The pandemic has wreaked havoc across all sectors, but fewer have been harder hit than the small business community in Canada. Since the onset of COVID-19, 1 in 7 have been at risk of shutting down, and in an effort to survive, many have been turning to digital strategies, with half (51%) relying more on digital communication in this year alone.
At Wednesday’s Community Uninterrupted webinar, we were joined by Taylor Matchett, Research Analyst and Mandy D’Autremont, Senior Director, Member Experience and Strategy from the Canadian Federation of Independent Business (CFIB) who took us through their latest research “Small Business Digital Transformation in 2021”. This research clearly outlined how small businesses are turning to digital strategies and some of the challenges they face in finding success online, outlining 5 key findings that we, as an industry, should pay attention to:
- Digital marketing tops the list as a key priority and focus for small business owners in 2021; with 22% indicating that reaching more customers through tools such as Google, Facebook, Instagram are top of mind.
- 40% of those who will sell online post-pandemic say attracting customers online is a top challenge they face.
- 31% of small businesses are increasing their spend in eCommerce and digital marketing, but are also looking to invest in Adtech and hiring more employees to support their online initiatives.
- Small businesses are still working to make eCommerce a successful revenue stream, as they are not yet seeing a significant ROI through their online channels.
- Over half of business owners said that a digital strategy is essential in 2021 and beyond as it will not only help them survive the pandemic, but also assist in driving growth in the future.
The SME community is relatively new to digital and could use our help and guidance. IAB Canada is focusing on finding ways to support our local communities, and the timing is right as more publishers move toward self-serve platforms and offerings that are more accessible to independent advertisers. We need to guide those new to the space and help those who are already invested advance their current efforts through tailored marketing strategies and advertising opportunities to keep their doors open. If you would like to join the conversation, please join our eCommerce working group by reaching out to [email protected].
For access to the full presentation click here and see below for links to some of CFIB’s additional research in this area.