Prior to recent events, Canada was on a strong growth trajectory for the
year. The figure based on projections from March 2020 looked to just surpass the GDP for 2019,
which stood at $1,740 billion. While many factors are present in how GDP
will look for a nation, looking at its major sectors shows that Canada would
have expected to see some growth throughout the year. The nationwide partial
lockdown and social distancing means that most growth will stall for the rest
of the year as major supply chains and industries are affected. But, could
there still be some growth for online sectors, to help keep the economy buoyant
for when things return to normal?
The e-commerce and online auction industry in Canada was set to see 7.5% growth from 2019 to 2020 according to IBIS World. Helped along by the attitudes towards online shopping and the greater internet connectivity, the industry has been thriving. Easy-to-use websites with secure methods of payment and delivery tracking mean that many are opting for the convenience e-commerce and online auctions provide.
Sites such as Etsy and Facebook’s marketplace mean that more people are able
to show their wares and make a profit online, while physical locations come
with added overheads. E-commerce facilitates peer-to-peer transactions
better, with moving online meaning that a lot more people can start
retail businesses, which helps strengthen the economy. In the state of the
partial lockdown (which could become a full one in a matter of days), many
people are resorting to making online purchases as shops are
closing. Supermarket Save-on-Foods has reported several
days’ wait before a delivery slot for the online shop becomes available.
So, online shopping is up as much as those who are continuing to flock to
supermarkets to panic buy. People may also be likely to sell their own things
to others using auction sites to share around books, games, and consoles that
others might benefit from.
Online casino was another growing market, aided by changing attitudes and better internet connectivity. With many at home during the lockdown, they will be looking towards entertainment avenues such as gaming online. The rise in casual gaming and the popularity of gaming on the go has allowed the online casino industry to flourish. Indeed, official bodies are also helpful in ensuring the industry continues its growth, as we can see from the British Columbia Lottery Corporation (BCLP).
Online casino supplier NetEnt announced that they had the largest presence
on regulated markets for online casino software when
they obtained a license in Canada. Indeed, the Gaming Policy and
Enforcement Branch (GPEB) approved their presence in British Columbia. The
revenues of the BCLP go towards helping local communities. Being properly
licensed will give users more peace of mind when they are considering opting
for somewhere to game online.
Given the peculiar times we are in, online industries look set to see the most growth throughout the world, not just in Canada. This is largely down to improved technology already in place and the current circumstances. Being able to do more online leads to money still being spent and pumped into the economy, which could help keep it buoyant enough to prevent too many drastic measures once things return to normal.
Mathieu Blake - Internet Entrepreneur, loves technology, sports, the Montreal Canadiens, Poker, Poker chips, current events and travel. You will often find him Writing about different topics that interest him on websites and blogs. To submit an article, contact the website directly.
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