Digitally-enabled experiences, health and
wellness protocols, and the rise of socially- and locally-conscious
consumers will affect small businesses' playbook for success in the
next year
TORONTO, Sept. 27, 2021 /CNW/ - The COVID-19 pandemic was
a catalyst for many new business practices and priorities, and it
also accelerated the need for small business owners to adapt to
other trends that were steadily on the rise over the last several
years. As Canadian entrepreneurs continue to chart a path toward
recovery and growth in these uncertain times, many are wondering
which trends and consumer expectations are here to stay.
RBC's latest poll of Canadians revealed three important trends
that will impact the small business playbook for success in the
next year. These include:
- A growing demand for digital payment and engagement
options: eCommerce and digital solutions were already on the
rise pre-pandemic, but they became pandemic necessities as
businesses adapted to health and safety measures. Now, more
Canadians are expecting this to be the new way of doing business
with two-thirds (64%) of Canadians saying that partnering with
digital platforms to make products and services more accessible
will be important post-pandemic, especially among millennials
(72%). Meanwhile, four-in-five Canadians polled say that they would
like to continue to shop online at small businesses, even after the
economy is fully reopened, and 72% of those polled say that
increased social media presence helped them become more aware of
what small and local businesses had to offer.
- Canadians value small businesses that prioritize employee
wellness and overall health and safety. Eighty-seven per cent
of Canadian respondents say providing more wellness and mental
health benefits and resources to employees will be important going
forward. Nine-in-ten (88%) Canadian respondents also say they
expect heightened hygiene standards to continue post-pandemic, and
78% would like businesses to continue offering curbside pickup and
delivery services. Implementing employee benefits, resources and
safety protocols to meet these new expectations will be critical
differentiators for small businesses that are looking to attract
and retain talent and customers in the next year.
- The rise of the socially and locally conscious consumer.
Supporting small, local, and diversity-focused businesses is here
to stay post-pandemic. The majority of Canadians (77%) polled say
they plan to spend more at small, local retail stores, restaurants
and businesses to support their recovery than they did before the
COVID-19 pandemic. Many Canadian respondents are also actively
seeking out and supporting 2SLGBTQ+ (52%) and BIPOC (61%)-owned
businesses, products and services. This shift is significantly
higher for millennials (65%, 69% respectively) and Gen Z (59%, 71%
respectively), indicating that the next generation of consumers
will increasingly purchase through a diversity-focused lens.
"There's no doubt that the pandemic created some significant
challenges and changes for small business owners. But it also
became a catalyst to accelerate some important shifts that we
started seeing pre-pandemic around digital adoption, a focus on
wellness, and support for diverse businesses and community
members," says Don Ludlow,
Vice-President of Small Business, Partnerships & Strategy, RBC.
"These have become the new expectations of consumers for today's
small businesses. Successful entrepreneurs will be those who adapt
their business strategies and operational practices to address
these new consumer and employee demands."
Entrepreneurial drive remains strong for small business
owners
The rapidly evolving small business landscape has
hardly detracted Canadian entrepreneurs from turning their ideas
into reality. While business ownership may have started for a
variety of reasons during the pandemic, many began as a result of
new opportunities that were created by changing market conditions
and consumer expectations. Among those who started a business or
know someone who did, the majority of respondents say the pandemic
provided an interesting opportunity (75%). Many business owners say
that they started their business based on a shift in priorities or
sense of purpose (76%), or the need to replace lost income (71%).
With a shuttered economy, there was also more time and a stronger
reason to formalize their business (74%) by officially registering
their operations or opening a business banking account.
Helping entrepreneurs start, manage and grow their
business
RBC has made it easier for Canadian entrepreneurs
to start, manage and grow their business by offering valuable
solutions that go beyond traditional banking to help business
owners save time and money as they manage their day-to-day
operations. Some helpful solutions offered by RBC and its
collaborative partners include:
- Ownr - a quick and affordable way to register,
incorporate and manage your business online.
- Moneris Online – An integrated bundle of
e-Commerce, online payment and shipping solutions to help
entrepreneurs quickly and effectively build and manage their online
business.
- RBC Insight Edge™ for Small Business – winner of
Aite Group's 2020 Innovation Impact Award,
this dashboard solution offers subscribed retail businesses
with real-time data insights around customer trends, competitive
benchmarks and market intelligence to support business
decisions.
- Nextdoor – a neighbourhood app that helps small
businesses connect with local consumers by creating Business Posts
and Local Deals.
- Magnet – Canada's
largest campus recruiting platform to help business owners match
with, and hire young talent.
- Wello – Small business owners can offer this
virtual health and wellness service to employees to provide 24/7
access to mental and physical health resources, and intermittent or
urgent care through a virtual healthcare practitioner.
- RBC's Black Entrepreneur Program – In 2020, RBC made a
five-year commitment of $100 million
to support the inclusion and growth of Black Canadian entrepreneurs
by providing access to capital, network of experts and community
engagement efforts.
Entrepreneurs can access these solutions and business advice
online through the RBC Small Business Navigator
at www.rbc.com/navigator.
About the Survey
The RBC Small Business Poll was
conducted by Ipsos Canada from July 30 -
August 4, 2021. More than 2,000 surveys were completed
online by Canadian adults, represented in six different regions
(British Columbia, Alberta, Saskatchewan/Manitoba, Ontario, Quebec and Atlantic
Canada). Representative sample results are weighted to
reflect the Canadian population. The precision of Ipsos online
polls is measured using a credibility interval. In this case, the
poll is accurate to within ±2.5 percentage points had all Canadian
adults been polled. The credibility interval will be wider among
subsets of the population represented. All sample surveys and polls
may be subject to other sources of error, including, but not
limited to, coverage error, and measurement error.
About RBC
Royal Bank of Canada is a global financial institution with
a purpose-driven, principles-led approach to delivering leading
performance. Our success comes from the 88,000+ employees who
leverage their imaginations and insights to bring our vision,
values and strategy to life so we can help our clients thrive and
communities prosper. As Canada's
biggest bank, and one of the largest in the world based on market
capitalization, we have a diversified business model with a focus
on innovation and providing exceptional experiences to our 17
million clients in Canada, the
U.S. and 27 other countries. Learn more at rbc.com.
We are proud to support a broad range of community initiatives
through donations, community investments and employee volunteer
activities. See how at rbc.com/community-social-impact.
SOURCE RBC Royal Bank