
Sovos, a global leader in tax compliance, achieved record-breaking performance during the 2024 Black Friday and Cyber Monday shopping events. The company processed taxes on nearly 300 million items over these two days, a significant portion of the 16+ billion transactions it processes annually. This demonstrates the scalability and reliability of Sovos’ global tax determination engine. Black Friday saw a 92% increase in transaction volume compared to 2023, while Cyber Monday experienced an 83% rise. Despite handling such unprecedented volumes, Sovos maintained 100% uptime, ensuring that its customers experienced no interruptions in service.
“These two days represent the peak of the shopping year for our retail customers,” said Kevin Akeroyd, CEO of Sovos. “Any slight glitch or delay can be costly, so our ability to scale and handle record-breaking demand showcases the reliability of our platform. Sovos ensures businesses can operate confidently during the year’s most critical moments.”
According to Adobe Analytics, consumers spent a record $10.8 billion online on Black Friday, a 10% increase from 2023. Cyber Monday also saw record-breaking spending, with expectations to reach $13.2 billion, a 6.1% year-over-year increase. These trends highlight the continued growth of eCommerce and provide a positive outlook for businesses heading into 2025. In response to this surge in demand, Sovos continues to invest in its platform and products to ensure that it can meet these peak processing periods seamlessly.
“To manage this explosive growth, Sovos has made significant investments in cutting-edge technology that ensures accurate, real-time tax calculations for every transaction,” added Akeroyd. “This precision is crucial for minimizing cart abandonment and enhancing customer satisfaction.”
Sovos’ impact on the retail industry is transforming how businesses interact with customers. The company’s platform enables faster and more efficient transactions, automating tax rate calculations to ensure that the correct rate is applied every time. This ability is crucial for managing the complexities of sales tax, which can change frequently due to rate updates, tax holidays, and other nuances. By automating this process, Sovos helps companies protect their relationships with customers and optimize their financial outcomes.
The company’s ability to handle such massive transaction volumes underscores the reliability and scalability of its compliance solutions. Sovos enables businesses to process transactions smoothly, even during the busiest shopping periods, without any risk of downtime. This performance is a critical factor for retailers and other businesses that depend on flawless operational efficiency during high-demand times.
Sovos’ dedication to investing in next-generation technology and its unwavering focus on customer satisfaction are central to its continued success. By maintaining uptime and ensuring precise tax calculations, Sovos empowers businesses to navigate the complexities of global tax obligations effortlessly. This, in turn, allows them to focus on scaling their operations and meeting the needs of their customers.
The company’s comprehensive approach to tax compliance extends to its ability to serve customers across almost 200 countries. Sovos processes over 16 billion transactions each year, making it a trusted partner for businesses worldwide. More than 100,000 customers, including half of the Fortune 500, rely on Sovos’ expertise and seamless integration with their business applications.
Sovos is redefining the role of tax compliance, transforming it from a regulatory requirement into a growth-driving force for businesses. With its robust compliance platform, businesses can efficiently manage their global tax obligations while minimizing risk and optimizing performance.
As eCommerce continues to grow, Sovos remains at the forefront of tax compliance, providing businesses with the tools and technology they need to stay competitive in an increasingly complex global marketplace. The company’s commitment to innovation and excellence ensures that businesses can scale confidently, knowing their tax compliance needs are in good hands.
For more information about Sovos and its comprehensive tax compliance solutions, visit sovos.com.