Digital transformation is happening now, and it’s happening fast! Consumers are motivated to buy from businesses that offer convenient and easy shopping experiences – such as the ability to shop both in-store and online, use digital payments, and keep up with their favourite products and services online.
Using digital tools and services can improve your existing business by connecting with customers, improving their shopping experiences, and reducing costs & increasing revenue.
Learn more by downloading our Digital Transformation of SMBs report
Research shows that consumers prefer using digital channels such as a business website or social media when determining where to shop.
Setting up and promoting your business online may help consumers find and do business with you.
One in 10 dollars spent in Canada retail will flow through digital channels in 2019.
Mobile commerce, that is growing faster than retail ecommerce, will make up almost one-third of ecommerce.
22.1 million Canadians will be digital buyers in 2019. By 2023, this number is expected to grow to 24.3 million.
Source: eMarketer, Canada eCommerce 2019, June 2019. eMarketer definition for digital buyers: internet users ages 14 and older who have made at least one purchase via any digital channel during the calendar year, including desktop/laptop, mobile and tablet purchase.
Digital tools and services that simplify the shopping experience are important motivating factors for consumers when deciding where to shop. Offering services like a website and online shopping can motivate consumers to do business with you.
Source: Visa Digital Transformation Research, 2019 Visa-commissioned Maru/Matchbox survey
If you don’t have a website yet, here are some key considerations that can help you get started:
Get a web address (or URL)
Select a website host and platform
Build your website
Accept online payments
To learn more about creating a website, download the Digital Transformation of SMBs report.
Once the website is launched, consider promoting it. This can help you to bring customers to your online store and increase your reach.
Pay-Per-Click (PPC) Advertising
Search Engine Optimization (SEO)
Other Search Engine Options
To learn more about promoting a website, download the Digital Transformation of SMBs report.
An online marketplace is a third-party website that lets businesses post their products for potential customers to see and purchase. Depending on your business need, you can use a Marketplace as an addition or alternative to having a website.
Choose the right marketplace for you
Provide enough information about your product
Encourage customer reviews
To learn more about joining a marketplace, download the Digital Transformation of SMBs report.
Research indicates that not only did consumers surveyed prefer digital payments, such as paying with a card or mobile device, but it may also positively impact a SMB’s bottom line.
85% of consumers surveyed rank a digital payment method, such as paying with a card or mobile device, as their #1 preferred payment option.
79% of SMBs surveyed agree that accepting digital payments helps them manage their business more effectively.
Based on analysis of surveyed SMBs, the average SMB spends 3x more time processing non-digital payments compared to digital payments.
Source: Insights from Visa’s Digital Transformation Research, 2019 Maru/Matchbox survey
1 The potential increased revenue from the acceptance of digital payments was calculated based on the experience of firms that recently began to accept (within the last 5 years) digital payments and that have bene in operations for more than 5 years.
Learn more by downloading the Digital Transformation of SMBs report.
