After a challenging 2020, which saw big shifts in how digital media was consumed and how marketing adapted, we anticipate five developments will have a lasting impact on Canada’s digital economy.

Global insurers have been rocked by large, unexpected payouts and falling revenues amid the coronavirus pandemic. Yet, P&C and life insurers in leading markets will still increase their tech spend and accelerate their digital transformations in the next several years to enhance the online user experience.

This inaugural study, weighted based on responses to a consumer survey, ranks the seven largest Canadian financial institutions by assets according to their mobile banking capabilities. It presents detailed benchmarking data on the availability of 42 mobile features, selected by analysts based on their propensity to set FIs apart.

Social media usage, advertising, and commerce will reach new levels in 2021, presenting big opportunities for brands to engage consumers.

The adoption of social commerce—the ability to shop and buy, directly or indirectly, via social media platforms—accelerated during the pandemic. The vast majority of social commerce today is within the discovery and consideration stages. However, checkout capabilities are not available from the leading social networks in Canada.

Social networks will reach almost full penetration among adult Gen Zers this year, or 99.0% of users ages 18 to 24. The next-highest penetration rate will be among the 25-to-34 age bracket, younger millennials, at 90.9%.

Retail ecommerce was thrust forward in 2020, mostly due to periodic stay-at-home measures enacted across the country. During mandated quarantines in the first wave of the pandemic and a second wave in the fall that coincided with the holiday shopping season, consumers shopped online to a degree they never had before. Retailers in Canada quickly adapted to these new conditions, setting them up for continued high volumes of online ordering in 2021.