Multichannel and Internet Retailers Benefit from 40 Percent Performance Gains in Tax Determination Transactional Performance
If you read the recent Black Friday and Cyber Monday reports for 2017 in the media, many sourced from the National Retail Federation (NRF) or Adobe Analytics, the main takeaway was the accelerated evolution from brick-and-mortar to online retail. This year Americans spent $19.62 billion shopping online over the Black Friday to Cyber Monday weekend, about $2.6 billion more than last year. That’s a lot of sales and use tax to calculate quickly and accurately!
Brick and mortar retailers were pleased with only a 1.6 percent decline in foot traffic from last year according to ShopperTrack. The NRF noted about 58 million consumers shopped online only, 51 million only in stores, and approximately 64 million spent their money online and in stores both.
Sovos is again pleased to share that during this peak demand season, uptime for its cloud-based sales tax software was 100% over the Black Friday and Cyber Monday four-day period. During that time, the Sovos Global Tax Determination software-as-a-service (SaaS) solution calculated millions of online and eCommerce transactions, up nearly 40% over last year, and improved its industry-leading transactional performance by approximately the same rate.
Sovos has grown significantly as more companies look to automate their sales and use tax processes to streamline operations and reduce their audit exposure while looking for a solution that is adaptable, connected and global in order to solve local, regional and global compliance challenges.
As audit scrutiny and frequency also continue to accelerate, we’re pleased Sovos customers were able to once again conduct their sales and calculate their sales and use tax obligations while staying off the naughty list.
Download the full Aberdeen study, “Reducing the Impact of Sales and Use Tax Compliance in the New Retail Environment.” This report reveals the unique challenges that retailers face today in indirect tax, and provides a roadmap for ensuring compliance in their new business environment.
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