New Research Report: The Impact of Online Shopping on Local Businesses

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Just in time for the 4th annual BC Buy Local Week, LOCO BC launches a new research report highlighting a growing trend in online shopping, how BC businesses are competing online, and what motivates online shoppers. Here are some of the highlights from the report:

  • Online shopping is a growing trend in Canada. Sales are expected to double by in the next four years, from $22 Billion in 2014 to $40 Billion by 2019.
  • B.C. retailers cite “competition from internet retailers” as one of two top challenges they face (tied for top issue at 64% along with “big competitors receive better pricing & terms”).
  • Very few businesses feel they are marketing themselves effectively. The majority of them are spending less than $200/year on advertising.
  • 2 out of every 3 dollars spent online by Canadians goes to a U.S. retail website.
  • Cross border online shopping reduces the amount of money circulating in the local economy by up to 32%.
  • The higher the volume of online purchasing a consumer does, the more likely it is that they purchase with chains versus local businesses. Those whose online purchases make up less than
  • 50% of their overall consumer spending are spending approximately equal amounts with chains as local businesses. However, those spending between 75-99% online shop with chains twice as often as with local businesses.
  • Consumers value local. Of Canadian consumers surveyed, 69% valued Canadian ownership as “Most Important” or “Important” when shopping. Over 50% of consumers are seeking locally made products and nearly 50% prefer to buy from companies right in their Province or City.
  • Consumers would spend more money online with local businesses if they offered convenient shipping, e-stores and a better consumer experience navigating their online stores.

Download the report

Events

First Tuesday Monthly Business Mixers

Our events are hosted by our members. Think factory, store and warehouse tours with good local food, drink and business connections old and new. It’s a chance for our members to get to know each other, strengthen community and leverage our network to support a stronger local economy.

Events are on the first Tuesday of each month. Drinks and food are included in the ticket price. For event notifications, make sure you sign up for our newsletter (bottom right corner).  

Please check back for our next First Tuesday event – we’ll have more scheduled in fall 2017. 

 

Workshops

Our workshops are finished for the season. 

Other Events

No other events scheduled at this time.