ParcelPal – Innovative Delivery Solution for Local Businesses
It is difficult to ignore the continuing trend of faster delivery options from retail giants like Amazon and Walmart. You could continue to contribute a portion of your income to these large organizations, but when you consider the importance of community, and how we can actively support that ideology – shopping from local merchants that support local communities is the key to progress.
– What happened to all of the mom and pop shops? –
A statement that has been an ongoing issue in our communities. The missing piece of the puzzle is the availability of a faster delivery option for local businesses. So that they can compete with the rising expectations of consumers and give businesses an intuitive platform to thrive. A US study conducted in 2019, The Onfleet 2019 Consumer Survey, reported that 3 out of 4 consumers would order from local merchants if they could offer same-day delivery.
One company that found that missing piece is ParcelPal, a tech company based out of Vancouver that is avidly disrupting the delivery market. At the helm is Rich Wheeless, CEO of ParcelPal. Scaling and selling multiple private and public companies throughout his career globally; his expertise and industry acumen is invaluable to the company as they continue to grow and expand worldwide.
What Is ParcelPal?
ParcelPal is a technology-driven platform that connects consumers to local merchants to cater to the rising expectations of faster delivery. With the aid of a proprietary platform, their team of local delivery specialists can ensure safe and reliable delivery from local merchants in your community. Active in Calgary, Burnaby, Vancouver and Toronto, they continue to grow and connect people to the brands they love. Their focus is small to medium size enterprises that could benefit from having a ‘last mile’ delivery service as an additional offer for their customers.
“These days you can watch numerous episodes of your favourite series in an afternoon if you want, this generation wants everything fast. So having the ability to give people what they need quickly and safely is a huge plus for local businesses and our goal is to bridge that gap for both.” – Rich Wheeless, CEO
Let’s say you want to order a product online that only offers multiple-day shipping or unfortunately has no eCommerce option on their website. ParcelPal gives you the power to get what you need in a few easy steps – create your order, set your pick up and drop off location, and the time you want to receive your package. Your request is sent to their dispatch team, which is then directed to one of their professional drivers, who will then pick up and deliver your item.
You may still be availing the services offered by the traditional delivery options. Partnering with ParcelPal gives you the boost to grow and offer fast and secure delivery option to your customers. With ParcelPal, your business can expand and reach more customers, maximizing profits and meeting the ever-growing needs of the consumer.
If you are a business owner who is considering offering eCommerce in the future, ParcelPal offers you the opportunity to integrate your online store with its logistics services. Their platform also allows the merchant to be featured on their digital marketplace, where you could have your product listings available for purchase.
“It allows for everyday merchants to reach the end customer, say for example you are great at baking cookies, have an active customer base in your local community and want to start shipping cookies within your city, now you can do that and expand your business. It allows for the logistics side to be handled by our team.” – Rich Wheeless, CEO
Supporting Job Growth
I could offer some additional statistics on the unemployment rate in Canada, rather than focusing on the past, but to keep pushing for a better future. The same can be said for ParcelPal and the great work being done by their team. They have multiple positions open and are actively recruiting across all departments. If you are looking for an employment opportunity, or advance your career path and are seeking to join a talented team, check out the Careers page on their website.
“My recommendation is to simply reach out, I have had multiple people connect with me in creative ways. Take the initiative and tell us what you can do, pick up the phone and speak with one of our team members. We are always happy to help.” – Rich Wheeless, CEO
If you would like to learn more about ParcelPal or to jump right into their delivery services, download their app for free on Google Play and App Store now. Visit their website if you would like to dive deeper into how they are proactively supporting local merchants and communities. Give them a follow on social via the links below for future news and updates.
