Canadian businesses reported record online e-commerce activity in 2007, with Internet sales reaching nearly $63 billion for the year, according to new data released today by Statistics Canada.

However, Canadian businesses are still more likely to be buyers than sellers online.

Only about 8 per cent of private sector companies reported selling goods and services online in 2007, while nearly half, 48 per cent, reported making online purchases.

Of those businesses who sold online, about 19 per cent of online revenue came from customers outside Canada.

Canada’s total e-commerce activity in 2007 was up 26 per cent over the $49.9 billion in revenue in 2006, and more than triple the $18.9 billion in 2003.

Amazingly only 41% of private sector firms reported having their own website.

The four sectors accounted for most of Canadian online sales: wholesale trade 17%, transportation and warehousing 16% , manufacturing 15% and retail trade 10%.

While we love to read stories of how internet usage and spending is growing, even more encouraging is all the room there is to grow.

If only 41% of Canadian business have an online presence that means that 60% don’t.

60% of the business in Canada will still need a URL to do business.  Good for all of you .ca holders.

Good for all of us .com holders.

Only 8% of all Canadian businesses sell products on the net.

Wow wait until that numbers gets to 50%, then 75%.

We still have a long way to go and plenty of upside.