the ever-evolving times, most audiences on the internet are not interested in the same old ads. Creating custom ads feel more personal that ensures customer’s attraction and interest in business ads. A marketing consultant in Thailand is on top of these emerging trends & helps businesses achieve their goals. Messaging apps that come along with social media is also of utmost importance for advertising. Making ads on these platforms can help businesses connect with customers directly their primary means of communication.

5. Video Marketing

Video marketing is on the rise for quite a few years. Among the most video apps watched in Thailand, YouTube is currently the 3rd most used website in Thailand to watch videos, and among the most used video apps along with TikTok, Netflix, and Facebook. Marketers have been taking advantage of these by placing ads on these platforms.  Marketers in Thailand are always ahead of the game by engaging new experiences and improved interaction to generate a more emotional response from consumers.

6. Voice Assisted Search

As digital marketing is reaching newer heights, the use of voice-activated search has improved and increased. With technological advancements, the voice-assisted search is taking on newer meanings. Businesses with better-developed content for voice search will benefit from the same. Marketing consultants in Thailand are mostly privy of the conversational content required; such that the businesses readily respond to conversational content searches.

Digital marketing is a sure shot way to engage with consumers and at such levels that directly cross the barriers of promotions and reach the daily livelihoods of customers. Thailand being one of the most lucrative business locations, has all the setups for a business to achieve targeted goals in the desired span of time. Marketers & startup consultants in Thailand give just the right mix to all the marketing needs. These top 6 digital marketing trends are sure to steal the show in 2021 in Thailand. Read more about Thailand Digital Scenario 

Check out Startup in Thailand’s Integrated Marketing Services offering to know more.

Take a FREE Online Consultation here or get essential tips by downloading this e-Book  on how to Startup in Thailand

Few more Interesting Reads:

The post Top 6 Digital Marketing Trends in Thailand appeared first on StartUp in Thailand.

Source: Asian Correspondent

Constraints of setting up a business in Thailand

Being the torchbearer of the ASEAN Region, Thailand enjoys strong trade agreements with a lot of countries. For businesses planning an expansion of their presence in Asia, Thailand’s integral foreign relations & its strategic location, make the country a lucrative choice. Thai business is quite strong with its 69 million+ healthy consumer base, steady growth as a nation, strong exports, abundant natural resources, and a skilled and cost-effective workforce.

Asian offices & businesses with branches in Thailand enable high prosperity and development in all sectors across Thailand. The presence of sound infrastructure and an updated business environment increases the country’s appeal to internationally expanding companies.

The difficulties of starting a business in a foreign land are much more as compared to starting in one’s own country. Initiating a business in an overseas country presents several legal, taxation, and regulatory challenges. On the other hand, considering the supportive Thai Government, present conditions make it feasible to start a business in Thailand as compared to other countries. The few difficulties that are overseen as barriers, can be dealt with productively by startup consulting services & marketing consultants in Thailand. Consulting firms in Thailand are most helpful in assisting businesses to set up a strong base in Thailand.

Starting a business in Thailand takes almost a month on average, with four procedures to navigate. Start-ups are required to register the company name, deposit funds into a bank, obtain a corporate seal, and complete the several steps required to register the company as a legal entity. A few major problems that can be faced while starting a business are listed below:

Restriction for Foreign Investments

Thailand is well known for being friendly towards foreign investments. The Thai Government readily promotes and creates avenues to help set up businesses by foreigners. But there are a lot of business fields in which foreigners are not allowed to work. Except for a US citizen, no other nation is permitted to establish a 100% foreign-owned company. Some of the business areas that are not open for foreigners are media, land trading, businesses related to art & culture, and agriculture to name a few.

With the idea of doing business in Thailand, one should readily get in touch with startup consultants. They provide a complete overview of business opportunities in Thailand. Right from the concept of how to start a business in Thailand to businesses for sale in Thailand, a complete picture is drawn for investors to choose from.

Language Barrier

Foreign investors face a lot of problems while setting up a business in Thailand due to language barriers. It is mandatory to fill all business forms & documents in the Thai language. As a result, foreign investors depend on consultants who understand both English and local languages. The person engaged is responsible for filling up the documentation in the Thai language. Hence, it is extremely important to validate that all documents are correctly translated and proof-read by an educated, trustworthy, and sincere person.

Business startup consulting firms play a pivotal role here. Such firms help with all business documentation in the local Thai language. Most of these firms have certified lawyers and translators so that all information can be duly vetted.

Banking Issues & Finding Investors

Thailand stands in the 70th place in the world for ease of getting credit, according to the World Bank and International Finance Corporation (IFC). Startups require to register a corporate bank account which the bank may refuse. Many times, banks refuse to dole out usual banking services; the result being going through time-consuming long processes for simple services. Loans seem unattainable. In addition, a foreigner who wants to start a business in Thailand needs local investors as a prerequisite. Finding local investors is a strenuous task for a foreign national. If done personally, then the needs of business seminars are required which are quite expensive.

Business startup consulting is the most viable answer to such problems. They have a history of cases; authenticity can be cross-checked. Also, local investors are within reach.

