Toronto-based yoga and meditation studio Good Space pivoted during the pandemic to offer online workout classes.Good Space/Supplied
For Edi Cañedo, the founder of Toronto-based fine jewellery brand Cuchara, the COVID-19 pandemic was a period of growth for her business.
Just two years prior in 2018, Cañedo expanded Cuchara from a side hustle into a full-time venture. And while the pandemic was a scary time for many entrepreneurs – with some brick-and-mortar retailers shuttering and restaurants closing their doors – Cuchara saw an increase in online sales.
The story changed for Cuchara post-pandemic. In 2022, Cuchara started seeing a rise in in-store purchases, with consumers finally allowed to leave their homes safely and buy products in person. By 2023, “there was an obvious sense that our e-commerce sales were falling,” Cañedo says, noting Cuchara’s in-person sales almost made up for this decline.
Cuchara’s story is emblematic of the broader Canadian picture. While some businesses found ways to grow by embracing e-commerce and adapting to new consumer needs, others had to rethink their strategies altogether. Recent data from Statistics Canada indicates many active businesses did not report positive growth as of fall 2022 amid rising inflation, high input costs and labour-related challenges. The changing economic climate has also shifted consumer spending habits – something that Cañedo believes led to Cuchara’s decline in online sales in 2023. One year prior in 2022, Cañedo says Cuchara saw less e-commerce growth, though not necessarily a decline.
Studies show Canadians are increasingly spending more money on experiences than physical objects. According to a report by the Bank of Montreal, Canadians were planning to spend more on experiences – like vacations and weddings – in 2024, compared to 2023.
For Cañedo, this meant organizing more events to bring people together. It wasn’t just about pushing products – it was about creating memorable experiences for consumers. That led to partnerships with large brands like Flair Airlines and Lululemon, as well as community-driven gatherings that embodied the perfect blend of relatability, community-building and fun.
Edi Cañedo expanded her fine jewelry brand Cuchara into a full-time venture from a side hustle in 2018.Cuchara/Supplied
For example, Cuchara recently collaborated with Lululemon in August to organize a tennis-themed event for 150 community members. The event was tied to the release of Cuchara’s Tennis Collection, with emphasis placed just as much on community-building as it was on the jewellery. “It gave everyone who was in our communities an opportunity to come together as opposed to just sell a product,” Cañedo says. “We’re experiencing an activity that I think everyone really, truly enjoyed. [It] had great feedback.”
Similarly, Megan Alexander, the founder and owner of Toronto-based yoga and meditation studio Good Space, is similarly working toward creating a community-driven culture for online consumers.
In response to the COVID lockdown closures, Good Space pivoted to offering a daily online Zoom class for customers.
Initially, the turnout wasn’t what Alexander had hoped for. “It was tricky for us because we hadn’t been open for long enough for our students to be devout followers to our community or our teachers,” she says.
But eventually, with more interest in 2021, the online Zoom classes led to the launch of Good Space’s on-demand video platform, which allowed members to pay a monthly fee to access yoga and cardio dance video classes from home.
Earlier this year, Good Space pivoted once again, offering a new version of its online platform – dubbed Home Work – that has a library of pre-recorded workout videos, guided meditation and breathwork recordings, as well as interviews with wellness experts.
“Our main intention with the launch of Home Work was to capture some of that community essence that people were potentially missing if they were practising online at home,” Alexander says. “We wanted accountability and connection, and we wanted our community to lift each other up and celebrate each other’s wins and learn from one another.”
Good Space offers a new version of its online platform – called Home Work – that has a library of online workout, meditation and breathwork classes.Good Space/Supplied
Despite Cuchara’s emphasis on in-person events, Cañedo is also working toward fostering genuine relationships with the store’s online customers. To build better online engagement, Cañedo and her team have been experimenting with virtual try-on platforms like Trillion, Mirrar and Kivisense. While Cañedo acknowledges that it’s still early days for these technologies, she believes they offer potential for growth.
“That’s where we’re at next for how do we expand and how do we use technology to tell our brand story and to gain trust [from] people outside of [Toronto]?” she says.