Consumer shopping habits are changing and retailers have to adapt to ensure they are positioned to take advantage of these shifting behaviours. Historically, Canada’s e-commerce market has been slow to develop but in the coming months and years it is expected to grow significantly and it’s predicted that Canada will catch up to other international marketplaces 1. Approximately 80% Canadians shop online and are buying more items, more often than ever before, and across a variety of product categories 2 displaying that the e-commerce market is becoming the ‘new normal’ of shopping.
A large part of the growth of e-commerce in Canada is related to the recent COVID-19 outbreak. Since March 11, 2020, the day the World Health Organization declared a global pandemic, e-commerce sales have doubled for many Canadian merchants 3.
With this shift to the online world, customers are looking for alternative ways to pay for their goods and services. While over 90% of Canadians have a credit card 4, some individuals may not want to use it to shop online for a variety of reasons. Luckily there are a variety of ways consumers can choose to pay online while getting the goods and services they need. These alternative payment methods provide retailers the opportunity to offer an in demand item to their customers.
With the rapid growth of the e-commerce market, organizations are being put to the test with their capabilities 5. Consumers who may not have transacted online in the past are now looking for ways to take part in that ecosystem, and this means having additional payment methods being made available to them.
At Payment Source, we have worked to create alternative payment solutions that enable Canadians to transact in a variety of ways. Help your customers by adding various solutions to your organization. Ask us how we can get you started today!