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Avalara Survey Finds Hidden Fees Stifle Cross-Border Consumers

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6 months ago

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More than two-thirds (68%) of consumers surveyed aged 16-24 have experienced ‘surprise’ costs due to customs duties charges upon delivery when shopping internationallyThree quarters (75%) of consumers rethink shopping with a retailer after facing ‘surprise’ customs duties and taxesAlmost half (49%) refuse delivery of a package with hidden costs altogether

DURHAM, N.C., July 9, 2024 /PRNewswire/ — Avalara, Inc., a leading provider of tax compliance automation software for businesses of all sizes, today published new analysis exploring the impact of cross-border complexity on businesses and consumers globally. The findings highlight a growing disconnect between the global shopping aspirations of younger generations and the regulatory landscape of international trade.

Young consumers drive global shopping trends

The survey reveals that younger consumers are at the forefront of cross-border shopping. Around two-thirds of both the 16–24-year-old (63%) and 25-34-year-old (68%) age groups surveyed made international purchases in the last year, compared to only 41% of shoppers over the age of 55. Cross-border shopping is less common in the U.S. compared to other countries, with only 37% of American consumers making an international purchase in the last year. This contrasts with higher rates in other nations: 55% in the UK, 68% in India, and 80% in Denmark. However, even in the U.S., younger consumers are embracing global shopping trends, with 51% of Americans surveyed aged 16-24 noting that they’ve made cross-border purchases within the last year.

These younger consumers are drawn to the expanded product range (52%), quality (50%), and affordability (42%) offered by the global marketplace, with clothing (68%), electronics (44%), health and beauty products (46%), and jewelry (30%) topping the list of cross-border purchases.

Hidden costs lead to cart abandonment and lost sales

While consumer appetite for international shopping grows, businesses face significant hurdles in meeting this demand. Key challenges include customs duty calculations, import regulations, trade restrictions, and complex shipping requirements. As companies hesitate to expand internationally due to these barriers, consumers find themselves with a narrower range of products available to choose from.

These regulatory challenges directly impact the consumer experience. Consumers surveyed say their top reasons for cart abandonment in cross-border shopping are expensive shipping, long delivery times, and unclear final costs at checkout. Exacerbating the issue, 75% of businesses surveyed use Delivered at Place shipping, leaving customers responsible for unexpected customs clearance, duties, and taxes upon delivery. 30% of businesses surveyed globally exclusively use this approach, despite it being a key pain point for consumers.

The consequences are stark: 58% of consumers that buy cross-border products report surprise customs charges upon delivery, with 30% describing these costs as “shocking.” This lack of transparency significantly impacts customer loyalty, with 75% of shoppers reconsidering future purchases from a business after experiencing hidden, surprise fees due to customs duties charges when chopping cross-border, while nearly half refuse delivery altogether.

Younger shoppers disproportionately affected

Despite their enthusiasm for global shopping, younger consumers bear the brunt of these cross-border complexities. Of those who have made an international purchase in the last 12 months, more than two-thirds (68%) of 16–24-year-olds experienced surprise costs due to customs duties, compared to only 35% of shoppers over age 55.

“No one wants a jump scare at the checkout – or when your package has made it all the way to your doorstep,” said Craig Reed, GM, Cross-Border at Avalara. “As global ecommerce continues to grow, driven by younger generations’ shopping habits, it’s clear that businesses need to better manage and streamline their cross-border compliance requirements if they are to thrive in a fast-evolving digital marketplace.”

Avalara provides an end-to-end platform to address cross-border tax compliance — from tariff code classifications to customs duty and import tax calculations and more. To learn more about how Avalara automates cross-border tax compliance requirements for businesses, visit avalara.com.

About Avalara

Avalara makes tax compliance faster, easier, more accurate, and more reliable for 41,000+ business and government customers in over 75 countries. Tax compliance automation software solutions from Avalara leverage 1,200+ signed partner integrations across leading ecommerce, ERP, and other billing systems to power tax calculations, document management, tax return filing, and tax content access. Visit avalara.com to improve your compliance journey.

Methodology
The research was conducted by Censuswide, with 8,242 consumers (1023 in the UK, 1033 in the US, 1077 in India, 1059 in Brazil, 1003 in Australia, 1021 in Canada, 1026 in Mexico and 1,000 in Denmark between 10.05.2024 – 16.05.2024 and 4003 18+ senior business decision-makers within businesses / retailers that trade and / or sell goods cross-border per market US (500 respondents), UK (500 respondents), India (500 respondents), Brazil (502 respondents), Australia (500 respondents), Canada (500 respondents), Mexico (501 respondents), and Denmark (500 respondents) between 13.05.2024 – 24.05.2024. Censuswide abides by and employs members of the Market Research Society which is based on the ESOMAR principles. Censuswide is also a member of the British Polling Council.

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TriNetX’s Founding CEO Announces Plans to Step Down

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January 9, 2025

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After 11 Years, Gadi Lachman to Conclude Operating Role, Remain on TriNetX’s Board

CAMBRIDGE, Mass., Jan. 9, 2025 /PRNewswire/ — TriNetX, the largest global source of real-world data, today announced that Gadi Lachman, the Company’s Founder, President and CEO, will step down from his operating role on March 31, 2025. Gadi founded TriNetX in 2014 and has served as President and CEO in the succeeding 11 years. Gadi will continue to serve on TriNetX’s Board of Directors and will be an Advisor to Carlyle, TriNetX’s majority investor.

