COVID-19 pandemic has affected Thailand’s economy and labor market. World Bank’s Thailand Economic Monitor predicted that it would take Thailand over two years to return to its pre-COVID-19 growth and domestic product output levels. Although the country has successfully curbed the pandemic tide over the last few months, the economy remains severely hit.
Nevertheless, heavily impacted sectors must go forward as the economy recovers and explore potential opportunities amidst the pandemic. Find out the business opportunities and set up a successful company in Thailand beyond COVID-19.
What types of businesses fall and survive during the pandemic?
There is an opportunity in every crisis. Nonetheless, business owners, especially startups, must look carefully into what type of businesses can grow and be less affected by the pandemic.
In a study conducted by Dr. Yunyong Thaicharoen, the Economic Intelligence Center’s First Executive Vice President, researchers discover three groups of businesses that can strive amidst the pandemic. These groups include the communication business groups, the retail groups, and the food and beverage sectors. However, these businesses must be done offline and online simultaneously as people are getting used to the quick and easy online ordering system.
On the other hand, businesses at risk during the pandemic and should take precautions are the following industries:
- Hotels and restaurants
- Real estate
As the country recovers from COVID-19, these businesses will also begin to regain their glory, albeit slowly and gradually. They need to wait for the right moment to restart their business or create a recourse plan. For instance, a hotel can focus more on attracting and catering to Thai guests instead of foreign guests and transforming other unusable rooms into revenue-empowering related services, such as fitness, spa, and restaurant.
Moreover, although the tourism sectors in Thailand are declining during the pandemic, the country can leverage its strength in medicine and public health, attracting tourists to visit the country after the pandemic. Therefore, Thailand should create an opportunity for the Thai medical tourism industry to utilize this crisis and provide added value and revenue to its citizens.
Understanding the new norms
Whenever a crisis happens, a new normal will typically emerge. Hence, aspiring entrepreneurs should research new norms trends, including the consumers’ spending behavior during detention, paying with e-payment, making a homemade meal, ordering food delivery, and renovating the house into a home office.
These new habits reflect people in the community and open up new business ideas and opportunities. However, entrepreneurs should be wary of these behaviors since not all of them will become New Normal.
Conquering essential insights to establish a successful business during the pandemic
Economic experts advised focusing on understanding the consumer’s new behaviors and needs. Entrepreneurs should enhance their business style to match the new consumers’ behavior. For instance, restaurants that did not adopt an online ordering system can start implementing it. Likewise, local shops can set up a website and an online store to promote their products online.
Business owners should also take advantage of technology and engaging marketing strategy. Instead of building a mediocre online store that only pushes products online, they can incorporate coupon codes, sales, deals, and competitions once in a while to give their customers a better and more interesting online buying experience.
They can also use interactive quizzes or surveys to understand their customers’ needs better and create personalized product recommendations. Another effective marketing strategy during the pandemic is social media outreach or advertisement, including Facebook and YouTube marketing.
Getting help from professional company registration in Thailand
Hiring a professional company registration agency helps streamline the process of Thailand company registration and ensures the company stays compliant with the country’s business regulations.