SEATTLE – (BUSINESS WIRE) – November 2, 2021–
Avalara, Inc. (NYSE: AVLR), a leading provider of cloud-based tax compliance automation for businesses of all sizes, today announced that the company’s cross-border compliance capabilities are fueling the new tariff and import tax features of Shopify’s global commerce hub, Shopify Markets. Part of Shopify Markets, the new Customs Duty and Import Tax functionality natively uses Avalara technology and content to generate landed prices to determine customs duty and tax requirements. import for more than 180 countries. Avalara also announced the expansion of its cross-border capabilities with the acquisition of 3CE Technologies, a company that provides Harmonized System (HS) product classification codes and verification solutions to private companies and government agencies.
Addressing Cross-Border Compliance for Shopify Merchants
According to eMarketer, global e-commerce saw significant growth in 2020, increasing 27.6% to $ 4.2 trillion. Global sales are growing rapidly as more consumers shop online and more businesses take advantage of the ease of selling products online. Shopify merchants generated $ 20 billion in cross-border sales in 2020 alone. To take advantage of the cross-border opportunity, businesses need tools that can help identify, create and manage international markets with minimal effort. ‘obstacles. When it comes to cross-border compliance, companies should ensure that customs duties and import taxes are accurately calculated at the time of payment to reduce compliance risks and negative customer experiences caused by unexpected costs at the time of payment. time of delivery. Shopify, a global commerce platform, has developed an end-to-end cross-border product to help its more than 1.7 million merchants grow their businesses internationally.
With Avalara Cross-Border Estimated, a new patent-pending feature of AvaTax Cross-Border, natively available on Shopify Markets, traders can calculate the appropriate customs duties and import taxes at checkout, without having to need tariff codes. Avalara Cross-Border Estimated offers traders a unique way to meet their cross-border business requirements and the flexibility to make decisions on their customs duty and import tax determinations. Benefits of the services include:
- Improving the precision of the estimates of duties and taxes: Calculate costs with confidence by leveraging Avalara’s artificial intelligence engine and global compliance content database.
- Improved payment experience: Provide customers with real-time in-cart landed cost estimates to reduce unanticipated delivery costs.
“The power and promise of the Internet was that businesses could reach their customers anytime, anywhere. E-commerce is making it a reality for buyers and sellers, ”said Scott McFarlane, CEO and co-founder of Avalara. “However, with cross-border trade comes increased complexity in compliance which can create risks for traders. Shopify Markets provides traders with the automated customs and import tax capabilities of Avalara’s cross-border solutions to streamline the checkout process and provide estimates to customers in the basket, minimizing surprise costs and reducing the risk of compliance.
Strengthening the classification of HS codes with the acquisition of 3CE Technologies
Avalara’s cross-border solution makes it easy to sell anywhere in the world by automating the process of identifying and mapping tariff codes to products and calculating customs duties and import taxes. With the acquisition of 3CE, Avalara expands its current cross-border compliance offerings by further automating its HS code classification services and self-service capabilities for businesses of all sizes, in addition to government and manufacturing customers .
“The integration of 3CE’s HS code classification engine allows Avalara to further enhance our cross-border solution, which will enable us to facilitate worldwide sales in new industries and use cases,” said Craig. Reed, general manager of the cross-border division. in Avalara.
“This acquisition brings together the best HS classification technology to automate the expensive process of identifying and mapping codes for cross-border transactions. As part of the Avalara cross-border team, we are committed to removing barriers to global trade for businesses of all sizes, ”said Randy Rotchin, President and CEO of 3CE Technologies.
For more information on Shopify Markets and import duties and taxes, please click here. To learn more about Avalara’s cross-border offerings, please click here.
This press release contains forward-looking statements, including, but not limited to, statements about the growth opportunities and expected synergies arising from the acquisition. In some cases, you can identify forward-looking statements because they contain words such as “will” or similar expressions and the negative aspects of those terms.
These forward-looking statements involve risks, uncertainties and assumptions that could cause actual performance or results to differ materially from those expressed or suggested by the forward-looking statements. If any of these risks or uncertainties materialize, or if any of our assumptions prove to be incorrect, our actual results could differ materially from the results expressed or implied by these forward-looking statements. These risks and uncertainties include risks associated with: our ability to successfully integrate 3CE Technologies into our business; our ability to maintain our rate of revenue growth, achieve or maintain profitability and effectively manage our expected growth; and the risks described in other documents filed with the Securities and Exchange Commission from time to time, including the risks described under “Risk Factors” in our Annual Report on Form 10-K for the year ended 31 December 2020, and subsequent quarterly reports on Form 10-Q, which should be read in conjunction with our financial results and forward-looking statements. All forward-looking statements contained in this press release are based on information available to us as of the date hereof, and we assume no obligation to update any forward-looking statements provided to reflect events that occur or circumstances that occur. exist after the date they were made, unless required by law.
Avalara helps businesses of all sizes meet their tax obligations. In partnership with leading providers of ERP, accounting, e-commerce and other financial management systems, Avalara provides cloud-based compliance solutions for various transaction taxes, including sales and usage. , VAT, GST, excise, communications, accommodation and other types of indirect taxes. Based in Seattle, Avalara has offices in the United States and around the world in Brazil, Europe and India. More information on avalara.com.
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SOURCE: Avalara, Inc.
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PUB: 11/02/2021 6:00 a.m. / DISC: 11/02/2021 6:02 a.m.