Business

Thailand’s eCommerce Transforming Tourism with Digital Storefronts

Thailand has embraced the potential of eCommerce to revolutionise its tourism sector in a time of rapid technological advancement. Thailand has long been a popular travel destination because of its alluring landscapes, dynamic culture, and welcoming people. However, the development of e-commerce has fundamentally changed how visitors discover, organise, and take in the attractions of this stunning nation. In this post, we’ll look at how Thailand’s digital shopfront is changing the way that tourists experience the country by making it more convenient, accessible, and enjoyable.

The Rise of eCommerce in Thailand

The term “eCommerce,” or “electronic commerce,” describes the exchange of products and services over the internet. Thailand has seen a tremendous increase in eCommerce activity during the past ten years. Thailand’s eCommerce market is estimated to have reached a value of $39 billion in 2020, a startling 35% increase from the previous year, according to a report from e-Conomy SEA 2020. Numerous causes, such as increased smartphone use, increased internet penetration, and the accessibility and convenience provided by online shopping platforms, can be credited for this expansion.

Empowering Small Businesses and Entrepreneurs

E-commerce has given entrepreneurs and small enterprises in Thailand’s tourism sector a fair playing field. As a result of the development of internet markets and platforms like Etsy and Airbnb, people can now advertise their goods, lodgings, and distinctive experiences to a large audience. This has given local craftspeople, owners of guesthouses, and tour guides new opportunities to reach a larger audience and make money.

The low entry barriers and ease of building up an internet presence have boosted creativity and innovation in the travel industry. To draw clients from all over the world, small businesses can develop their eCommerce business plan, use digital marketing techniques, and build an online brand presence. This has helped to diversify Thailand’s tourism offers, enhancing tourists’ overall travel experiences.

The Digital Shopfront: Transforming Travel Planning

The days of vacationers booking their travels only through conventional travel companies and guidebooks are long gone. Travellers may now research and arrange for their Thai excursions with just a few clicks thanks to the development of e-commerce. Expedia, Booking.com, and Agoda are just a few of the well-known online travel firms that offer a wide range of alternatives for lodging, flights, tours, and transportation. Travellers can use these sites to compare costs, read reviews, and make knowledgeable decisions based on their tastes and financial constraints.

Additionally, e-commerce has made it possible for passengers to tailor their itineraries to suit their interests. There are a tonne of possibilities at their disposal, including wellness retreats, culinary tours, and adventure activities and cultural encounters. This degree of personalization improves the overall travel experience and enables visitors visiting Thailand to maximise their time there.

Seamless Booking and Payment Processes

The simplicity of booking and secure payment procedures are two major benefits of e-commerce in the travel industry. Through internet portals, travellers may easily book their preferred lodging, airfare, and activities. This convenience makes the process simple and quick by doing away with the necessity for time-consuming phone calls or physical trips to booking offices.

Additionally, safe and protected transactions are ensured through secure payment channels, giving passengers peace of mind. Credit cards, debit cards, and digital wallets are common payment options that are widely accepted, thus boosting the usability and accessibility of eCommerce in the travel industry.

Access to a Wide Range of Products and Services

Beyond the typical travel necessities, Thailand’s digital shopfront provides travellers with a huge selection of goods and services. Local craftsmen and business owners can promote their handicrafts, apparel, accessories, and souvenirs on online markets like Lazada and Shopee. This offers visitors the chance to discover and buy one-of-a-kind goods that showcase Thailand’s extensive cultural history.

E-commerce has also made it easier to find specialised travel experiences. Specialised tours, such as eco-trekking in national parks, scuba diving expeditions in beautiful waterways, or immersive culture seminars, are simple to identify and arrange for tourists. These specialised offers not only improve the travel experience but also aid efforts to promote sustainable tourism and local communities.

The Role of Reviews and Recommendations

The influence of reviews and recommendations is one of the major forces behind e-commerce in the travel sector. In order to make well-informed decisions on their trip arrangements, travellers mainly rely on online reviews and ratings. Tourists can share their experiences, evaluate accommodations and attractions, and give helpful advice to other visitors on websites like TripAdvisor and Yelp. For travellers looking for accurate information, this user-generated content is a great resource.

Travellers’ opinions of locations, accommodations, and experiences are greatly influenced by reviews and suggestions. Positive evaluations can have a big impact on decisions and drive more people to particular places or services. On the other hand, unfavourable reviews can draw attention to shortcomings and inspire companies to improve their products or clientele.

Furthermore, e-commerce and tourism cannot ignore the influence of social media. Travellers can get visual inspiration and real-life experiences posted by influencers and other travellers on websites like Instagram, Facebook, and YouTube. Social media platforms stimulate curiosity about Thailand and its distinctive services by using enticing visuals and compelling storytelling, which contributes to the expansion of eCommerce in the travel industry.

