Stripe’s Cross Border Digital Trade Report offers global insights for Thai businesses
Study can help Thai businesses navigate and create new cross-border commerce growth opportunities
BANGKOK, Thailand, 21 August, 2023 – Stripe, a global leader in online payments, has released its latest Digital Trade Report that offers global insights for Thai businesses looking to create new cross-border commerce growth opportunities.
The report highlights how digital exports are creating new possibilities, regardless of location, by reducing barriers to cross-border buying and selling. The findings emerged from analysis of aggregated transaction data on the Stripe platform as well as surveys with 1,700 business leaders and 11,500 consumers across nine global markets: Australia, France, Germany, Ireland, Japan, Mexico, Singapore, the UK, and the US.
Digital exports also provide a way for Thai companies to scale up exponentially, laying the groundwork for future growth. The report focused on how digital exports are a key driver of globalization and
Creating unexpected optimism from businesses and consumers about the prospects of the globalized economy
Despite macroeconomic and geopolitical challenges, both businesses and consumers are optimistic about increasing how much they buy and sell across borders with sixty-six percent of businesses planning to expand into other countries within the next two years. Eighty-nine percent attribute the wider availability of technology and tools as key to an easy transition to international expansion.
Sixty-eight percent of consumers said they are open to the cross-border purchase of physical goods, while 59% are open to buying digital services. These numbers are even higher for younger people, with 76% of 18–34 year olds open to buying physical goods, and 74% open to buying digital services.
Creating more diversified international trade routes
Digital exports are reducing the friction to buying and selling cross-border and broadening economic opportunity. While many of the fastest-growing digital trade routes are between neighboring countries, there are striking exceptions. Australia and Ireland have a burgeoning trade relationship, starting from a relatively small base and driven by travel and tourism. In 2022, Ireland was the fastest-growing digital export destination for Australian businesses, based on Stripe transaction data. Germany, meanwhile, led as the fastest-growing digital export destination for US businesses in 2022.
While businesses are likely to choose their first international market due to geographic and cultural considerations, future markets are more likely chosen by growth potential. High growth in Southeast Asian markets like Thailand, or those in South America and India, are raising the profile for digital exports.
Creating greater access to the global economy for every kind of business and industry
Eighty-one percent of sole proprietor businesses in the Stripe survey now sell to more than one market, heralding the rise of single-person multinationals. Eighteen percent of these sell to more than 11 global markets.
It also noted the continued digital transformation of traditional enterprises, with 31% growth in enterprises selling internationally via digital channels. Fifty percent plan to further expand internationally in the next two years.
Digital trade is boosting more than just software businesses and ecommerce sites. Businesses that are not naturally digital native, like traditional SMEs and enterprises, and industries that many would not naturally think of as digital-first, such as educational institutions, are experiencing some of the fastest growth in digital exports. Eighty-eight percent of education businesses sell internationally today, and 70% plan to expand further internationally in the next two years.
“Digital exports have leveled the playing field by allowing businesses of all sizes to access global markets,” said Tee Chayakul, Country Director, Stripe Thailand. “These include Thai companies like Storior, character creator platform, and Soraso, an expert in transforming the hospitality sector with cloud-based solutions. Stripe is supporting their financial infrastructure so they can concentrate on their core businesses.”
Get the full report to learn more about new cross-border ecommerce growth opportunities
https://stripe.com/en-gb-sg/lp/2023-digital-trade-report
For media information, please contact:
TQPR Thailand
Maetavarin Maneekulpan
662 260 5820