COVID-19 has drastically affected businesses of all sizes across the globe as business owners were forced to close their doors, some of them for good. As the small businesses that survived struggle to reopen at minimal capacity and climb back up to pre-pandemic numbers, many are reevaluating their business models and wondering if e-commerce is the solution.
The inability for customers to visit brick and mortar stores has caused e-commerce to skyrocket in Canada since COVID-19 was declared a pandemic, doubling in just the first two weeks and is expected to hit $4.5 trillion by 2021. This has accelerated the need for these businesses to provide online options for consumers.
However, as brick and mortar businesses have the need and desire to pivot online, many do not have the proper resources, knowledge or funds to do so.
A recent study by Canadian fintech lender, Merchant Growth, found that:
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