Thailand can capitalise on a growing "discovery economy" as online content, creators and communities increasingly turn inspiration into transactions, creating opportunities for the country to monetise its strengths in tourism, food, wellness, hospitality and culture, TikTok says.
Speaking at the Bangkok Post's 80th anniversary event on Friday, Chanida Klyphun, Director of Southeast Asia Public Policy at TikTok, said that "discovery commerce" was changing how consumers find and buy products and experiences online.
Instead of the traditional process of searching for a product, comparing options and then making a purchase, consumers are increasingly discovering, validating and buying through a single online experience, she said.
For example, a traveller planning a weekend might discover a hidden cafe through a creator, watch reviews, read comments, save the location and decide to visit within minutes, she said.
This ability to turn digital discovery into spending on products, travel, food and other experiences could broaden discovery commerce into a wider "discovery economy", she said.
"The opportunity now is how businesses can capitalise on this discovery-to-commerce journey and turn creativity into real economic growth for Thailand," she said.
Creators are becoming a key driver of the trend. Research by TikTok and Accenture projects that Thailand's creator economy will grow to US$172 billion (5.7 trillion baht) by 2030.
Thailand's strengths
Ms Chanida said the next competitive advantage is the ability to unlock human potential with technology, creativity and human capital acting as "force multipliers".
As technology becomes more accessible, the advantage is shifting from who has the best tools to who can use them most creatively, she said.
Thailand does not need to replicate its regional competitors, she said. Singapore has global connectivity, Vietnam has manufacturing momentum and Indonesia has scale, while Thailand has internationally recognised strengths in tourism, food, wellness, hospitality and culture, she noted.
The opportunity is to combine these strengths with digital technology while continuing to invest in people so they can create greater economic value, she said.
TikTok has trained more than 82,000 Thai small- and medium-sized enterprises and One Tambon, One Product entrepreneurs to turn local products and heritage into digital commerce opportunities, she said.
It has also connected agricultural sellers with creators to reach new audiences, with one initiative generating 10 times more revenue in its first week, she noted.
The "discovery economy" is also changing how brands compete. TikTok has more than 460 million users across Southeast Asia, including more than 50 million monthly users in Thailand, ranging from Gen Z to Baby Boomers.
Ms Chanida said brands were gradually losing control of the conversation but gaining more direct and immediate feedback from customers.
Consumers ask questions, leave comments and recommend products, meaning businesses increasingly need to participate in communities rather than simply broadcast marketing messages, she said.
TikTok research found that 90% of consumers across Asia-Pacific are influenced by authentic content, she said.
Having the biggest marketing budget is therefore no longer necessarily the decisive advantage, she said. Successful brands understand their communities, give creators freedom to tell product stories naturally, experiment continuously and learn quickly from what resonates with consumers, she said.
"There isn't a single formula for success anymore. The brands that win are those that stay curious, adapt quickly and keep learning," Ms Chanida said.
