E-Commerce - It's Hard to Ignore
If you thought e-commerce was a fad, then think again. Here are some facts and stats that will make you reconsider whether your company should consider venturing into the e-commerce market.
And beware, A-commerce is already a thing according to trendwatching.com who state, " … in 2018, shoppers with more important things to do - and that's all of them - will embrace the outsourcing of certain retail experiences to algorithms and smart devices. That means the automation of hunting, negotiating, purchasing, delivery arrangements and more."
So if A-commerce is not already on your radar, you might be wise to do a Google search and see what all the fuss is about.
In the meantime, let's look at Canada's e-commerce market by the numbers. (Source: Statista.com)
B2C e-commerce sales figures in Canada in 2015 were $29.6 billion, by the end of 2018 the figure is expected to be $44 billion.
On a global scale, B2C e-commerce sales are expected to reach approximately 1.5 trillion U.S. dollars in 2018, up from nearly $995 billion in 2015.
It is predicted there will be 22.5 million digital shoppers in Canada by the end of 2018.
Currently, 10% of Canadians purchase online once a week.
37% of Canadians buy from domestic vendors only.
8% of all retail sales in Canada are online, up from 4.3% in 2013. This figure is expected to reach 10% by 2021.
Only 18% of Canadians feel very uncomfortable buying online.
The most popular online sites in Canada are Amazon, Canadian Tire and eBay.
Snapshot: A survey showed that in the third quarter of 2017, 22% of Canadians purchased something online using their cell phone during the previous month.
What these figures show us is that if we are ignoring the electronic commerce market, we are missing out on a very large number of potential customers. And this is a market that continues to grow year on year. An almost $44 billion market that is impossible to disregard if you are to grow your B2C business.
Could you sell your product online? If the answer is yes, why aren't you? If it's simply too daunting a task, find help. Often, your local college or university will have students who, compared with the average businessperson, are experts in this field even before they graduate - ask them for help, they are looking for real world experience.
E-commerce is not going to disappear, it's a valid and profitable way to sell what you make. What's more, consider your current geographical reach and then imagine your reach via e-commerce. The size of the market will blow your mind!