About the Canadian economy
The Canadian economy is making slow but steady progress. Despite recent turbulence and intense pressure from the US, it’s expected to grow by 2% in 2019 and remain stable. Canada’s competitiveness is supported by robust infrastructure and well-established institutions that encourage growth.
Economists note that the country’s population is undergoing a transformation that is mostly driven by technology and the changing needs of an ageing demographic. This presents many opportunities for innovative businesses that are willing to adapt and utilise these trends to their advantage.
Canada is a wealthy and developed economy with the third largest oil reserves in the world and other primary sector strongholds such as logging and commercial fishing. However, due to its terrain and climate, the country is sparsely populated and only 4.3% of its land is suitable for farming, meaning its consumers rely heavily on imports.
Why invest in the Canadian e-commerce market?
Retail e-commerce is set to generate a revenue of CAD 29 billion by 2021, an increase of CAD 18.3 billion since 2016. This is an incredibly positive indicator for growth and yet another reason why investors need to take note when it comes to the Canadian economy.
Of Canada’s 36.3 million inhabitants, 89.8% are internet users. More and more of these individuals are becoming adept at using mobile devices to make payments – an increase of 9% since 2014. According to Statista, 38.4% of online purchases were made via mobile device in 2017. This suggests that customers are looking for easy to navigate, secure websites; excellent news for British businesses who are viewed as some of the world’s most reliable vendors when it comes to online trade.
Canadian shoppers seek an enhanced digital experience that is customised for their needs while also offering transparency and value for money – if you’re already ahead of the game with your current online business proposition, you’ll be in a strong position to delight your Canadian market.
As a largely English speaking nation of affluent consumers, Canada is the perfect location for UK e-commerce expansion. Clothing and apparel make up 56% of online sales, and household goods account for 41%, meaning businesses in these sectors should enjoy favourable returns on investment with the right strategy and support service.
The geographical layout of the country lends itself to e-commerce as the population is considerably spread out. The arrival of online shopping and home deliveries is a welcome development for communities that are looking for easier ways to purchase the goods and services they desire without having to make long journeys to brick and mortar locations.
As a dynamic yet stable economy, Canada is an inviting destination for many businesses. With a highly educated workforce and no language barrier, your company could outsource some of its overseas activities while still remaining in control from its UK headquarters, this could significantly decrease your operating costs while also helping you to gain insider knowledge of the market. Due to the country’s historical ties with Britain, the two share a lot of commonalities which will help your business to establish itself quicker whilst leveraging the power of these positive relations.