Let the Data Talk: Our Top Findings from 2023’s Industry-Leading Brands

After diving into the data collected from hundreds of industry-leading brands, here are some of the most intriguing trends our data science team uncovered.

Important to Note: When looking at the trends below, we normalized each dataset to avoid extreme outliers and biases.

Uncovering Intriguing Seasonality Trends

  • Hot Season: November outperformed the average monthly revenue by 53%.
  • Cold Season: January, February, and September were the softest sales months overall.
  • Holiday Season: The year-end holiday season (November to December) generated 21.5% of the year’s sales on average.
  • Outlier Season: May generated exceptional sales, outperforming the average monthly sales by 9%.

Order Systems & Payment Processors

A significant portion of ecommerce companies utilize Amazon as one of their sales channels and order systems. The popularity of payment methods remained consistent throughout the year, with credit cards being the most widely used, followed by PayPal and Buy Now, Pay Later (BNPL) options.  

Buy Now, Pay Later

Over 36% of ecommerce companies offer "Buy Now, Pay Later" as a payment option, indicating its growing prevalence in the market.

Discounts, Refunds, & Returns

  • Typical discounts offered by ecommerce companies averaged between 8-9% in 2023.
  • Approximately 33% of orders were purchased with discounts on average.
  • The average return rate stood at 2%, while gift card usage peaked in January with a 30% increase compared to other months.

In the fast-paced world of finance and accounting, the ability to harness data effectively can make all the difference in driving strategic decision-making and operational efficiency. Enter Blue Onion, a trailblazing platform that is redefining the landscape of order-to-cash reconciliation and revenue recognition through the power of cutting-edge machine learning algorithms.

Unleashing the Power of Automation 

Blue Onion's proprietary solution is designed to seamlessly automate the entire process from order creation to bank payout, eliminating the need for inefficient manual reconciliation processes. By meticulously cleaning and unifying data sets across a multitude of critical systems including order management, payment processors, and bank accounts, Blue Onion empowers finance and accounting teams to gain real-time visibility and control over their financial transactions.

Empowering Finance Teams with Dynamic Insights 

Upon implementing Blue Onion, finance and accounting teams gain access to a suite of powerful tools, including dynamic dashboards, ready-to-go journal entries, revenue statements, and transaction-level reports. This wealth of information provides an unparalleled view of every transaction, enabling teams to derive actionable insights and make informed decisions based on accurate, high-quality data.

Blue Onion's Track Record

By collecting and tracing each order, from the point of sale through the payment processor to the bank account, Blue Onion offers a comprehensive and transparent view of the entire transactional journey. Through continuously improving machine learning algorithms, we have successfully reconciled over $6.5 billion in total transaction values to date, showcasing our robust capabilities and proven track record in the industry. 

Dive into Data Insights & Finance Automation with Blue Onion

As we delve deeper into the realm of data-driven insights and finance automation, we aim to be a force at the forefront of this transformative journey. To see our full report, check out our guide, Blue Onion Data Talk:

Key Consumer Data Insight from 2023.

* While we are a team of former accountants, we are not in the business of providing professional services. The information presented is for informational purposes only and is not intended to be a substitute for professional accounting, tax, or legal advice. We recommend that you consult with a qualified accountant, tax advisor, or lawyer who is familiar with the specific needs and nuances of your business.

Ready to learn about Blue Onion?

Trusted by top brands, Blue Onion revolutionizes the order-to-cash reconciliation process, slashing closing times, ditching manual reconciliations, streamlining data cleaning, and boosting revenue visibility. Get to know more about us and see our solution in action today!