Ontario – The Largest Economy in Canada Offers Promising Opportunities for Online Businesses
Ontario – the province in central Canada. Home to the country’s capital, Ottawa, it is a beloved place not only for Canadian residents but one of the most popular tourist destination in the country with 1.3 million international visitors per year. On the east-central side of the country bordering the U.S. and the Great Lakes, Ontario is among the best provinces to live in Canada for affordable living, high quality of life, and employment opportunities.
Ontario attracts visitors with vibrant multiculturalism and varied landscapes. It combines natural attractions with urban areas and has everything to offer to travelers.
Here you can find beautiful countryside and scenic trails for hiking, mesmerizing beaches such as Agata Island Beach, natural wonders such as Niagara Falls and Kakabeka Falls while enjoying urban attractions such as CN Tower. Most importantly, moving to Ontario can be an extraordinarily joyful experience due to its welcoming residents – Canadians are globally famous for being polite and kind, so they will soon make you feel at home without question.
Ontario is close to New York and Los Angeles, making it popular amongst professionals who would like to be near U.S. cultural hubs while enjoying the cultural scene and welcoming atmosphere in Ontario.
The Organization for Economic Co-operation and Development rated Canada as the 4th best country to live in the world after comparing it with 40 other countries. Ontario is undoubtedly one of the top and the most beautiful provinces in Canada, which houses nine of the best cities in Canada with the economy and wealth, affordability, transport, population growth, taxes, culture, and access to amenities and healthcare, amongst other factors.
Ontario’s economy is the largest in Canada, and it is the second-fastest-growing provincial economy in the country, which thrives through its unique combination of resources. Ontario makes up 37% of the national GDP and is hosts almost 50% of all employees in high-tech, financial services, and other knowledge-intensive industries.
Although Ontario is Canada’s leading manufacturing province and manufacturing makes up a great deal of Ontario’s economy, accounting for 12.6% of Ontario’s GDP,
the service sector comprises an even more impressive 77.9% of the local economy.
Examples of Ontario’s significant services sector include arts and culture, business and financial services, and professional and scientific-technical services.
Ontario’s key manufacturing industries include automotive, information and communications technologies, biotech, pharmaceuticals, and medical devices.
Ontario lies at the heart of the North American Free Trade Area, with more than 460 million people generating a combined gross domestic product of more than $18 trillion.
Farms also play a crucial role in Ontario’s economy as the province has more than half of the highest quality farmland in Canada. More than 51,950 farms in Ontario (Census of Agriculture, 2011) make up nearly one-quarter of all farm revenue in Canada.
Ontario’s agricultural production includes:
- grain and oilseed farms
- pigs and sheep
- dairy and beef cattle farms
- flowers and other ornamental plants
Forestry is another essential part of the local economy; It supports more than 147,000 direct and indirect jobs in the forest industry and generates over $18 billion in revenue.
Additionally, Ontario has been Canada’s leading metals producer since Ontario’s first gold rush in 1866 near the town of Madoc. Now the province produces more than 25 different metal and non-metal mineral products. In 2011, Ontario made 43% of Canada’s nickel, 52% of its gold, 38% copper, and 84% of its platinum group metals. Per 2020 statistics Ontario’s main exports included motor vehicles & parts (27.9%), precious metals & stones (14%), mechanical equipment (9.8%), plastic products (4.3%), and electrical machinery (3.7%).
eCommerce Market in Ontario
Ontario offers many opportunities for businesses of any kind. If you’re wondering if your eCommerce business can succeed in this beautiful Canadian province, you may want to know more about its eCommerce market. eCommerce goes hand-in-hand with SEO in Ontario.
Like anywhere else in the world where people had to isolate themselves, and avoid in-store shopping due to the COVID19 outbreak, eCommerce in Ontario has surged amid the pandemic, and the market keeps rising.
Canada is one of the most profitable markets for eCommerce businesses.
At the end of 2019, eCommerce retail trade sales amounted to almost 1.85 billion Canadian dollars, and nearly 28.1 million Canadians made purchases online. Fortunately for online businesses, revenue from the retail eCommerce market in Canada is expected to grow even higher and surpass 33 billion U.S. dollars by 2024, up from 25.4 billion in 2019.
Although demand for eCommerce businesses sparked after the COVID19 outbreak, Canadian companies were somewhat slow on the uptake and took longer to invest in an online presence. The major U.S. players filled the gap to meet the booming demand for online shopping, and now many American online stores operate in multiple industries to sell directly to Canadians.
Amongst the most popular online shopping categories in Canada per 2019 statistics are fashion, electronics, and books. This 2018 survey amongst Canadians revealed that many locals now prefer online shopping to in-person purchases because of the wide variety of products and convenience.
A recent study shows that Canadians have preferred credit cards over other methods for online payment for years despite having advanced alternatives. However, the number of Canadians using more sophisticated and non-traditional payment methods has increased. In 2019, 20.4 percent of Canadians conducted financial transactions via the PayPal app. In sum, Canadians are shifting more towards eCommerce and showing a willingness to embrace the world of eCommerce. Now more people are becoming comfortable and familiar with innovative payment methods and feel more confident storing data and purchasing online.
The Future of eCommerce in Canada
The eCommerce market in Canada is expected to grow 7.5% in 2022 compared to 2021. By 2023, online spending could reach $108 billion. Although it’s challenging to estimate how much of the total spending will account for Ontario’s residents, the most populous province in Canada will undoubtedly be a home of millions of online shoppers in the growing market of eCommerce.