Top 10 Logistics Business stars in 2023 that unable to stop (growing)!

Doing business during this period must have met unexpected problems whether they are economic or social problems, the epidemic crisis or various natural disasters make doing business a very fierce competition. In addition to the factors mentioned above, changes including sudden changes in consumer behavior and Digital Disruption from the development of technology are key factors in business operations at present.
Top 10 Logistics Business stars in 2023

          There are always falling and rising star in the businesses emerging in the market. The Center for Economic and Business Forecasting, from University of the Thai Chamber of Commerce, has revealed the results of business research on the top 10 business stars in 2023, and interestingly, Logistics business is also one of them.

These are the 10 outstanding business stars to watch in 2023

  1. Medical and Beauty Business

          There are many factors that make this type of business grow whether it is the coming of aging society, increasing number of health-focused individuals. Also, Thailand has as many as 59 JCI- accredited hospitals in which if you compare to the cost of living and medical expenses, Thailand has high potential to generate income from medical tourism in the future. It is expected that after opening the country, there will be approximately 130,000 – 180,000 million tourists that will use the service, most of whom are Chinese, Middle Eastern and European.

  1. e-Commerce Business

          e-Commerce business expands due to the rapid change in consumer behavior. Consumers reduce their time spending at the store or even convenience malls. They turn to spend more time through online channels which products are usually cheaper than the storefront because having online shops greatly reduce many costs. That is why there are more stores opening online at present. What’s more, consumers also have more choices to choose for the same product. There are also product reviews from the real users which creates product credibility that consumers can rely on.

  1. Social Media and Online Entertainment

          The changing of consumer behavior causes the booming to this type of business as well.  There are more movies and shows through online streaming platforms including various platforms for online communication. In addition, from the marketer’s point of view, there are more channels that they can exercise promotions. For example, promotions through social influencers, youtubers, etc. On top of that, the new trend of Metaverse technology begins to play more roles in online media, so it will be pretty major for social media and online entertainment businesses.

  1. Content Production Business, YouTuber, Influencer

          Content Production Business is the result of Social Media Boom. Consumers pay much more attention to stars and influencers.  As a result, marketing strategies have been focused through online promotion and many brands and companies decide to purchase more advertisements from influencers’ channels.

  1. Online platform Business such as couple matching, ordering food, cab calling, etc.

          Because of the sudden change in the way people live as a result of Covid-19 epidemic situation causes people to use more technology to support their lifestyles. It, then, stimulates the development of more platforms to support all the changes such as, food delivery, logistics and online transactions, etc.

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6. Insurance Business, Nightlife Business, Pub, Bar, Karaoke

          In terms of Insurance business, there are variety and a lot more number of products than in the past including the ones with lower prices. These products are designed to meet the needs of consumers because people become more aware of their health from the epidemic of COVID -19 and the entering of aging society.

          For Night Entertainment businesses that has been certified by SHA Plus or Thai Stop COVID 2 Plus as such has resumed their growth after Thailand had announced that Covid -19 is an endemic disease and fully opening up the country for foreign tourists to travel to Thailand.

7. Tourism, Hotels, Tours and Modern Trade Business

          The Tourism Authority of Thailand (TAT) expected that there will be 18 million foreign tourists visiting Thailand in 2023 because Thailand has advantages when comparing cost of living and room rates to other vacation spots. In addition, the government has supported plan to diversify tourist attractions to secondary cities causing the income expansion to more local tourism and hotel businesses.

          Modern retail business ( Modern Trade ) has a tendency to gradually recover because consumer purchasing power is coming back. As tourism recovering, the number of goods purchased will continue to improve from storefront, malls and online shops but with added service for home delivery.

8. Logistics Delivery Business and Warehouse Including vending machine business such as beverages, washing machine, food and others

          Logistics continue to grow as a result of variety of platforms rely more on delivery services, for example, document messenger, food delivery, etc. Besides, warehouse business also improve as Thai economy began to recover and causes imports and exports to continue to grow. Moreover, government has published policy to increase the capacity of logistics and industrial supply chain management, so it can hugely trigger Logistics businesses.

          Regarding the vending machine business, it continues to develop larger group of consumers as they need machines and facilities to fasten their way of living in order to save more time and to consume with contactless service. Therefore, you can see many types of products in the form of automatic vending machines nowadays.

9. e-Sports Business, Food Supplement Business, Food and Beverage (without alcohol) Business

          The e-sports business continues to grow among Generation Z and working age group with the tendency that e-sports audience is likely to increase to 10.7 million in 2027. Universities in Thailand also have more gaming-related courses such as short course or even bachelor degree course. Meanwhile, the government also has policy to support the e-sports market by set up funds and investment privileges for investors. Thus, it is, unsurprisingly, expected that e-sports will be one of the New S-Curve.

          Food supplement business expands because consumers turn to pay attention with their health, especially Generation Y with high purchasing power and still prefer to consume food made from plants, vegetables, fruits and (Plant based) meat.

Food and beverage business (Non-alcohol) is also rising with consumers choose to buy drinking beverages mixed with vitamins, low-sugar drinks, frozen food and ready-to-eat package.

10. Automotive Business, Spiritual Business (Fortune-telling, Feng Shui) and Entertainment Business such as TV Series, TV Drama, Movies

          Since Covid-19, fast recovering Automotive business is a group of trucks and motorcycle while the car sector is slowly recovering. The consumer incentive to buy automobile is due to development of new and interesting technology such as electric car.

          Spiritual business is originally created from instability. Social pressure and unstable economy lead to anxiety which people, then, need to rely on spiritual and faith. Foreign tourists also like to enhance their esteems by various spiritual methods such as spell tattooing, sacred materials, etc. What’s more, various talismans have been designed to better suit the era to make it easy to carry or wear upon.

          Entertainment businesses have been promoted by government agencies as the soft power strategy to access foreign markets, especially the Chinese market. For instance, the production of homosexual series continue to rise to accommodate diverse groups of audiences.

In conclusion,

          From the ranking of 10 business stars, the main factor for growing is often driven by changes in consumer behavior derived from COVID -19 epidemic and the rapid development of technology in order to accommodate the behavior that changes.

          Overall Warehouse business situation at present is the mixed result of changes in consumer behavior, economic recovery and government policies that plan to push Industrial logistics and supply chain management forward in order to be able to compete with foreign countries.

          Therefore, it is necessary to use technology to support the work processes at every step to reduce all the possible mistakes and to acquire competitive advantages.


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