Happy Friday Readers! Everyday this week, we shared on our social media pages a great infographic published by the BDC (Business Development Bank of Canada). The informative image is about the top trends that are shaping the future of Canadian business. Today’s blog will be a summary of this infographic.
The BDC states that Canadian businesses can benefit from many new and exciting opportunities by adapting and leveraging the following 5 trends:
1. The Internet Revolution
The best way to get product or service information before we had easy and quick accessibility to the Internet was to call or visit a store directly. Nowadays, consumers prefer to turn to online searches to make buying decisions, before, after or even while shopping. These consumers are being referred to as “Review Researchers”. Others are being called “Smartphone Shoppers” if they use their mobile devices to view, research or buy online deals. This has changed a lot for brick-and-mortar retailers, as they now have to compete with online retailers and ensure they have enough information about their products and services online for consumers. Internet retail sales were $5.4 billion in 2012 and are predicted to reach up to $10 billion by 2020. It is time for brick-and-mortar stores to make big changes towards eCommerce opportunities.
2. The “Health Mania”
In recent years, “healthy-living” has been the new trend in Canada, which has truly changed people’s lifestyle and eating habits. Consumers are requesting fresh produce and bottle water, instead of frozen, processed foods and soft drinks. Not only are Canadians changing their food demand but they are also getting active. Sportswear sales have increased and new markets are emerging, such as the health-monitoring equipment market. Canadian entrepreneurs are taking advantage of this new trend and targeting the health-conscious consumers.
3. The “Made-In-Canada” Advantage
Canadians are making a conscious effort to consume responsibly, by integrating environmentally responsible practices into their lifestyles and making an effort to buy local products.
4. Customization is King
Canadian consumers are moving away from the traditional consumption of standardized, mass-produced products and requesting customized goods. Because of this, many companies are delivering ‘made-to-order’ and diversifying their product lines to respond to consumers’ demands.
5. The Thrifty Consumer
Frugal living is the new trend for Canadians. More and more consumers are becoming budget-conscious and are choosing to share, trade or even rent goods and services rather than purchase them. Another key component of being economical involves group couponing, where big discounts can be found for local businesses.
Hope you enjoyed learning about the 5 “must-watch” trends that are shaping the future of Canadian businesses. To view the BDC’s full infographic, click here.