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Canada needs 300,000 new rental units to avoid gap quadrupling by 2026: report
An aerial view of houses in Oshawa, Ont. is shown on Saturday, Nov. 11, 2017. A Royal Bank of Canada report predicts Canada’s rental housing shortage will quadruple to 120,000 units by 2026 without a significant boost in rental stock. THE CANADIAN PRESS/Lars Hagberg
By Sammy Hudes in Toronto
Canada’s rental housing shortage will quadruple to 120,000 units by 2026 without a significant boost in stock, Royal Bank of Canada said in a report Wednesday.
In order to reach the optimal vacancy rate of three per cent, the report suggested Canada would need to add 332,000 rental units over the next three years, which would mark an annual increase of 20 per cent compared with the 70,000 units built last year.
The research analyzed vacancy rate data released in January by the Canada Mortgage and Housing Corporation (CMHC).
Canada’s vacancy rate fell to 1.9 per cent in 2022, its lowest point in 21 years, from 3.1 per cent in 2021.
Competition for units also drove the highest annual increase in rent growth on record, by 5.6 per cent for a two-bedroom unit.
Canada’s rental housing stock grew by 2.4 per cent in 2022, led by Calgary at 7.4 per cent and Ottawa-Gatineau at 5.5 per cent, while Toronto and Montreal saw the smallest percentage increases at 2.1 per cent and 1.4 per cent, respectively.
“We haven’t seen that many additions to the purpose-built inventory in almost a decade, so you would think that added supply of units would ease some of the competition, but what the CMHC rental market data revealed to us was that it didn’t,” said RBC economist Rachel Battaglia.
Slow growth in Canada’s two most populous cities has been outpaced by rapidly increasing demand, partly fuelled by high immigration levels, she said. Annual federal immigration targets are set to grow eight per cent by 2025, meaning demand is unlikely to let up.
Battaglia also pointed to affordability and behavioural preferences for the influx of rentals sought. She said more Canadians are choosing to live alone, meaning fewer incomes per household.
“You have a lot of people being funnelled into the rental market who maybe would have liked to own something but it’s just not financially in the books for them right now,” said Battaglia.
The report estimated an existing deficit of 25,000 to 30,000 units of rental stock across Canada. In addition to building more supply, it recommended turning condo units into rentals, converting commercial buildings and adding rental suites to existing homes to help ease the pressure.
Without such measures, Battaglia said the market could “become infinitely more competitive.”
“Which is not something that we want to realize given the competition we’re already seeing,” she said.
“You’re already seeing rents increase dramatically.”
This report by The Canadian Press was first published March 22, 2023.
Fed raises key rate by quarter-point despite bank turmoil
Federal Reserve chair Jerome Powell speaks during a news conference, Wednesday, Feb. 1, 2023, at the Federal Reserve Board in Washington. With inflation still high and anxieties gripping the banking industry, the Federal Reserve and its chair, Jerome Powell, will face a complicated task at their latest policy meeting Wednesday and in the months to follow: How to tame inflation by continuing to raise interest rates while also helping to restore faith in the financial system – all without triggering a severe recession. (AP Photo/Jacquelyn Martin, File)
By Christopher Rugaber in Washington
WASHINGTON (AP) — The Federal Reserve extended its year-long fight against high inflation Wednesday by raising its key interest rate by a quarter-point despite concerns that higher borrowing rates could worsen the turmoil that has gripped the banking system.
“The U.S. banking system is sound and resilient,” the Fed said in a statement after its latest policy meeting ended.
At the same time, the Fed warned that the financial upheaval stemming from the collapse of two major banks is “likely to result in tighter credit conditions” and “weigh on economic activity, hiring and inflation.”
The central bank also signaled that it’s likely nearing the end of its aggressive series of rate hikes. In a statement, it removed language that had previously indicated it would keep raising rates at upcoming meetings. The statement now says “some additional policy firming may be appropriate” — a weaker commitment to future hikes.
And in a series of quarterly projections, the Fed’s policymakers forecast that they expect to raise their key rate just one more time – from its new level Wednesday of about 4.9% to 5.1%, the same peak level they had projected in December.
