LWS recommends 5 service businesses that come with digital innovations to meet the lifestyle needs of people of all ages, developed alongside the growth of the digital economy.

Mr. Prabhan Sak Raksaiwan, Managing Director of L.W.S. Wisdom and Solutions Co., Ltd., a research and development company in real estate under L.P.N. Development Public Company Limited, suggests 5 service businesses that cater to the lifestyle needs of all ages in the post-COVID-19 era, including services for the elderly, health, environment, housing, and entertainment.

“Since the COVID-19 outbreak from 2020 to the present, digital technology has played a significant role in developing various services, especially in creating platforms to enhance access to information and connect people, while also creating opportunities for new businesses in both production and service sectors. Particularly in service industries, technology has increasingly connected various services to meet the demands of society, providing opportunities for entrepreneurs to develop and enhance their operational efficiency,” said Mr. Prabhan.

According to research from LWS's service development department, over the past 3 years of the COVID-19 pandemic, several service sectors have developed and received positive responses from the public since the outbreak, continuing to thrive even as the situation has improved. The five promising businesses with growth potential and economic value include services related to the elderly, health, environment, housing, and entertainment for the younger generation.

1. Services Related to the Elderly

In 2022, Thailand fully transitioned into an aging society. One of the rapidly growing businesses is elderly care, which has seen significant growth over the past 1-2 years. The number of registered nursing homes has increased from over 200 in 2020 to 450, not including an estimated 1,000 to 2,000 unregistered nursing homes across the country. In addition to health care services in nursing homes, there are also services that take the elderly to hospitals, travel, and participate in various activities. An interesting platform is Joy Ride, which provides transportation for the elderly to medical appointments. This service, developed by Thais, offers caregivers to accompany the elderly and patients from home to the hospital and stay with them throughout their medical appointments, ensuring they return home safely. Services include transportation for COVID-19 vaccinations, Welcome Home services, and Joy Go Round for outings and errands, starting at just 280 baht. The user base includes not only the elderly but also pregnant women who may have difficulty driving themselves. Additionally, there is Senior Move, a limousine service specifically for adults, available by the hour, allowing users to set or change routes and stop for errands along the way, similar to having a personal driver. Reservations can be made via Line, starting at 500 baht per hour, representing a service business developed to meet the changing societal needs and create new business opportunities post-COVID-19.

2. Services Related to Health

According to reports from the Department of Business Development, 353 new health-related businesses were registered in the first 8 months of 2022, a 90% increase from 167 in the same period of 2021, reflecting the growing demand for health services following the COVID-19 pandemic.

Health-related businesses encompass not only health care but also services related to health products, including food, exercise, and health advice. Particularly in food, there is a growing interest in consuming pesticide-free products, leading to the development of services that deliver organic fruits and vegetables directly from farms to homes, connecting buyers with producers. One such service is Happy Grocers, which delivers organic produce to homes, developed by students from Thammasat University's College of Global Studies, inspired by the pandemic's impact on agricultural markets. This initiative helps small farmers find reasonable market outlets while providing consumers with quality products directly from farmers. They even use Grocers Trucks to bring small farms to customers' doorsteps, with customers able to request deliveries through their condo management. This project has been successful and won awards at the Startup Thailand League 2020.

Another rapidly growing service that continues to thrive post-COVID-19 is online doctor consultations. A report from Grand View Research in 2020 indicated that the telemedicine market was valued at approximately $55,900, with an expected annual growth rate of 22.4% from 2021 to 2027, indicating ongoing growth in this sector.

3. Services Related to the Environment

This category of services has gained popularity due to the growing awareness of environmental, social, and governance (ESG) issues, driven by climate change, global warming, increasing PM 2.5 dust levels, microplastics in marine life, and clean drinking water shortages. These environmental challenges have led to the emergence of businesses focused on solving environmental issues, such as producing eco-friendly construction materials, recycling waste into furniture and other products, and providing services that turn waste into resources, like Recycle Day Co., Ltd., which educates on waste separation and management through an app that tracks waste collection and separation at homes, allowing users to earn points for rewards or cash back, fostering awareness and understanding of waste management. Another interesting and growing service related to the environment is the installation of renewable energy devices, such as Pavegen slabs, which convert foot traffic into electricity. This service started in the UK and has been installed in key locations, including Oxford Street and Barrett Street, with installations also occurring in Thailand at True Digital Park and 101 The Third Place.

4. Services Related to Housing

Housing-related services have also evolved to meet growing demands, particularly in home maintenance, cleaning, and repair services. Many companies have developed platforms allowing customers to select and request services as needed. For example, Q-Chang is an online platform that connects quality service providers for home maintenance, appliance installation, and home repair services. Q-Chang has seen significant growth over the past 3 years, with website usage increasing 6.5 times in 2022 compared to 2021, and the number of users tripling, with booking values reaching up to 610,000 baht per person per year, clearly reflecting the demand for home-related services. Q-Chang has expanded its services from the website to include a Line Official account: @q-chang, and has partnered with companies like SCG, Shopee, and Lazada. Popular services include air conditioning cleaning, roof repairs, and washing machine cleaning. Additionally, major providers like SCG also offer housing-related services, such as SCG Heim, which provides home extension, inspection, and interior decoration services.

5. Services Related to Lifestyle

People are increasingly accustomed to living in residential spaces, balancing work and entertainment activities, particularly gaming, which has gained global recognition as a sport and is now included in regional and international competitions. In Thailand, schools have begun offering E-Sport courses at the secondary level, such as Sirindhorn School in Surin and Saraburi Wittayakhan School, which have created E-Sport Rooms to support students in all aspects. At the university level, private institutions are also introducing E-Sport courses as options for interested students.

The growth of E-Sport has led to the development of E-Sport Rooms within residential spaces, particularly in condominiums, alongside Co-Working and Co-Kitchen spaces. Current residential projects, such as Place 168 Pinklao developed by L.P.N. Development Public Company Limited and Altitude Unicorn Sathorn developed by Altitude Development, are designed to meet the needs of the younger generation who are increasingly living in residential spaces.

Additionally, hotels abroad are increasingly incorporating E-Sport Rooms, such as iHotel in Taoyuan City, Taiwan, The Arcade Hotel in the Netherlands, and eZONe Cyber Space Hotel in Japan, offering rooms equipped with gaming computers and beds, accommodating from 2 to 5 guests, with rates starting at 1,500 baht.

“The changing lifestyle of people from the New Normal to the Next Normal after the COVID-19 pandemic has transformed services from requiring people to leave their homes to receive them, to services that can be accessed from the comfort of their homes through various platforms connecting all services together to meet people's needs. This represents a new dimension of creating opportunities for service businesses to reach people and generate additional income. Digital technology is a part of creating opportunities for both business and enhancing the convenience of people's lives today,” Mr. Prabhan concluded.

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