Dealing with Construction Permits

Dealing with construction permits is one of the most challenging tasks to complete. A minimum of 157 days is required to obtain a construction permit. Business applicants go through several levels of procedures to obtain construction permits. There are eight procedures involved in obtaining construction permits. The Local Metropolitan Authority processes all inspections, permits, and approvals.  Startups in Thailand are also required to request the approval of a building controller.

Startup consulting services come as a major reliever in this area. They guide, help, and make sure all paperwork is done to ensure minimum turnaround time.

Working Hours & Culture

Thailand abides by this work policy of 48 hours per week. In case of overtime, the pay rate is trebled of the normal rate. Thailand takes the welfare of its workforce quite seriously. There are no exemptions. As a startup, it is imperative for one to remember such guidelines. But, foreign establishments, usually take a while to get accustomed to new business practices. Also, the culture of a country is something that every individual pride themselves on. As a foreigner, though difficult for one, they must be strongly adhered to.

Startup consulting services, privy one with all the existing rules and notions of Thailand. It helps a foreign investor to work seamlessly and avoid the usual glitches that though small but have a strong impact on businesses.

In terms of doing business, every country has its business advantage, disadvantage, opportunities, and restriction. Thailand has a lot of issues when thinking of setting up a business in Thailand, but the number of perks & business opportunities available in Thailand outweighs them all. Business startup consulting firms help & guide right through registering businesses in Thailand, assisting with paperwork regarding the procurement of land, government grants, finding local investors to helping in the smooth running of a profit-making concern.

The setting up of a business in Thailand is only one goal achieved Besides company registration service, basic services like accounting, bookkeeping, auditing, business advisory, and many other day to day overviews on services are required to set up a business in Thailand. Every country has a different set of legal & taxation process. It might take startups a fair amount of time to get accustomed to the Thailand way of business & economics. Certified lawyers, translators, and marketing consultants in Thailand are ones, startups should look forward to in investing in the initial days.

The above-listed problems and the solutions are not just faced by startups and newbies in economics. It is of equal weightage to businesses wanting to set up branch offices. A foreign company with its head office in a different region will face the same problems and need assistance from consultants in Thailand for a smooth setup & running of the business. Though lucrative, Thailand is also a nation that keeps the well being & upkeep of the nation and its residents at its utmost priority. The best way to overcome all the hindrances is to make a list of all the expectations and start by contacting startup consultants in Thailand.

Contact the Startup Specialists for doing business in Thailand.

Startup in Thailand  is the only company in Thailand to provide a single-window solution for all business startup and expansion requirements: Startup Consulting | Thailand Market Entry | Legal assistance | Serviced Office | Factory Setup | Representation | Recruitment Services | Accounting | Operations | Buying & Sourcing | Distribution | Sales & Marketing | M&A | Regional Business Development | Project Management

Few More Interesting Reads :

The post Constraints of setting up a business in Thailand appeared first on StartUp in Thailand.

Source: Asian Correspondent

Post-COVID Thailand economy

2020 is a year where every business of the world has experienced a major setback. However, 2021 is expected to provide newer opportunities for businesses to grow & spread wings. The coming year will be scope for international companies & independent traders for opening branches, starting new ventures in overseas lands. Thailand tops the list of locations for such prized business ventures.

All credits to the nation’s strict discipline and endurance, Thailand has recently been ranked as #1 with the highest Covid-19 recovery rate. Thailand also boasts as one of the Original tiger Economies. As per, BOI’s secretary’s words, Thailand is already working towards reviving its economy. Their main aim is to attract newer business investments.

But, in 2021, it is more crucial for businesses to list out expectations before starting off the venture. 2021 will be a year when we adapt to the new normal. Startup Consultants will play an important role in establishing the setups.

The global economy would severely contract as most of the countries implemented containment measures causing disruptions. Consequently, this is severely affecting manufacturing, employment, private consumption, private investment, as well as merchandise exports, which is contracting across major advanced economies and Thailand’s trading partners in Asia. The Business Sentiment Index in Thailand rose for the third consecutive month to 42.9 in July of 2020 from 38.5 in the previous month. It is also the highest reading since March amid increases in almost all sectors except electrical appliances but still below the 50-threshold.

Overall financial conditions in Thailand have become more accommodating as reflected by the real policy interest rate, which declined and remained comparatively low. In addition, interest rates in Thailand’s financial market also declined.

Thanks to Thailand’s success in containing the spread of the virus, the effective exchange rate of Baht appreciated against the U.S. dollar. Adding to the strength of the Baht were sales of the U.S. dollars by those related to the sales of gold.

The Thai economy would contract remarkably in the end of 2020. Such would be observed across almost all economic growth components, except public expenditure. This is due to the COVID-19 pandemic and the containment measures implemented by governments in many countries including Thailand. This has led to temporary disruptions of global economic activities especially in the second quarter of 2020. Thailand’s tourism and merchandise exports are projected to contract, which would weigh on private consumption as a result of weakening income and employment. A fall in domestic and external demand would also lead to a sharp contraction in private investment. However, the public expenditure would play an important role in supporting the economic recovery in the days ahead. The third phase of government relief measures to alleviate the impact of COVID-19 would help merchandise exports, tourism, and domestic demand to exhibit a smaller contraction.

