Now, as many businesses look at the long road to recovery after a disruptive pandemic, statistics can offer helpful signposts to guide the way. The smart thing to do is to remain attuned to the relevant statistics. For Toronto businesses adjusting to the “next normal” in Canada, this article highlights the two major stats to know. The following information is mostly relevant to retail businesses, but business owners across industries should find the insights fascinating.
Smartphone Penetration in Canada
According to Statista, smartphone penetration in Canada (the rate of mobile users as a percentage of the population) reached 87.8% in 2022. Compare that to other western countries like the UK (78%), Germany (77%) or the US (81%), and tech-forward Asian countries like Japan (66%) and South Korea (76%). Canada bests all of them.
Why It Matters
Companies of all types need to understand that the next normal will largely play out in a mobile world. In the past, certain industries have been able to sit out of the mobile development race. These include car dealerships, fresh food retail, healthcare, real estate, and brick-and-mortar stores to name a few. This is no longer the case! Large enterprises across the board have already started capitalizing on mobile apps to reach consumers in a more convenient, meaningful way. It’s time for small- and medium-sized Toronto businesses to follow suit. Partner with an app development company in Toronto to create a competitive mobile app for the next normal.
Percentage of Consumers Shopping In-Store Vs. Online, by Demographic
The preference for in-store vs. online shopping largely falls along demographic lines. As PwC Canada notes, Gen Z (those born between 1997 and 2012) shoppers are often three times more likely to buy certain products online than their Boomer counterparts. Millennial shoppers (those born between 1981 and 1996) land in the middle of the two demographics, but align much closer to Gen Z shopping patterns than boomers.
Why It Matters
Here’s a bonus statistic: Gen Z and Millennials consistently enjoy the highest levels of disposable income. Businesses looking to drive sales by courting these demographics should consider an online and mobile presence (see above).
However, this strategy should not come at the expense of alienating in-store shoppers. Instead, businesses should try an omnichannel approach – a strategy of integrating methods of retail (e.g., mobile, web, in-store, phone) to create a seamless, synergistic customer experience.
For instance, as you work with a mobile app developer, brainstorm ways that your mobile app can direct customers to your in-store location. Some options to drive traffic include using promotions, wayfinding features, or even virtual reality. This McKinsey paper is a good place to start, offering a helpful guide for developing an omnichannel strategy.
In the next normal, Toronto businesses will need robust mobile app solutions and omnichannel strategies to appeal to increasingly mobile consumers without alienating traditional demographics. Adopting future-forward strategies early may help your business gain a competitive advantage in a rapidly evolving marketplace.
You may be interested in reading, “Tips for Selecting Elements to Include in Your Small Business Network“.
