Independent Retailers | Industry Research | National

A Study of Sales Strategies and Challenges for Canada’s Retail SMBs

October 21, 2024

The latest research from the Retail Council of Canada and Leger 360, based on a survey of over 750 small and medium-sized retailers (SMBs) across the country, reveals how SMBs are adapting their sales strategies to stay competitive in today’s evolving retail landscape.Titled Navigating the Future: A Study of Sales Strategies and Challenges for Canada’s Retail SMBs, the study highlights seven key findings:

  • Multichannel Dominance: 60% of SMBs use more than one sales channel, with 34% utilizing at least three. The average SMB uses two channels to sell products.
  • Top Sales Channels: The most popular channels for SMBs are Brick & Mortar (50%), Web Store (41%), and Online Marketplace (33%), with social media and offline marketplaces also playing key roles.
  • Revenue Drivers: 71% of SMB revenue comes from four main channels: Brick & Mortar (31%), Web Store (15%), Online Marketplace (14%), and Click-to-Buy Social (11%).
  • Diversified Marketplace Presence: 84% of SMBs selling on Amazon also use other platforms like eBay (52%), Facebook Marketplace (33%), and Etsy (25%), showing widespread diversification.
  • Optimistic Outlook: Nearly half of SMBs expect higher sales in 2024, with businesses using more channels showing greater optimism.
  • Digital Tools Boost Success: 88% of SMBs use at least one digital tool, with payment processing systems (45%), social media management (33%), and mobile payment systems (32%) being the most popular.
  • Integrated Tools Are Key: 94% of SMBs stress the importance of integrating digital tools like payment processing and social media management for overall business success.

See press release