Canada poised to witness a boom in e-commerce industry
UCW News Team | March 18, 2016
Canada’s e-commerce industry is about to take the nation by storm. While Canadians have demonstrated a penchant for online shopping, online sellers have been unable to keep pace with this demand so far. However, that is finally changing as more Canadian businesses turn to e-commerce.
Statistics Canada conducted a study in 2013 on internet and digital technology use. The findings revealed that just 13 per cent of businesses in Canada were using the internet to sell their services and products at the time. This does not match the behaviour of Canadian consumers, who are voracious digital shoppers.
Forrester Research Inc. estimates that nearly 10 per cent of Canadian retail spending in 2019 will take place online. This is an increase from the 6 per cent noted in 2014. On a percentage basis, it is nearly equivalent to the 11 per cent projected for the American market.
Statistics Canada revealed that retail sales in Canada were a massive $505 billion in 2014. Canadian businesses are now realizing the importance of having an online retail presence and providing superior web-based commercial transactions to consumers.
With oil prices tanking, Canada has shifted its focus to technology. At the World Economic Forum in Davos in January, Canadian Prime Minister Justin Trudeau marketed Canada as a technological hub. Canada has a host of technology companies that have the technical knowledge and necessary financial support to help the country usher in a new era of e-commerce.
These companies have the next-generation software and platforms that can change the way Canadian consumers purchase services and products online. Implementation of these platforms will allow online merchants and retailers to boost their productivity and reduce operating costs.
In fact, the leading Canadian technology companies have collectively managed to raise more than $1 billion in capital since 2010 and have attracted 388 investors from around the world. This clearly reveals the capabilities Canada has to propel innovation into e-commerce and take digital retail to new heights.
The rise in technology innovation and e-commerce requires leaders who possess entrepreneurial problem-solving skills, which is something that University Canada West has mastered with its MBA program. A UCW MBA education gives graduates the business acumen and expertise needed to succeed in their chosen careers.