New Opportunities for Women Entrepreneurs
Insight How e-commerce solutions are helping to close the revenue gap among entrepreneurs.
Julie Yoo would love to tell people that her designer fashion consignment business was a passion project, but in truth the Toronto-based entrepreneur and founder of I Miss You Vintage started it out of necessity. “I was a young, single mom and had to make sure I could put food on the table. There was no safety net to fall back on,” says Yoo.
I Miss You Vintage sells one-of-a-kind designer finds through two store locations, an e-commerce website, shoppable Instagram posts, and third-party online retailers. There’s no doubt that e-commerce has been a key factor in driving Yoo’s business forward. With vintage fashion being such a niche market, e-commerce makes it easier for the busy single mom to increase her revenues by reaching people around the world who share her passion for elegant couture. Best of all, she can grow her business from virtually anywhere. “I like seeing the reward based on my efforts,” she says.
E-commerce closing revenue gap for women entrepreneurs
A recent study from PayPal Canada and Barraza & Associates showed that Canadian women entrepreneurs report earning 58 percent less revenue than their male peers for the same kind of work. However, research findings went on to highlight that e-commerce tools play a pivotal role in closing this gap and increase the revenue potential for women entrepreneurs, potentially adding an extra $88.2 billion to the Canadian economy. “Supporting women entrepreneurs is critical to Canada’s long-term economic prosperity,” says Paul Parisi, President of PayPal Canada. In addition, women entrepreneurs who use e-commerce tools reported earning 75 percent more revenue than their female peers who don’t sell online.
And while women-led e-businesses are already redefining the Canadian entrepreneurial ecosystem, more women can unlock their revenue potential by leveraging versatile e-commerce tools.