Over the last five years, online sales in Canada have experienced a substantial surge, reflecting a profound shift in consumer behavior and the evolving retail landscape. Recent data indicates a remarkable compound annual growth rate (CAGR) of 16% for e-commerce sales from 2017 to 2022 within the Canadian market. In 2017, the total online retail sales in Canada amounted to approximately $40 billion, and by 2022, this figure surged to an impressive $87 billion, highlighting an extraordinary 117.5% growth during this period.
This significant uptick in online sales is attributed to several factors, including increased internet penetration, improved digital infrastructure, and the growing preference for convenient and accessible shopping experiences. The COVID-19 pandemic acted as a catalyst, further propelling the adoption of online sales in Canada. As a result, businesses across various sectors have been quick to adapt, harnessing the power of e-commerce to cater to changing consumer habits.
As the Canadian e-commerce landscape continues to evolve, the total online retail sales are anticipated to reach new heights, with projections nearing $130 billion by 2024. This trajectory not only underscores the resilience of the Canadian retail market but also emphasizes the enduring significance of the online marketplace. The growth of online sales within Canada over the past five years not only mirrors global trends but also sets the stage for a digital retail future that promises continued innovation and opportunities for businesses across the country.
