Why your online business needs e-commerce insurance right now
While your roots may be bricks and mortar, your online retail e-commerce store also faces tangible risks. Customer data being hacked, a faulty product claim and products damaged while in storage or transit are just a few examples of e-commerce risks.
There’s also fraud. “In 2017 alone, the total value of fraud reported by Canadian businesses was $30.4 million, according to the Canadian Anti-Fraud Centre (CAFC). That number is an alarming increase of 78% from the previous year, and an all-time high over the last four years.”BDO & Retail Council of Canada: “Protecting Your Store: How to prevent and detect retail fraud”
For these reasons and more, e-commerce insurance is essential for Canadian retailers who sell online.
Get an e-commerce insurance quote started now!
Types of Canadian online retailers that need e-commerce insurance
A 2019 survey finds that online product categories continue to evolve in Canada. Specifically,
“While computers and electronics, women’s apparel and books still dominate the top three, more segments are growing. Footwear, collectibles, both perishable and non-perishable groceries, automotive, pet supplies, even furniture are among the segments making traction online.Canada Post: This year’s Canadian e-commerce benchmark report
Top 14 e-commerce categories in Canada according to Canada Post include:
- Computers and electronics (42%)
- Women’s clothing (41%)
- Books (37%)
- Men’s clothing (31%)
- Beauty products (28%)
- Footwear (28%)
- Home and garden products (22%)
- Health products (21%)
- Office supplies and Toys (19% tied)
- Jewelry (18%)
- CDs, records and videos (17%)
- Automotive products and home decor products (16% tied)