ECOMMERCE FOR RETAIL
See how our RegTech tool Imperium™ can be applied to eCommerce for Retail
The challenges for eCommerce providers encompass disrupting the high street and offering the same level of quality at a lower price point, with greater choice and all while increasing margins over the competition.
Operating in the digital world however presents many challenges for traditional high-street retail experienced executives. The eCommerce challenge starts with a webshop, moves quickly into fulfilment and then the last mile to the destination. The choices over how to overcome all of these challenges are wide.
Our ImperiumTM compliance and controls platform covers all of the major choices, namely:
- Bought in and Revenue Integrity approved systems
- In-House developed solutions
- Hybrid of bought and self-developed
Whichever route an eCommerce business chooses there are risks to be mitigated and being a digital business the ability to create a controls framework is as good as it gets.
eCommerce covers everything from day-to-day grocery to convenience shopping and into specialist offerings, each business case requires its own controls framework and has its own compliance obligations.
The abuse of eCommerce is commonplace with everybody knowing people who order 10 items while requiring one, so stock and location data are an obvious issue for a range of controls. A controls framework is not primarily required to deal with the patently obvious risks (generally a primary control will be created). However, a framework assures the more subtle points such as varying VAT on different elements of the sale price and correct descriptions of items, stock locations (and status) as well as fraud risks.
The risks to be managed in each eCommerce business are material and using a data-driven controls framework is clearly advantageous. ImperiumTM deployed in eCommerce minimises risk and maximises bottom line.