The Future of E-Commerce Compliance, Part I
E-commerce sales as a percentage of overall retail sales rose from under five percent in 2012 to about 12 percent at the start of 2020. And when the pandemic hit, those already strong numbers went through the roof. US e-commerce sales grew by 44 percent in 2020 as the pandemic shifted a lot of buying online.
What does that mean for e-commerce businesses? And how does all of this impact sales tax compliance?
We surveyed more than 500 financial professionals in order to better understand how they are navigating e-commerce compliance — as well as how they foresee the landscape changing in the future. We’re bringing you our results and the insights they’ve provided in three parts.
In the first part of our report, The Acceleration of E-Commerce and the Impact of Compliance, you’ll learn:
- Common pitfalls financial professionals have encountered with compliance
- How the complexity of compliance has impacted businesses
- Attitudes of financial pros when it comes to the current state of compliance
From part I of the report:
This year has proven a dizzying challenge for e-commerce businesses, as they’ve shifted strategies, channels and business models in an effort to thrive in a world changed by COVID-19. 74 percent of all surveyed companies have done more business in e-commerce since the start of the pandemic. But with that remarkable growth has come another challenge to reckon with: compliance. As organizations have done more business online, their compliance has become increasingly complex.
Download Part I and get access to the entire report — plus, stay tuned for a webinar featuring compliance and research experts.