Stay updated on your customers' spending behavior and preferred payment channels, wherever they choose to shop from. Support local payment methods where they matter, retain happy customers, and improve conversion rates.
Significant opportunities exist for growth in the United States’ e-commerce market, particularly through app-based sales. E-commerce continues to transform the retail landscape in the U.S. and consumer confidence remains relatively high as online shopping and mobile e-commerce provides new ways to shop for and buy goods and services. Up to 2021, e-commerce growth is expected to expand by double-digit rates every year.
The U.S. ranks as the second-largest e-commerce market in the world, second only to China in terms of sales. Business to consumer e-commerce sales are worth $744.1 billion, and online sales growth in the U.S. is expected to reach a compound annual growth rate of 10.2 percent to 2021.
Canada’s homegrown e-commerce market has been slow to develop, creating a strong cross-border shopping culture. With double-digit e-commerce growth predicted, however, it is quickly catching up to other international marketplaces. Merchants who can meet the high expectations of this affluent nation, particularly around free and fast shipping, could attract Canada’s online shoppers.
Canada’s business to consumer e-commerce market is said to resemble the neighboring U.S. market in terms of features and preferences. For example, card payments dominate in both markets17 and they have similar penetrations for mobile commerce.
While credit cards are the most used payment methods for ecommerce, Canada’s local debit network, Interac, is a must have for in-store merchants.