With 2016 drawing to a close, it is important for businesses in all industries to look towards future growth. Various experts are suggesting that next year, digital will be the aid of choice for Canadian companies.
Of course, this digital expansion will include the expansion of e-commerce capabilities. While in 2016, e-commerce sales accounting for only about 2 per cent of total retail sales, retail industry expert Doug Stephens told the Canadian Press that it is growing quickly.
According to Stephens, who runs consultancy firm Retail Prophet, e-commerce it’s growing at a pace of 15 per cent each year, compared with 3 per cent growth in bricks-and-mortar sales. Stephens notes that customers expect the process of buying online to be as seamless as purchasing the item in a store.
“The ability to serve customers online and particularly on a mobile device, to be able to ship quickly and to be able to ship either free or at the lowest possible cost [is necessary],” he said.
Additionally, more retailers will be incorporating more digital elements into their stores. Retail strategist Kelly Askew also told the Canadian Press that in 2017, “(retailers will be) moving away from some of the gimmicky and gadgetry that we’ve seen until now, like digital screens you can interact with but they don’t really add to the experience.”
Simply put: beef up your digital experience for consumers in order to stay on top. Those who continue to ignore the growing medium may fall short.
