How tax automation can transform the omnichannel retail experience

Tax automation is revolutionizing the omnichannel retail landscape as businesses strive to meet evolving consumer expectations and compete in a dynamic digital marketplace. The shift towards omnichannel retail — engaging customers across various platforms — poses challenges for tax and IT teams. Accurately calculating and delivering taxes on a global scale, considering diverse rates and regulations, is complex and prone to errors that can lead to customer dissatisfaction, brand damage, revenue loss, and audit risks.

According to the Thomson Reuters 2023 State of the Corporate Tax Department report, despite the imperative for robust tax systems, 47% of businesses feel their tax departments lack resources, which heightens audit and penalty risks. Insufficient tax resourcing can also severely impact customer experience, brand reputation, and compliance.

Adopting a centralized, scalable tax management system is crucial to overcome these challenges. A comprehensive, automated tax management system enables departments to transition from tactical to strategic functions.

How will this retail white paper benefit your organization? 

Download the first in our series of three retail white papers and learn more about the challenges, risks, and recommended solutions in transforming the omnichannel retail experience through effective tax automation strategies.

Specifically, this first will cover: 

• The continued evolution of omnichannel retailing and emphasizing its significance for businesses aiming to meet consumer expectations. 
• The dangers of legacy systems and insufficient investment, with a focus on the risks associated with omnichannel retailers managing taxes through legacy systems. 
• The adoption of centralized tax intelligent automation, which involves consolidating the tax function onto a centralized tax management platform with built-in retail tax content.
• How to navigate the complexities of the digital marketplace and best position your organization for future success in an era of increasing choices.

Other retail white papers to look out for in the coming months:

• Retail white paper #2: Managing tax and data challenges of omnichannel retailing
• Retail white paper #3: Managing regulatory change and risk in omnichannel retail