Data released by eBay’s Small Online Business Growth Report, shows that small and medium-sized businesses (SMBs) that are exporting their products are benefiting from the weak Canadian dollar. Almost 100 per cent of all Canadian SMBs that are using eBay’s platform to sell their products are exporting internationally, while among those that are not using eBay, only 10 per cent export internationally.
Micro-multinationals, as these eBay sellers are called, export to an average of 20 countries around the world, while non-eBay sellers only reach just over two countries per a seller.
“The Internet has played a huge part in leveling the playing field for SMBs, enabling them to become thriving micro-multinationals at the click of a mouse,” says Andrea Stairs, Managing Director, eBay Canada. “eBay is an incredibly powerful platform that connects businesses of any size to an active global marketplace of more than 160 million buyers.”
The success of SMBs is vitally linked to export, and as the global online economy grows, so will the reach and growth of exports for these businesses. Today, 64 per cent of SMBs are exporting to four or more continents, truly indicating a global reach. With this reach, coupled with the weak Canadian dollar, sales have grown five times faster than Canada’s GDP.
The success that these SMBs are gaining is not only beneficial to their own business but is positively contributing to the Canadian economy as well. Canadian SMBs as a whole generate 25 per cent of Canada’s GDP and also help in creating 71 per cent of jobs in the private sector.
This tendency is expected to grow well into 2016 as highlighted by a recent poll which revealed that 65 per cent of SMBs are planning to expand their online offerings this year, while nearly one-third intend to increase the number of markets they reach currently.
“Exporting helps SMBs grow while being less vulnerable to domestic economic fluctuations,” says Stairs. “The dismal Canadian dollar has made our domestic products very attractive internationally, and our eBay micro-multinationals are seizing this advantage.”
To see the key Canadian findings, please click here for the infographic.
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