Business is growing in Canada, and many companies are making new investments, expanding and adapting to new business models. Although there are many economic and business changes occurring at the same time, companies still need to worry about Canadian retail legislation. Since firms are facing new challenges and increased competition, retail and point of sale technology can help them adapt and gain an advantage as the economy continues to recover.
Franchising is on the rise in Canada, although many provinces have been slow to create new legislation, according to The Globe and Mail. Alberta is politically conservative and a friendly environment for businesses, so it was the first province to introduce franchising regulations in the early 1970s. Ontario followed suit in 2000 and Prince Edward Island, New Brunswick and Manitoba have since introduced franchise legislation. Saskatchewan, British Columbia, Nova Scotia, Quebec and Newfoundland are the only provinces without regulations for franchising, despite the overall growth of thus type of business in Canada.
Franchises are effectively small businesses and additional legislation may protect owners against risks. These businesses are often family owned as well.
Changing business climate requires retail accounting software
Canadian business owners have many concerns in the competitive market. Many people consider Canadian businesses to be falling behind U.S. companies when it comes to implementing an e-commerce strategy. However, Canadian shoppers are lagging behind consumers in other countries when it comes to shopping online, according to a study from RetailMeNot.ca.
"The vast majority of Canadian consumers have shopped online," said Josh Harding, vice president of global operations for RetailMeNot. "Yet, with three in still shopping primarily in-store, our research of more than 10,000 consumers in 11 countries shows Canadian consumers have yet to embrace online shopping at the levels of consumers in the UK and Germany. That behavior is consistent with Canadians looking for deals and discounts offline in their weekly flyers versus online."
Because Canadians largely have not adopted to online shopping, many businesses may benefit from updating their retail hardware and point of sale software. In-store shopping is still the most important source of revenue for Canadian companies. Out of respondents from all the countries surveyed, Canadians are the least likely to use their mobile devices for purchasing. Retailers will continue to face changes in market conditions, and they need the most up-to-date technology to succeed.