We live in a technology-centred world, where everything we desire is literally just a click away. Many of us take advantage of this convenience at our fingertips. According to a recent survey regarding the upcoming 2009 Holiday Season conducted by Nielsen Online, a group that measures global Internet activity, 41% of consumers will be shopping online, compared to 39% last year. The reason for the boost? Consumers are citing convenience and price as major factors.

This is great for the global online retail market, but unfortunately, Canadian retailers aren’t helping to top up these numbers. You see, we’re behind the rest of the Western world when it comes to the array of products and services that should be offered to consumers online. Whether it’s groceries, furniture or clothing. Sure, Canadians are still shopping online, but many of the products we’re purchasing aren’t always coming from our own country.

So why is Canada slow to catch up when it comes to buying local when online shopping? Well, according to JC Williams Group, Global Retail Consultants, it has more to do with consumers being less than satisfied with what Canadian retailers have to offer compared to the overabundance available south of the border.

Canadian online shoppers are looking elsewhere for deals and products.

According to Wishabi.ca, a Canadian personal shopping engine, there has been an outstanding increase of 1000% in cross border purchases compared to April 2009. Over 63% of consumers have gone online within the last month alone to find deals and goods. Of that number, over 15% have made purchases from a US merchant.
With the Canadian dollar at attractive heights, and access to low priced US products through our computer screens, can you blame shoppers for not buying local?

Retailers around the world have caught on to offering their products online, yet Canadian retailers still aren’t taking advantage of the popular resource over 85% of their consumers visit every day – the internet. Several of Canada’s leading department stores including The Bay, Canadian Tire and Walmart, only allow consumers to browse products online and add desired merchandise to a shopping list. Consumers must then go into the store to actually purchase the product. It’s no wonder shoppers who simply don’t have the time, are immobile, or have no access to these stores are turning to other online (mainly U.S.) retailers.

But turning to the States isn’t always an option – you wouldn’t want to buy your groceries from an online company in Florida. And when it comes to shopping online for financial products, it’s best to make sure that you’re looking at a local website to avoid any confusion with various government regulations.

Shopping around for the best financial product isn’t exactly easy. Just like our major department stores, financial institutions post their products and rates on their websites but it typically stops there. If you’re interested, you must then call to book an appointment or continue the long process of calling around or doing online searches to find the best interest rate or product for you.

It can be quite time consuming visiting different websites in search for the best deals out there. In fact, the additional research we have to do defeats the whole purpose of shopping online. Isn’t the Internet supposed to be there for our convenience?

Price Comparison Websites Help Save Time

Price comparison websites help us research products and view a list of prices from different retailers in one place. These sites keep us in tune with what to expect when we do set out to shop, whether online or off, and educate us to make wise choices when purchasing the products or services we’re researching. In the UK and Australia, such websites are extremely popular, growing at an annual rate of 30 – 50% per year! And the products go beyond clothing and electronics too, instead allowing consumers to compare groceries, vacations, car rentals, as well as mortgage and life insurance rates.

Companies like RateSupermarket.ca, for example, are surpassing Canadian retails when it comes to utilizing the power of the internet to reach consumers. “Online shopping is something we all should be doing with ease by now, but instead it’s difficult for Canadians to shop and compare within our own country.” Says Kelvin Mangaroo, founder of Canada’s one and only independent financial rate comparison website. “At RateSupermarket.ca we allow consumers to quickly and easily compare different mortgage rates offered by Canada’s big banks, mortgage brokers and specialty lenders like ING Direct and PC Financial.

Just like online stores take out the step of physically visiting a store to look at and purchase a product, RateSupermarket.ca allows consumers to go to their website and shop around from the comfort of their own living room. Once they have determined the best product for them, they can then arrange to speak with the broker or lender to get more details and apply.

Whether it’s shopping for the perfect gift, or the perfect mortgage, the Internet should work to our benefit, providing us with the information we’re looking for with a simple click of the mouse. Canada may be behind right now when it comes to providing consumers with an array of online selection, but with sites like RateSupermarket.ca, Wishabi.ca and PriceCanada.com, consumers are finding it easier every year to shop within the country rather than look longingly south of the border – except for a few choice items from Target every now and then.

Caroline
PR@RateSupermarket.ca

Related posts:

1. RBC Poll – Canadians Expect Mortgage Rates to Rise
2. Walmart Canada Launches New Credit Card
3. US Credit Card Security Breach Impacts Canadians
4. Younger Canadians Not Respecting Mortgages
5. Canadians Worried About Debt – RBC Survey

Tags: compare rates, Life insurance, mortgage, mortgage rates