Challenges and Future Outlook

Ecommerce has clearly benefited Thailand’s tourism sector in many ways, yet there are still issues that need to be resolved. The digital divide is one such issue, as not all people and organisations have equal access to the internet and technology. Through programmes that encourage digital literacy and infrastructure development, efforts are being undertaken to close this gap and ensure that everyone can take part in the digital economy.

Additionally, crucial factors in the world of eCommerce are cybersecurity and data protection. It is crucial to give data security measures top priority and set up reliable systems to preserve consumer information because of the growing reliance on online transactions and the exchange of personal information.

Future prospects for e-commerce in Thailand’s tourism sector look bright. The fusion of virtual reality (VR) and augmented reality (AR), as technology develops, may completely change how tourists view and experience Thailand’s attractions. Immersive virtual shopping experiences, 360-degree films, and interactive travel planning tools may improve online purchasing and draw more visitors to the nation.

Furthermore, chances for cooperation between the public and private sectors are presented by the increasing digital transformation. An climate that is favourable for the expansion of eCommerce in the tourism sector can be created by government support in the form of policies, regulations, and infrastructure development. The sustainable growth of tourism and the preservation of Thailand’s natural and cultural heritage can both be achieved through cooperation between online platforms and local communities.

Conclusion

Travellers may now enjoy convenience, accessibility, and customised experiences thanks to Thailand’s digital shopfront, powered by e-commerce. The growth of online platforms has made it easier to organise trips, made bookings simple, and increased the selection of goods and services available to tourists. Ecommerce has given small businesses and entrepreneurs more power, allowing them to connect with customers around the world and enhance the nation’s tourism industry.

Though there are issues like the digital gap and data security that must be addressed, eCommerce in Thailand’s tourism sector has a bright future. The use of new technology and ongoing cooperation among stakeholders can improve online shopping even more and promote the expansion of environmentally friendly tourism.

Business

PepsiCo Reduces Revenue Projections As North American Snacks And Key International Markets Underperform.

(VOR News) – In the third quarter of this year, Pepsi’s net income was $2.93 billion, which is equivalent to $2.13 per share. This was attributed to the company.

This is in stark contrast to net income of $3.09 billion, which is equivalent to $2.24 per share, during the same period in the previous year. The company’s earnings per share were $2.31 when expenses were excluded.

Net sales decreased by 0.6%, totaling $23.32 billion. Organic sales increased by 1.3% during the quarter when the effects of acquisitions, divestitures, and currency changes are excluded.

Pepsi’s beverage sales fell this quarter.

The most recent report indicates that the beverage and food sectors of the organization experienced a 2% decline in volume. Consumers of all income levels are demonstrating a change in their purchasing habits, as indicated by CEOs’ statements from the previous quarter.

Pepsi’s entire volume was adversely affected by the lackluster demand they encountered in North America. An increasing number of Americans are becoming more frugal, reducing the number of snacks they ingest, and reducing the number of times they purchase at convenience stores.

Furthermore, Laguarta observed that the increase in sales was partially attributed to the election that occurred in Mexico during the month of June.

The most significant decrease in volume was experienced by Quaker Foods North America, which was 13%. In December, the company announced its initial recall in response to a potential salmonella infection.

Due to the probability of an illness, the recall was extended in January. Pepsi officially closed a plant that was implicated in the recalls in June, despite the fact that manufacturing had already been halted.

Jamie Caulfield, the Chief Financial Officer of Pepsi and Laguarta, has indicated that the recalls are beginning to have a lessening effect.

Frito-Lay experienced a 1.5% decline in volume in North America. The company has been striving to improve the value it offers to consumers and the accessibility of its snack line, which includes SunChips, Cheetos, and Stacy’s pita chips, in the retail establishments where it is sold.

Despite the fact that the category as a whole has slowed down in comparison to the results of previous years, the level of activity within the division is progressively increasing.

Pepsi executives issued a statement in which they stated that “Salty and savory snacks have underperformed year-to-date after outperforming packaged food categories in previous years.”

Pepsi will spend more on Doritos and Tostitos in the fall and winter before football season.

The company is currently promoting incentive packets for Tostitos and Ruffles, which contain twenty percent more chips than the standard package.

Pepsi is expanding its product line in order to more effectively target individuals who are health-conscious. The business announced its intention to acquire Siete Foods for a total of $1.2 billion approximately one week ago. The restaurant serves Mexican-American cuisine, which is typically modified to meet the dietary needs of a diverse clientele.

The beverage segment of Pepsi in North America experienced a three percent decrease in volume. Despite the fact that the demand for energy drinks, such as Pepsi’s Rockstar, has decreased as a result of consumers visiting convenience stores, the sales of well-known brands such as Gatorade and Pepsi have seen an increase throughout the quarter.

