8 Retail Recon Industry to Combat Covid-19 Outbreak with New Launches and Partnerships

Technology has undoubtedly become important in the retail industry over the last decade. And when it comes to finances, it becomes essential for successful retail businesses to hold on records. This requires a detailed understanding of using the money for effective decisions. In order to be up to date, retailers are switching towards reconciliation accounting, turning it into a habitual task. Reconciliation is an accounting task that compares two sets of records to understand if the figures match up. It ensures that the financial activity and amounts are properly recorded. With reconciliation, retail businesses can accomplish a measure of reliability and precision in their financial records.

Presently, reconciliation solutions have been widely implemented by the retailers. With this the retail recon market has reached to another level. However, the sudden arrival of the unprecedented pandemic caused a significant changes to the policies and plans of the businesses. The retail recon market as well have been through the impacts of the Covid-19.

Retail recon market response to Covid-19:

COVID-19 has affected every individual and every industry globally, and it is still evolving at an unprecedented speed. People are completely relying on the ability of governments and businesses to give a rapid response. Also, the nations are implying recommended changes in order to contain the spread of coronavirus.

The software and services industry including the retail recon market, on the other hand, has enabled remote working structures to maintain the continuity. Though it was full of challenges, however, the industry has adapted this new system. In addition, collaboration platforms have taken a new trend in the industry, assisting the companies to continue. Recently, in an article a well-known reconciliation and data software manufacturing company, AutoRek stated that the company has expanded its remote working, amid Covid-19. Furthermore, the company simplified that the new working system would not affect its services to the customers. The company would adopt changes and continue its services further, according to the pandemic.

Other than this, the companies are also entering global strategic alliances to offer the best services to their customers. BlackLine, an American software company and Capgemini, a multinational corporation, has merged intending to assist organizations with improved finance and accounting solutions. Capgemini will work with industries to assist them to integrate critical finance and accounting processes in BlackLine’s cloud platform. This would aid the companies to increase the ability to frequently capture, authorize, and provide appropriate and accurate financial data for reporting the company states.

The industry is also getting prospered by new launches. Recently, an Indian banking and solution providing company, Innovati, launched its cloud payment reconciliation technology. The company along with retail sectors is also serving the hospitality and restaurant sectors. The company has announced to extend its solutions for full-service restaurants.

Market estimations in the near future-

Reconciliation is a key part of the account closing process and integral to ensuring tight financial control and compliance. The key factor of reconciliation software is to expand the productivity of the retailers and improve outcomes. A surge in the implementation of digital and real-time payment structures by the retailers raises the demand for recon software. On the other hand, the surge in online payment transactions have augmented the growth of retail recon software market. A report by Allied Market Research revealed that the US has contributed quite a good share for market growth. The analysis states that the US retail recon market is anticipated to reach 264.37 million by 2027.

Reconciliation software has offered an effective way to manage a huge number of customer and their transactions. Also, rise in need by the retailer to manage different types of bills including online bill, account bill, and electronic bills would lead to market growth. On the other hand, the retailers, with high business capacity are adopting reconciliation software to categorize issues related to internal administration and to reduce employee fraud. Moreover, new launches and strategic developments would aid the market to grow exponentially.

Reference:

https://www.autorek.com/about-autorek/news/2020/autorek-response-to-covid-19-outbreak/

https://itbrief.com.au/story/capgemini-empowers-clients-through-global-alliance-with-blackline

https://bfsi.eletsonline.com/innoviti-introduces-cloud-payment-reconciliation-technology/

Related Post