In 2021, the Thai economy is projected to expand at 5%, higher than previously assessed. This is partly due to the lower base in 2020, and as the government is expected to launch an additional employment stimulus package and large-scale investment projects. However, economic activities in Thailand are projected to remain substantially below its potential level. Thailand’s economic situation would sweep up through the gradual re-opening of the country under the travel bubble scheme, which would be done through partnerships between COVID-19-free countries, permitting traveling into targeted locations in each country. Also, there would be widespread availability of COVID-19 vaccines from the fourth quarter of 2021 onwards as projected. The value of Thai merchandise exports in 2020 would experience a sharper decline. This is in line with the outlook of trading partner economies and global trade volume, as well as supply chain disruptions in some businesses. Meanwhile, prices of merchandise exports are projected to decline, mainly owing to the prices of goods that are sensitive to movements in crude oil prices. Nevertheless, the gradual relaxation of containment measures in many countries would support the gradual recovery of merchandise exports.

In 2021, the value of merchandise exports is expected to expand, both in terms of volume in response to the recovery of the global economy and global trade, and in terms of price in line with the outlook of global crude oil prices. However, the value of merchandise exports would be below the pre-pandemic level, as external demand would yet to be fully recovered. In addition, changing patterns of business operations worldwide under the new way of life in the post-COVID environment would limit the potential of certain industries to fully recover. The tourism sector is projected to recover more slowly, as the outbreak in other countries is prolonged and widespread than previously expected. The Thai government is expected to maintain its travel restrictions on inbound foreign tourists for an extended period and would begin to gradually reopen the country for foreign tourists from certain countries under the travel bubble scheme in the second half of 2020.

Public expenditure would play an important role in shoring up the economy in 2020 and supporting the recovery in the period ahead. The government would introduce further measures to help those affected by the outbreak, which would partly help to sustain business operations and employment. Nevertheless, investment spending by state-owned enterprises is projected to expand, which would be a key mechanism to support the economy going forward. Private consumption is expected to contract in 2020, particularly in the second quarter. This is due to the containment measures, as well as a marked decline in non-farm income and weakening consumer confidence.

However, the gradual relaxation of containment measures will lead to a gradual improvement in economic activities in the period ahead. Private consumption is expected to grow at a level below the pre-pandemic level. This is because households are expected to be cautious in spending given high uncertainties surrounding the COVID-19 situation going forward. Furthermore, households’ financial positions would be more vulnerable given falling income and elevated debt levels. Private investment is expected to contract in 2020. This is on account of contractions in both domestic and external demand, as well as high levels of excess production capacity, which caused most businesses to postpone their investment plans. However, the government’s infrastructure investment projects were underway, particularly the public-private partnership (PPP) projects both within and outside the Eastern Economic Corridor (EEC).

As for 2021, some investment projects would likely continue, particularly large-scale infrastructure investment and infrastructure investment to support the digital economy. Going forward, the Thai economy would continue to face high uncertainties. Risks to the economic projection tilted downward and depended largely on the impact of COVID-19. There are possibilities that the Thai economy would outperform the baseline projection due to better-than-expected impacts of additional government’s stimulus measures to shore up domestic consumption and investment, measures to assist borrowers, public infrastructure investment and PPP projects which could incentivize the private sector to invest more than expected and more relocations of production base to Thailand thanks to the success in containing the spread of the virus.

After thriving through major setbacks in the first half of 2020, Thailand’s economy is all set to gear up into motion by early 2021. Thailand’s economy will see spurts of growth & will be one of the forerunners in the world economy to get back into the pre-COVID state. New businesses with the right planning & push will be able to get their footings strong at an early stage.

During the pandemic of 2020, the Thailand economy has seen a huge rise in the number of unemployment cases. People have been laid off in huge numbers. As companies start investing & doing business in Thailand, the workforce will see a major opening. Cheap & useful labor will be available for businesses. This will play a pivotal role in securing profits for startups.

The economic state of Thailand will be greatly dependent on startups securing a foothold in Thailand. It is the gateway to Asia; Thailand plays a two-way door to the economies & international startups.

The tourism industry will see a big surge in 2021 when we adapt to the new normal or go back to our lives with the boon of a vaccine. Thailand’s economy is greatly dependent on tourism. The businesses related to the trade will experience a boom.

Taking baby steps in setting up a business in Thailand is advisable at this stage. This would help to gain a foothold from the very beginning, Thailand economy starts to rise again.

Contact the Startup Specialists for doing business in Thailand.

Startup in Thailand  is the only company in Thailand to provide a single-window solution for all business startup and expansion requirements: Startup Consulting | Thailand Market Entry | Legal assistance | Serviced Office | Factory Setup | Representation | Recruitment Services | Accounting | Operations | Buying & Sourcing | Distribution | Sales & Marketing | M&A | Regional Business Development | Project Management

Few More Interesting Reads : 

The post Post-COVID Thailand economy appeared first on StartUp in Thailand.

Source: Asian Correspondent