Key Insights Into the Future of Retail and E-Commerce Trends
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In recent years, e-commerce has become an essential aspect of the global retail industry, as buying and selling goods has experienced a significant transformation. With the widespread digitalization of modern life, consumers across the world are now enjoying the advantages of online transactions. The number of people making purchases online continues to rise due to the rapid increase in global internet access and adoption, with more than five billion internet users worldwide (over 64% of the world’s total population.)
As organizations looked for creative ways to generate revenue, the use of 3rd-Party delivery services like GrubHub and Instacart surged. While it provided a much-needed boost for the business side, it complicated financial processes for their back-offices.
One thing is clear: online consumer habits are here to stay. Online grocery shopping quickly became the preferred method for consumers globally (over in-store shopping) and industry experts are predicting the global e-commerce market will expand to over $8.1 trillion by 2026.
Even with e-commerce sales skyrocketing, up to 20% of consumers who return an online purchase in-store make an additional purchase, meaning that retail organizations need to invest in both in-person and online shopping experiences. And to support that effort, the Office of the CFO needs to be prepared.
This eBook explores:
- 5 retail insights and e-commerce trends and how they’ve impacted the Office of Finance
- How accounting teams will be expected to provide for the future of retail
- Key capabilities of truly effective financial close management software
Discover what retail and e-commerce finance and accounting teams could be doing with a financial close management software solutions to streamline their workflow and automate their processes related to transaction matching and the period-end financial close.