Despite the inherent challenges of the business world, there has never been a better time to start earning money than in 2022. Contrary to popular belief, individuals today have various avenues to invest in an interesting business idea.
This allows you to focus less on the upfront and logistics expenses and more on starting a business venture such as an online store.
The concept of starting an interesting business and determining what to sell online may be exciting. However, almost all ideas will require money, risk, and time.
Statista clearly shows that Thai e-commerce revenue is expected to exceed 32,000 million US dollars by 2025. Still, to know what to sell online, you need to develop a solid plan, build a brand, put effort into excellent customer service and overall marketing.
Moreover, the pandemic has completely changed the way we do business, selling remotely, offering contactless deliveries, and facilitating customers in new ways never before thought feasible.
That's because shopping habits are transforming rapidly, making it easier than ever to have almost anything delivered to your doorstep just with a click of a button.
And if you are ready to stake your claim in the e-commerce revenue figure, it's time to launch your own online business.
Here are the top 8 most promising industries and interesting business ideas. Find your niche from the following and start making money ASAP.
1. Health And Beauty
Thailand's health and beauty landscape is undergoing a rapid revolution after the epidemic – attracting a wide array of local and international players.
The strong economic growth has opened doors to new trends, welcoming unique products and services to the market. This is in line with the changing behavior and preferences of Thai customers.
In response to this shift, local beauty and health retailers have reinvented themselves to meet the ever-changing customer needs. As a result, many businesses are investing in a transformation of their brand image and expanding their product portfolio to deliver sophisticated shopping experiences.
According to the survey, 41% of Thai respondents agreed to spend more on skincare and cosmetic products. That explains why aesthetic beauty treatments have become mainstream, where dermatologists are busy moving products via mass marketing and social media.
Masstige derma skincare brands are taking up more shelf space in retail chain stores. And your boutique beauty brand could easily be profitable with a little due diligence and marketing prowess.
Most popular beauty businesses include:
- facial skincare
- body skincare items
- spa products
- dental care
These products are quite popular among Thai customers. Moreover, the growing average income of Thais makes it easy to sell your products and services at a premium.
With the rising demand for skin care and health products, it's sure that this industry will continue to appeal to consumers.
2. Food & Beverage
The global pandemic has disrupted many businesses, and the Thai food and beverage industry is no exception.
But despite the still, the food and beverage industry is growing. As of 2020, Thailand is the 26th largest e-commerce market having a share of 8 billion US dollars; the most significant contributor is the food and beverage industry.
According to research by Statista, the food and drink market in Thailand is essential and contributes hugely to the economy. Revenue amounts to 70 million US dollars, with the demand forecasted to grow annually by 3.9% (CAGR). Moreover, the most significant contributor in the food and beverage market is Bread and Cereal products having a market volume of 11 million US dollars.
Popular food and beverage businesses are:
- frozen food
- fresh meat, fruits, and vegetables
- ready-to-eat food production
- food import commerce
- Instant drinks like juices, soft drinks, packed cocktails, etc.
- selling healthy ready-to-eat products
- food transportation business
With statistics on your side, it's safe to say that capitalizing on the food and beverage industry is a smart move.
3. Online Courses
The digital world dramatically transforms the way businesses market their product or service to their potential customers, and online courses are no exception.
Moreover, with the outbreak of COVID-19, online learning has replaced traditional education, creating a demand for virtual courses, intensive tutoring, and learning apps.
Online learning is prevalent in the growing economy of Thailand, where learners are looking for ways to improve their English language, workplace skills, and more. Undeniably, Thailand is an emergent region where many people sign up for online courses to learn and improve their English language skills.
The best money-making ideas include:
- teaching English online
- teaching digital marketing
- teaching YouTube and other social media platforms
- teaching creation of Facebook page
Thailand is an excellent choice for online education as it offers a fascinating combination of tradition and modernism. This golden land is home to business people, international students, tourists, and virtually everyone because it's a treasure trove of history and adventure.
From culinary courses to digital marketing, you name it, and there’s an online course for it. This makes online learning programs and apps one of the best investment decisions.
4. Fitness And Wellness Industry
Thailand has always been a strong market for wellness in Asia with a relatively low cost of treatment, high standards of care, and soul relaxing ambiances. This means that people look towards Thailand as the perfect place for wellness retreats and exercising.
