5 Holiday forecast no Indian business should miss
- Everyone is talking about the very volatile stock market and the upcoming IPOs.
- While the market seems promising at times, the uncertainty due to fear of another wave is dooming the minds of many.
- In the light of the current scenario, shops are open to hosting the festive rush, but many sellers don’t know what to expect.
- For faring well and safely through this turbulence, having a robust strategy will help your business.
After the world was forced to lock down, Indian retailers faced losses due to a lack of a set system of doing things without getting in touch in physical spaces. But we learned quickly and adapted to the need of the hour. Adding digital to all the processes helped businesses grow and walk hand in hand with our foreign counterparts. 2021 has come to an end and while we are geared up for the second half of the festive season, there is still fear and uncertainty in the minds of the Indian sellers not knowing what to expect.
The stats for the opening of the festive season were promising. With eCommerce giants like Flipkart and Amazon sharing their numbers on the completion of the very first week of the festive season, retailers were thoroughly looking forward to the rest of the season.
New research shows how prepared retailers are for the holiday season and what they expect from this shopping season. Here are some of the findings you don’t want to miss.
- 79% of retailers anticipate that this will be their biggest holiday season on record.
- 44% of retailers say that the increased workload during holidays is because of the additional hours that need to be spent on processing taxes
- 40% of retailers feel overwhelmed due to the tax complexities.
- 41% of retailers are worried about custom charges and issues at borders holding goods
- 43% of retailers are anxious about supply chain issues delaying the delivery
Especially this season, the rush of buyers is overwhelming, and along with that are the ongoing changes in regulations affecting your tax compliance. Having a tax compliance strategy that is flexible and yet robust is the answer to these challenges. This will avoid your businesses falling into last-minute pits and sudden unexpected tax troubles.
In the last few years, many businesses have switched over from manual to digital. Adding digital to any process speeds it up and makes it more efficient and reliable. Cloud-based tax compliance is trending. It caught the attention and was used to its full capacity after the pandemic hit us. Till then its creative optimum had not been reached. But now, cloud technology has reached households and businesses and more and more Indian sellers are adapting to it to make tax compliance easier, faster and error-free.
Tax automation helps businesses in-
- processing taxes faster
- complying with regulations
- staying up to date with changes in regulations
- accurate estimation of taxes
- improving customer satisfaction
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