Industry Changes in CANADA as a Result of COVID-19

Almost every single respondent (96%) said their business was impacted by COVID-19. 44% said the changes they made as a result of the pandemic (things like embracing e-commerce, working remotely, or rearranging floor space) are permanent. The majority of respondents believe these changes had a positive impact on their business.

61% of businesses across all three industries agree that the shifts and changes brought about by the pandemic have been mostly positive. They expect new technologies, consumer demand, and product or service innovations to continue to drive change within their industries over the next decade.

COVID-19 accelerated the shift to e-commerce

Many retail trade businesses were already on the path to embracing e-commerce. The pandemic simply got them there faster. Retail e-commerce sales reached a record $3.9 billion in May 2020, a 99% increase over February of the same year. Year over year, e-commerce sales more than doubled in Canada in 2020, and there seems to be no end in sight. Consumers have adapted to the convenience of e-commerce, and experts expect an additional 5.21 million users to shop online in Canada in 2021.

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For retail trade industry workers, these shifts in consumer demand and the lasting impacts of the pandemic were the top drivers of change in 2020. Offline businesses struggled to meet changing consumer demands, while online businesses scrambled to adapt to demographic changes, technological advancements, and product innovations.

By the end of 2020, 64% of retail respondents said they invested in omnichannel or multichannel sales strategies, which combine online and offline sales. Another 12% said they operate entirely online. Only 24% said they still do not sell products or services online.

Evolving technology made adapting to a digital environment easier

New technology became increasingly important for online and omnichannel retail businesses. More than 23% of survey respondents said new technology drove real change within their industry — and will continue to do so over the next decade.

Retail businesses that previously operated primarily offline turned to new technologies to help them build a digital platform in a pinch. For many, that included adopting digital payment options. After all, 59% of Canadian shoppers prefer using a credit card when shopping online, and another 20% prefer electronic platforms like PayPal or Apple Pay. As COVID-19 restrictions begin to loosen, consumers will continue to rely on these contactless payment methods both online and in person.

 

New Businesses are on the Rise

Despite the challenges of 2020, rising entrepreneurs still want to start a new business in 2021 and beyond. 68% of respondents say they have plans to start their own business one day, and another 13% are considering it. Of those who have already owned a business, 83% say they plan to open another.

But entrepreneurs are more optimistic about some industries than others. 82% of respondents in the technology industry say they want to start their own business. By contrast, only 51% of those in the retail trade and 69% of those in health care plan to start a new business.

Why are tech workers feeling so optimistic? Workers in the technology industry are more likely to have seen success before. 63% of these workers say they have owned a successful business before—and 78% plan to start another business. The majority of healthcare workers (62%) have not owned a business before, but they’re interested in giving it a try. Meanwhile, 58% of retail workers say they have owned a business before, but only 33% say they would do it again.

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