In a recent study by HKTDC, 81% of the Thai planned to spend more on health and wellness in the next three years.
The fitness centers operating in Thailand are catching on to the growing appetite for wellness and fitness. Given the hectic lifestyle of people stuck in front of screens and bodies crammed into public transport, a trip to a fitness or wellness center is the perfect retreat.
Besides this, Thai consumers have now become more health-conscious. Moreover, the aging population is becoming aware of the benefits of exercise fueling the fitness industry. As a result, the annual turnover of the fitness industry is $43.8 million, with a predicted annual growth of 4.4%.
You could offer services and even create apps to help people learn:
- weight training
- dance classes
The fitness-conscious Thai are always looking for convenient yet economical exercise centers offering innovative classes. Moreover, the fitness trend shows no sign of slowing down, making it a lucrative industry to invest in.
The kingdom of Thailand has good infrastructure and a robust economy, well known for its franchising industry. The country alone has over 100 international franchise brands with more than 10,000 operating outlets.
The few foreign companies here control more than half of the total market value, isn't it shocking? More than 65% of the franchises here are from Japan, Korea, and the USA.
Undoubtedly, they are some promising business investment opportunities here. These include:
- entertainment franchises
- food franchises
- education franchises
- restaurant franchises
- coffee franchises
- beauty and health franchises
- retail franchises
Moreover, the government efforts, along with business regulations and reforms, facilitate the franchise business. It's a value-based, high-return, interesting business prospect waiting to be exploited.
6. Auto Parts Retail
Within less than 50 years of industrial development, Thailand's automobile industry has become a part of the global production network of numerous car manufacturers. As a result, the local suppliers learned to build and knock down vehicles, leading to a significant increase in exports.
The automobile industry of Thailand has been setting new records since 2005, making it among the few developing countries attracting attention and promoting the automotive industry. Local production and supporting industries have developed and expanded the car manufacturing business with time.
Besides this, the government is promoting the dynamism of the automotive sector with particular emphasis on the automotive parts industry and trade integration.
Beyond this, who doesn't own a car or wants to own a car, making a car or spare parts business quite beneficial. Naturally, vehicles wear down, break and perhaps even need a replacement. But spare parts of cars are pretty expensive, which is why many people buy them online.
It’s possible to amplify your business and sales opportunities by creating an online store to complement your in-store marketing and sales efforts.
7. Home Décor
The latest market trends and future growth opportunities for the home furnishings industry in Thailand are pretty lucrative. After all, it's a land of artisan treasures, glamorous accessories, celadon ceramics, and handmade crafts- all contributing towards the development of the home décor industry.
Besides this, there is an increasing willingness among the Thai to spend on their home to make it feel more comfortable and cozy. Many also believe that home is way more than just a shelter, rather a way to express their personality, pushing the demand for decorative items and beautiful furniture.
The shift, urbanization, and increasing affluence drive the rise in demand for home and living décor products. According to a study, 86% of Thai consumers plan to spend more on home décor items. Some of the most popular home decorative furnishings include:
- Bronze sculptures
- Bamboo decorative pieces
- Vintage items
- Hyacinth furniture
8. Eco-Friendly Goods And Products
A significant factor affecting the demand for eco-friendly products is the growing awareness among Thai. This has inspired a shift in consumer preferences toward energy-efficient and eco-friendly products. Thais are very much in favor of energy-saving products that are good for the environment and reduce electricity bills, making it a win-win situation for consumers.
According to a survey, Thais are willing to pay a premium for eco-friendly products. Some of the innovative eco-friendly products that are paving the way for innovation include:
- Recycling business
- Organic food
- Natural and biodegradable delivery packages
The need for environmentally friendly products will continue to rise with the increasing awareness of ethical consumerism, making it the perfect industry to invest in.
By now, you are surely aware of some interesting business ideas.
Thailand's market is experiencing a boost in all of the above eight industries, making it the perfect time to cash in on these. But still not sure where to begin? It's advisable to start with the industry that feels the most comfortable.
If you are still wondering what to sell online in 2022, fret not. You can always set up an online e-commerce business because it won’t be as capital intensive. Let Zaapi help!