Laguarta expressed his opinion to the analysts during the company’s conference call, asserting, “I am of the opinion that it is a component of the economic cycle that we are currently experiencing, and that it will reverse itself in the future, once consumers feel better.”

Additionally, it has been noted that the food and beverage markets of South Asia, the Middle East, Latin America, and Africa have experienced a decline in sales volume. The company cut its forecast for organic revenue for the entire year on Tuesday due to the business’s second consecutive quarter of lower-than-anticipated sales.

The company’s performance during the quarter was adversely affected by the Quaker Foods North America recalls, the decrease in demand in the United States, and the interruptions that occurred in specific international markets, as per the statements made by Chief Executive Officer Ramon Laguarta.

Pepsi has revised its forecast for organic sales in 2024, shifting from a 4% growth rate to a low single-digit growth rate. The company reiterated its expectation that the core constant currency profitability per share will increase by a minimum of 8% in comparison to the previous year.

The company’s shares declined by less than one percent during premarket trading. The following discrepancies between the company’s report and the projections of Wall Street were identified by LSEG in a survey of analysts:

SOURCE: CNBC

Business

Old National Bank And Infosys Broaden Their Strategic Partnership.

(VOR News) – Old National Bank, a commercial bank with its headquarters in the Midwest, and Infosys, a firm that specializes in information technology, have recently entered into a strategic expansion of their link, which has been in place for the past four years.

This expansion is more likely to take place sooner rather than later, with the likelihood being higher.

For the purpose of making it possible for Old National Bank to make use of the services, solutions, and platforms that are offered by Infosys, the objective of this expansion is to make it possible for the bank to transform its operations and processes through the application of automation and GenAI, as well as to change significant business areas.

This lets the bank leverage Infosys’ services, solutions, and platforms.

Old National Bank Chairman and CEO Jim Ryan said, “At Old National, we are committed to creating exceptional experiences for both our customers and our fellow employees.”

This statement is applicable to Old National Bank. Infosys is carefully managing the business process innovations that it is putting us through, putting a strong emphasis on efficiency and value growth throughout the process to ensure that it is carried out efficiently.

This is a routine occurrence throughout the entire operation. Because of Infosys’ dedication to our development and success, we are incredibly appreciative of the assistance they have provided.

Old National has been receiving assistance from Infosys in the process of updating its digital environment since the year 2020, according to the aforementioned company.

Ever since that time, the company has been providing assistance. The provision of this assistance has been accomplished through the utilization of a model that is not only powerful but also capable of functioning on its own power.

Infosys currently ranks Old National thirty-first out of the top thirty US banks.

This ranking is based on the fact that Old National is the nation’s largest banking corporation.

It is estimated that the total value of the company’s assets is approximately fifty-three billion dollars, while the assets that are currently being managed by the organization are valued at thirty billion dollars.

Dennis Gada, the Executive Vice President and Global Head of Banking and Financial Services, stated that “Old National Bank and Infosys possess a robust cultural and strategic alignment in the development, management, and enhancement of enterprise-scale solutions to transform the bank’s operations and facilitate growth.”

This remark referenced the exceptional cultural and strategic synergy between the two organizations. Dennis Gada is the one who asserted this claim. This was articulated explicitly concerning the exceptional cultural congruence and strategy alignment of the two organizations.

We are pleased to announce that the implementation of Infosys Topaz will substantially expedite the transformation of Old National Bank’s business processes and customer service protocols. We are exceedingly enthusiastic about this matter. We are quite thrilled about this specific component of the scenario.

Medium-sized banks operating regionally will continue to benefit from our substantial expertise in the sector, technology, and operations. This specific market segment of Infosys will persist in benefiting from our extensive experience. This phenomenon will enable this market sector to sustain substantial growth and efficiency benefits.

SOURCE: THBL

Business

American Water, The Largest Water Utility In US, Is Targeted By A Cyberattack

The largest regulated water and wastewater utility company in the United States stated Monday that it had been the target of a cyberattack, forcing the company to halt invoicing to consumers.

American Water, The Largest Water Utility In US, Is Targeted By A Cyberattack

American Water, based in New Jersey and serving over 14 million people in 14 states and 18 military facilities, said it learned of the unauthorized activity on Thursday and quickly took precautions, including shutting down certain systems. The business does not believe the attack had an impact on its facilities or operations and said employees were working “around the clock” to determine the origin and scale of the attack.

water

The corporation stated that it has alerted legal enforcement and is cooperating with them. It also stated that consumers will not be charged late fees while its systems are unavailable.

According to their website, American Water operates over 500 water and wastewater systems in around 1,700 communities across California, Georgia, Hawaii, Illinois, Indiana, Iowa, Kentucky, Maryland, Missouri, New Jersey, Pennsylvania, Tennessee, Virginia, and West Virginia.

SOURCE | AP