To be perfectly honest, the title of today’s blog should really come as no surprise to you. It seems that with every passing day, the internet is becoming more and more popular. It’s where people go to watch videos and movies, listen to music, locate information about just about anything and, you guessed it…shop. And with the current holiday shopping season in full effect, online shopping is at an all-time high.
So much so that online shopping sales are set to overtake in-store sales for Christmas for the first time ever! At least this is what is believed by Deloitte who conducted a survey that asked American consumers how they plan to spend their money during the holidays this year. As Salmaan Farooqui reports in The Globe and Mail, the study found that 51 percent of a shopper’s gift budget will go towards online purchases.
Farooqui notes that a poll conducted by Ebates.com found that Canadian shoppers are not far behind their southern neighbours when it comes to loving online shopping. The survey discovered that shoppers plan to spend 38 percent of their gift budgets online this holiday season. The disparity between 51 and 38 percent may seem significant. But as Deloitte’s national retail analyst, Tom Quinn notes, that disparity is shrinking.
“Canadian retailers were a bit more cautious in investing in the technology that it took to develop e-commerce platforms and to make mobile apps a reality,” he is quoted as saying, “But in the last five years, they’ve increased the attention and are starting spend more in trying to understand the consumer and how they prefer to shop.”
Consider this – Canadians show that they much prefer paying with plastic over cash. We make far more purchases with credit cards than our American counterparts. Derek Colfer is the head of technology and digital innovation at Visa Canada. In Farooqui’s article, he highlights the fact that 70.7 percent of personal purchases made in Canada are done by cards. By comparison, only 40.3 percent of purchases are paid for by cards in the United States.
As you’re likely aware, online shopping generally requires of their shoppers payments via credit cards. Canadians, it appears, seem perfect for the online shopping world. “You can’t take your physical cash and make a digital payment,” notes Colfer, “So that card-based…penetration is critical when you look at the kind of shift that’s happening in digital commerce.”
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