For some Canadian entrepreneurs, a lot of economic uncertainty lies ahead. The ever-changing political landscape has many concerned. However, those that are openly embracing technology – specifically ecommerce – are optimistic about a promising business performance this year. According to Huffington Post Canada, the more small and mid-sized Canadian businesses took advantage of technology, the more optimistic they were about 2017. This optimism is driven by certain, key factors:
With advancements in technology and ecommerce, entrepreneurs are no longer restricted to one region or country. They can now reach multinational consumers. Canadian entrepreneurs that operate on eBay, for example, reach 19 markets on average. In addition, ninety-nine percent of them export. This is huge compared to traditional small businesses; on average, these businesses reach 2.5 countries and only 11.8 percent export.
With more and more consumers shopping online, ecommerce is no longer a trend. Consumers are choosing where and when they wish to buy. Thus, it’s necessary for businesses to take advantage of multiple-channel strategies. Canadian merchants that sell through online channels averaged 20 percent higher annual sales compared to merchants who didn’t. Moving into 2017, Canadian SMBs are optimistic about their ability to connect with their customers anytime, anywhere through multiple channels.
Merchant’s aren’t just excited about geographical and channel opportunities. Platforms play a huge role in enabling ecommerce and trade. The SMB Optimism Index discovered that seven out of ten retail SMBs were confident that selling through an online marketplace would allow them to be successful internationally. To be more specific, the Index shared that 86 percent of merchants that sell through online marketplaces expect their sales to grow. From the mighty Amazon to niche marketplace Etsy, the opportunities are endless.
Canadian Merchant Account
Without a merchant account, entrepreneurs are unable to accept and process ecommerce transactions. Depending on business type and industry, some merchants are categorized as “high risk”. This makes it near impossible to secure payment processing solutions with a traditional provider. More and more Canadian entrepreneurs are taking advantage of alternative provider’s services, like EMerchantBroker. Through them, business owners can quickly setup a Canadian high risk merchant account – in as little as 24 hours. All services – including business funding options and chargeback protection – are specifically tailored to meet their needs.
Even during a time of political change and uncertainty, Canadian merchants are optimistic about their business’ future growth. In following the strategies above, the merchants are poised to have a very successful year.