Hamburg, Germany – May 7th, 2024 – Today, yStats.com, a leading provider of cutting-edge E-Commerce market intelligence solutions, unveils its latest market report titled “Canada B2C E-Commerce Market & Online Payment Methods 2024.” This comprehensive report sheds light on significant trends and insights surrounding the rapidly expanding adoption in several areas such as B2C E-Commerce Market, Online Payment Methods, as well as BNPL Services in Canada.
Growth and Leadership in the B2C E-Commerce Market in Canada
The share of B2C E-Commerce in Canada is set for impressive growth and is anticipated to achieve a triple-digit billion EUR valuation by 2027. This growth is fueled by a significant increase in digital consumers and a rise in online transactions, as highlighted in the yStats.com report. The report reveals how digital adoption and changing consumer behaviors are reshaping the retail landscape in Canada, suggesting a promising future for online sellers.
The sector’s share of total retail sales is expected to reach a double-digit percentage by 2027, underscored by remarkable monthly sales surges. Furthermore, sales from Canadian retailers in February 2024 indicated a strong upward trend, supported by the government’s digital transformation efforts.
Innovations and Dynamics in Online Payment Methods
Online payment methods are evolving swiftly, with credit cards at the forefront, followed by PayPal and an expected surge in digital wallet adoption. Moreover, by 2025, digital wallets are projected to capture a significant share of the online payments market, reflecting a shift towards faster and more efficient payment solutions. Amazon remains dominant in Canada’s online retail scene, securing nearly half of the market traffic as of March 2024.
The varied adoption of BNPL options among retailers indicates a range of business strategies in the market. Additionally, the focus on sustainability within the B2C E-Commerce sphere is intensifying, with many merchants adopting green practices and focusing on customer retention amid economic fluctuations. The B2C E-Commerce market is projected for continued growth, driven by innovative payment solutions and a solid regulatory framework that encourages inclusive digital trade.