Still, in its latest statement, the Fed included some language that indicated that its fight against inflation remains far from complete. It said that hiring is “running at a robust pace” and noted that “inflation remains elevated.” It removed a phrase, “inflation has eased somewhat,” that it had included in its previous statement in February.
The latest rate hike suggests that Chair Jerome Powell is confident that the Fed can manage a dual challenge: Cool still-high inflation through higher loan rates while defusing turmoil in the banking sector through emergency lending programs and the Biden administration’s decision to cover uninsured deposits at the two failed U.S. banks.
The Fed’s signal that the end of its rate-hiking campaign is in sight may also soothe financial markets as they continue to digest the consequences of the U.S. banking turmoil and the takeover last weekend of Credit Suisse by its larger rival UBS.
The central bank’s benchmark short-term rate has now reached its highest level in 16 years. The new level will likely lead to higher costs for many loans, from mortgages and auto purchases to credit cards and corporate borrowing. The succession of Fed rate hikes have also heightened the risk of a recession.
The Fed’s policy decision Wednesday reflects an abrupt shift. Early this month, Powell had told a Senate panel that the Fed was considering raising its rate by a substantial half-point. At the time, hiring and consumer spending had strengthened more than expected, and inflation data had been revised higher.
The troubles that suddenly erupted in the banking sector two weeks ago likely led to the Fed’s decision to raise its benchmark rate by a quarter-point rather than a half-point. Some economists have cautioned that even a modest quarter-point rise in the Fed’s key rate, on top of its previous hikes, could imperil weaker banks whose nervous customers may decide to withdraw significant deposits.
Silicon Valley Bank and Signature Bank were both brought down, indirectly, by higher rates, which pummeled the value of the Treasurys and other bonds they owned. As anxious depositors withdrew their money en masse, the banks had to sell the bonds at a loss to pay the depositors. They were unable to raise enough cash to do so.
After the fall of the two banks, Credit Suisse was taken over by UBS. Another struggling bank, First Republic, has received large deposits from its rivals in a show of support, though its share price plunged Monday before stabilizing.
The Fed is deciding, in effect, to treat inflation and financial turmoil as two separate problems, to be managed simultaneously by separate tools: Higher rates to address inflation and greater Fed lending to banks to calm financial turmoil.
The Fed, the Federal Deposit Insurance Corp. and Treasury Department agreed to insure all the deposits at Silicon Valley and Signature, including accounts that exceed the $250,000 limit. The Fed also created a new lending program to ensure that banks can access cash to repay depositors, if needed.
But economists warn that many mid-size and small banks, in order to conserve capital, will likely become more cautious in their lending. A tightening of bank credit could, in turn, reduce business spending on new software, equipment and buildings. It could also make it harder for consumers to obtain auto or other loans.
Some economists worry that such a slowdown in lending could be enough to tip the economy into recession. Wall Street traders are betting that a weaker economy will force the Fed to start cutting rates this summer.
The Fed would likely welcome slower growth, which would help cool inflation. But few economists are sure what the effects would be of a pullback in bank lending.
Other major central banks are also seeking to tame high inflation without worsening the financial instability caused by the two U.S. bank collapses and the hasty sale of Credit Suisse to UBS. Even with the anxieties surrounding the global banking system, for instance, the Bank of England faces pressure to approve an 11th straight rate hike Thursday with annual inflation having reached 10.4%.
And the European Central Bank, saying Europe’s banking sector was resilient, last week raised its benchmark rate by a half point to combat inflation of 8.5%. At the same time, the ECB president, Christine Lagarde, has shifted to an open-ended stance regarding further rate increases
In the United States, most recent data still points to a solid economy and strong hiring. Employers added a robust 311,000 jobs in February, the government report. And while the unemployment rate rose, from 3.4% to a still-low 3.6%, that mostly reflected an influx of new job-seekers who were not immediately hired.
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