Menu

Is Canada good for eCommerce?

03 Mar 2022 By PAYCEC

Canada is one of the developed ecommerce economies in the world. In 2019, the overall payments market in Canada reached $9.9 trillion, with 22 billion consumer and commercial transactions according to payments.ca.

Ecommerce industry in Canada is growing at the fastest pace ever. However, the majority of key players who contribute to that growth are from the US while local Canada ecommerce websites still attempt silently.

In the last decade, the e-commerce market has grown steadily, allowing consumers and businesses to buy and sell products and services completely through electronic channels. Electronic commerce retail sales are expected to increase from 3.53 trillion dollars in 2019 to over 6.54 trillion dollars in 2023. Canada has become a particularly profitable market in recent years, thanks to its large digital population. E-commerce retail trade sales in late 2019 totaled about 1.85 billion Canadian dollars, with nearly 28.1 million Canadians making purchases online. The retail e-commerce business of Canada e-commerce sites is predicted to earn more than 33 billion dollars in revenue by 2024, up from 25.4 billion in 2019.

  • Canadian shoppers preferred online to in-store shopping, especially high-end products from domestic retail Canadian e commerce websites

Fashion, electronics, and books are among the most popular online buying categories in Canada. Many Canadian customers said they preferred online over in-person purchases in a 2018 study because of the better product choices and the ability to save time and money by virtually browsing the offers. In terms of spending, Canadian digital shoppers largely purchased high-end products from domestic retail sites that year, with lower-value orders going to U.S.-based providers. On average, 17 percent of internet buyers spent more than 2,000 Canadian dollars on online goods and services, while 25% of digital shoppers spent less than 500 dollars per year.

  • Credit card has been the preferred payment method for online shopping for several years

When it comes to online payment, the Canadian e-commerce market has several unique characteristics. Despite many technological developments in the field of online payment services and the proliferation of payment providers, according to a recent study, credit cards have been the preferred payment option for online shopping for some years. This pattern reflects certain Canadians' apprehensions about using digital money and their reluctance to use such services. In 2018, 18% of Canadians said they were very hesitant to make digital transactions. Older internet users are also less likely to utilize a mobile app or e-commerce site to store personal credit card details, but younger mobile users are more interested in and confident of technology like mobile wallets.

  • Canadians are happy to use more sophisticated and non-traditional payment methods

Nonetheless, the number of Canadians who are willing to use more complex and non-traditional payment methods is increasing. In 2019, 43.2 percent of Canadian smartphone owners said they used a mobile banking app, while another 20.4 percent said they used the PayPal app to perform financial transactions. Overall, Canadians are showing a rising willingness to embrace the world of e-commerce, are becoming more receptive to new and inventive payment methods, and are improving their confidence in storing data and making purchases online. Despite the fact that progress in Canada's e-commerce industry has been slow, market estimates indicate that the sector will grow significantly in the next few years. These predictions could come true if more Canadian shops and consumers continue to explore and use the benefits of e-commerce.

Learn more.

Have other questions?

If you need further assistance or answer, please don't hesitate to contact us.

Have other questions?

The Media

Finextra One IBC Yahoo Finance
About us

who we are

about us

We are honored to serve as your reliable business partner and financial service provider in the industry and other business-related services. With the help of our professional staff, to help merchants to achieve their goals for the development and expansion of the international business market.

Our payment flow has developed in the e-commerce world to perform seamlessly and effectively across all platforms and devices. We take pleasure in combining technology with customer service, to solve your concerns at the moment.

PayCEC is a fully worldwide payment network that not only allows merchants to be paid immediately and securely, but also allows them to withdraw money in multiple currencies to their company accounts.

We will contact you shortly.

Email Phone
Scroll top