“It has been an honor to build TriNetX and be part of such an outstanding team. I want to thank TriNetX’s employees, customers, and shareholders for the support they have shown me. With the talent and passion of our people I am immensely confident in TriNetX’s continued success,” said Lachman. “Together, we have built the largest global platform for clinical research, with data from over 25 countries and tens of millions of queries a month. Our solutions are moving clinical research to a whole different level and saving lives on a massive scale, across all therapeutic areas.”

During the transition period, Jeff Margolis, a current TriNetX Director, will serve as Executive Chairman to ensure continuity in leadership and governance while a CEO search is conducted.

Margolis said, “I have had the distinct privilege of serving on the Board alongside Gadi and partnering with him for 11 years. On behalf of the Board, we thank Gadi for shaping and leading TriNetX to become the world’s top ecosystem of real-world data and real-world evidence serving life sciences and the broader healthcare industry. I look forward to working with him and the rest of the Board over the next months to execute a successful transition of leadership.”

Joe Bress, Partner and Global Co-Head of Healthcare for Carlyle, TriNetX’s lead investor, added, “We have been thrilled to partner with Gadi since our initial investment in TriNetX over four years ago. Thanks to his disciplined leadership, TriNetX is one of the few companies that has sustained profitability even during periods of high growth. Gadi has built the company up to an exciting point, paving the way for a new leader to take the business into its next chapter of growth and success.”

Through this leadership transition, TriNetX remains steadfast in its mission to advance global healthcare through the power of real-world data. The Board, leadership team, and employees are united in their commitment to driving continued innovation and delivering success for customers and partners, all while building on Gadi’s exceptional legacy.

About TriNetX, LLC

TriNetX is a global network of healthcare organizations and life sciences companies dedicated to advancing real-world research and expediting the development of new therapies. Through its self-service, HIPAA-, GDPR-, and LGPD-compliant platform of federated deidentified and anonymous electronic health record datasets and consulting partnerships, TriNetX empowers its global community to improve clinical trial protocol design, streamline trial operations, refine safety signals, and enrich real-world evidence generation. For more information, please visit TriNetX at www.trinetx.com or follow TriNetX on LinkedIn.

Media Contact
TriNetX
Michelle Fleming, Chief Marketing Officer
Email: Michelle.Fleming@TriNetX.com

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Stellus Private Credit BDC Announces $0.36 First Quarter 2025 Regular Dividend, Payable Monthly in Increments of $0.12 in January, February, and March 2025

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January 9, 2025

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HOUSTON, Jan. 9, 2025 /PRNewswire/ — Stellus Private Credit BDC (“the Company”) announced that its Board of Trustees has declared a monthly dividend of $0.12 for each of January, February, and March, totaling $0.36 per share in the aggregate for the first quarter of 2025. The regular dividend of $0.36 per share will be paid to shareholders of record in January, February, and March 2025.

Summary of First Quarter 2025 Regular Monthly Dividends

Declared

Record Date

Payment Date

Amount per Share

1/9/2025

1/10/2025

1/31/2025

$0.12

1/9/2025

2/3/2025

2/28/2025

$0.12

1/9/2025

3/3/2025

3/31/2025

$0.12

About Stellus Private Credit BDC

The Company is an externally-managed, closed-end, non-diversified investment management company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company’s investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation by investing primarily in private middle-market companies (typically those with $5.0 million to $50.0 million of EBITDA (earnings before interest, taxes, depreciation and amortization)) through first lien (including unitranche) loans, second lien loans and unsecured debt financing, with corresponding equity co-investments. The Company’s investment activities are managed by its investment adviser, Stellus Private BDC Advisor, LLC.

Forward-Looking Statements

Statements included herein may contain “forward-looking statements” which relate to future performance or financial condition. Statements other than statements of historical facts included in this press release, including statements about COVID-19 and its impacts, may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of assumptions, risks and uncertainties, which change over time. Actual results may differ materially from those anticipated in any forward-looking statements as a result of a number of factors, including those described from time to time in filings by the Company with the Securities and Exchange Commission including the final prospectus that will be filed with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

Contacts
Stellus Private Credit BDC
W. Todd Huskinson, Chief Financial Officer
(713) 292-5414
thuskinson@stelluscapital.com

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SOURCE Stellus Private Credit BDC

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MongoDB, Inc. to Present at the 27th Annual Needham Growth Conference

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25 minutes ago

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January 9, 2025

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NEW YORK, Jan. 9, 2025 /PRNewswire/ — MongoDB, Inc. (NASDAQ: MDB) today announced that Chief Operating Officer and Chief Financial Officer, Michael Gordon, and Senior Vice President of Finance, Serge Tanjga, will present virtually at the 27th Annual Needham Growth Conference.

The MongoDB presentation is scheduled for Thursday, January 16, 2025, at 3:45 p.m. Eastern Time. A live webcast of the presentation will be available on the Events page of the MongoDB investor relations website at https://investors.mongodb.com/news-events/events. A replay of the webcast will also be available for a limited time.

About MongoDB
Headquartered in New York, MongoDB’s mission is to empower innovators to create, transform, and disrupt industries by unleashing the power of software and data. Built by developers, for developers, MongoDB’s developer data platform is a database with an integrated set of related services that allow development teams to address the growing requirements for today’s wide variety of modern applications, all in a unified and consistent user experience. MongoDB has tens of thousands of customers in over 100 countries. The MongoDB database platform has been downloaded hundreds of millions of times since 2007, and there have been millions of builders trained through MongoDB University courses. To learn more, visit mongodb.com.

Investor Relations
Brian Denyeau
ICR for MongoDB
646-277-1251
ir@mongodb.com

Media Relations
MongoDB PR
press@mongodb.com

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SOURCE MongoDB, Inc.

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