For the 10 years prior to the pandemic, e-commerce grew an average of 15% year-over-year. In 2020 alone, industry growth jumped to 32% — from $598 billion to $790 billion. Consumer habits changed drastically over the last 12-18 months as virtual shopping became the norm, causing an immediate surge in e-commerce trends.
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 $1 trillion by 2025.
Even with e-commerce sales skyrocketing, in-store transactions still account for 86% of total retail sales, 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 solution like Cadency® by Trintech to streamline their workflow and automate their processes related to high-volume transaction matching and the period-end financial close.Download the eBook