Is your business ready for Cyber Monday

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iconsTHUNDER BAY – While ‘Black Friday’ is considered one of the busiest shopping days in the United States, on Monday, it is online shoppers that take to the websites to shop. With Cyber Monday just days away, Canadian businesses are gearing up for consumers who plan to go online to shop. However, despite a growing online shopping trend, today’s BMO study found that Canadians are still most likely to opt for a ‘real’ shopping cart over a ‘virtual’ checkout this holiday shopping season.

Figures from the BMO study demonstrate that there is still lots of room in the marketplace for independent businesses to grow into the online market. Much of the online shopping on Cyber Monday happens at big chain stores.

Cyber Monday

According to the 2012 BMO “Cyber Monday Report”, 44 per cent of Canadian consumers plan to shop online this coming Cyber Monday. Interestingly, 16 per cent will be buying gifts for others, five per cent will be buying gifts for themselves, and 23 per cent will be shopping forboth themselves and others. Men are almost three times more likely than women to be making a purchase just for themselves (eight per cent vs. three per cent).

Regionally, Quebecers are least likely (19 per cent) to shop online on Cyber Monday, and those in the Atlantic provinces are most likely (56 per cent).

“With online shopping becoming a critically important sales channel for retailers, we are beginning see Canadian businesses making investments and increasing their online focus to make the shopping experience as convenient and easy as possible,” said Steve Murphy, Senior Vice President, Commercial Banking, BMO Bank of Montreal. “For Canadian consumers and businesses, Cyber Monday has become the kick-off to the online holiday shopping season, and by far the busiest online shopping day of the year.”

Douglas Porter, Deputy Chief Economist, BMO Capital Markets, adds, “As more Canadian retailers mirror U.S. sales promotions, there is the potential for significant activity on Cyber Monday. More than ever, Canadian shoppers are taking notice and adjusting their retail calendar.”

Where Will Canadians Be Shopping this Holiday Season?

The BMO report, conducted by Pollara, found that 50 per cent of Canadians say they plan to do some of their shopping online for gifts this holiday season – up four percentage points from 2011, and nine percentage points from 2010. Despite the growing trend toward online shopping, the report found that, overwhelmingly (77 per cent), Canadians plan to make purchases in person at a shopping mall. Other popular choices include:

  • Big box stores – 57 per cent
  • Outlet or discount stores – 46 per cent
  • Independent boutique shops – 25 per cent

In addition, the survey found that 13 per cent of Canadians plan to shop south of the border in the U.S – down from 18 per cent in 2011. British Columbians, at 22 per cent, are the most likely to plan to cross-border shop.

Canadians 65 and older are less likely to shop online during the holiday season (35 per cent), as are those in Quebec (36 per cent). Albertans (59 per cent) are the most likely to make a purchase over the internet.

Where do you plan to do your holiday shopping this year? National ATL QC ON MB/SK AB BC
Shopping Malls 77% 87% 66% 80% 76% 81% 79%
Big Box Stores 57% 51% 65% 51% 58% 59% 58%
Online 50% 49% 36% 57% 45% 59% 53%
Outlet or Discount Stores 46% 52% 26% 56% 39% 53% 46%
Independent Boutique Shops 25% 27% 26% 23% 19% 26% 33%
South of the Border, in U.S. Stores 13% 11% 6% 15% 11% 14% 22%

The survey results cited in the 2012 BMO Cyber Monday Report conducted by Pollara are compiled from a random online survey of 1,000 Canadians 18 years of age and over between October 11 and October 16, 2012. A probability sample of this size would yield results accurate to ± 3.1 per cent, 19 times out of 20.