Canada is well-positioned to weather the current economic storm caused by the pandemic, and the country could return to economic stability by the end of the year.

But, the way business is conducted will be different, and having an online presence is among the biggest lessons learned by business owners.

That’s according to recent research conducted by the Business Development Bank of Canada.

Chief Economist with BDC, Pierre Cleroux says the country has seen recessions before, but this is the first time we’ve seen an almost complete halt in the economy for a four-to-six week period.

Most industries outside essential services have been affected, according to Cleroux, and different sectors will recover at different paces.

He says important to local retailers will be ensuring continued online shopping options.

Cleroux states that online shopping for food and restaurants increased by 194 per cent, while furniture stores have seen a 74 per cent increase in online shopping.

He says online shopping will be more important than ever before as the economy starts bouncing back.

Cleroux indicates that the top two lessons learned by businesses they asked are: having greater cash reserves and having a business presence online.