# Temu, Shein far lag Amazon as online holiday shopping ramps up
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2021-05-07
Category: BUSINESS
Category URL: https://financedigest.com/category/business
Meta Title: Online Holiday Shopping Trends: Temu, Shein vs. Amazon
Meta Description: Discover how Singapore-based Shein and PDD Group's Temu struggle to convert website visits into actual purchases compared to market leader Amazon.com this
URL: https://financedigest.com/temu-shein-far-lag-amazon-as-online-holiday-shopping-ramps-up-2html

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_By_ _**Chris Newbery,** industry consultant Retail/CPG EMEA at Teradata_

Retail & CPG CFO’s are widely seen as the trusted lieutenants to their CEO’s, providing insight that drives strategic decisions, with the best being able to carefully balance both costs and expected return on investment. Sadly, far too many are seen as simply ‘the numbers man/woman’ though, aggregating data from multiple statutory and governance driven backwards looking reports, with “cost first” approaches that are more likely constraining innovation rather than leading it. It does not have to be that way. The CFO’s broad remit, and natural ownership of core financial data, can instead provide the foundation for an enhanced role that leverages [data analytics](https://www.financedigest.com/data-analytics-scenario-planning-and-the-finance-department.html "Data analytics, scenario planning, and the finance department") and end-to-end decision making to enable new value opportunities, delivering profitable future growth for their Retail or CPG organisation.

Even with widespread implementations of ERP solutions, finance departments are weighed down by the ever-increasing burden of reporting. Demands to close books faster, the sheer volume of data required, and the effort needed to integrate it, means that many [CFO’s become](https://www.financedigest.com/boardroom-superheroes-how-the-cmo-and-cfo-can-become-a-dynamic-duo.html "Boardroom superheroes: How the CMO and CFO can become a dynamic duo") boxed in. Their focus narrowed to finding, preparing, and collating the data needed for specific reports. It often becomes a highly labour-intensive, manual, and repetitive [process which takes up most of the finance](https://www.financedigest.com/how-decentralized-finance-can-aid-in-the-acquisition-process.html "How Decentralized Finance can aid in the acquisition process") team’s valuable time.

One example of why this happens, is that regulatory and statutory reporting, [risk management](https://www.financedigest.com/managing-corporate-currency-risk-the-cfos-balancing-act.html "Managing Corporate Currency Risk: The CFO’s Balancing Act") and anti-fraud rely on much of the same data yet are often created in isolation. Another is that common definitions and calculations are rare, making the re-use and [sharing of data](https://www.financedigest.com/chipmakers-weigh-on-european-shares-focus-on-u-s-jobs-data.html "Chipmakers weigh on European shares; focus on U.S. jobs data") difficult. The intensity of this work, combined with the increasing pressure to decrease headcount, leaves no time or bandwidth for any of the fun, value adding strategic work relating to future-focused analysis. When this happens, it’s probably fair to [say that the role](https://www.financedigest.com/amazon-ceo-says-job-cuts-to-exceed-18000-roles.html "Amazon CEO says job cuts to exceed 18,000 roles") has lost its lustre.

In an effort to cope with the increasing speed, intensity and [complexity of reporting](https://www.financedigest.com/board-report-highlights-complex-decision-making-process-across-banking-and-finance-sector.html "Board Report Highlights Complex Decision-Making Process Across Banking and Finance sector"), many Retailers & CPG’s invest heavily in applications focused on automating individual processes. Stand-alone tools for data visualisation, workflow solutions and cloud-based [analytics which can improve](https://www.financedigest.com/how-to-use-momentum-analytics-software-to-improve-portfolio-performance.html "How to use momentum analytics software to improve portfolio performance") specific activities, without often transforming them. What they also do is [accelerate the fragmentation of the data](https://www.financedigest.com/interoperability-of-data-to-accelerate-the-medical-tapes-market.html "Interoperability of data to accelerate the Medical Tapes Market") still further, with new silos being created to support bespoke applications, cloud instances and departmental solutions. What’s missing, and what’s necessary to free the CFO to create value, is a complete [change of mindset](https://www.financedigest.com/dispute-management-mindset-changing-the-disputes-game.html "Dispute Management Mindset: Changing the disputes game").

To overcome these constraints, [CFO’s need to reinvent themselves as the champions of enterprise data](https://www.financedigest.com/the-benefits-of-big-data-how-to-convince-your-cfo.html "THE BENEFITS OF BIG DATA – HOW TO CONVINCE YOUR CFO") analytics. They need to leverage both their natural strengths and their organisation-wide purview, to promote the standardisation and reuse of all data to underpin end-to-end decision making. For example, a Category [Manager seeking to achieve lower unit](https://www.financedigest.com/sacyr-shortlists-four-bidders-for-its-service-waste-management-unit-expansion.html "Sacyr shortlists four bidders for its service, waste management unit – Expansion") costs of purchased goods, may agree to higher purchase volumes to secure discounts, and thereby hit their KPI. But handling these large volumes [leads to higher](https://www.financedigest.com/ftse-100-opens-higher-informa-leads-gains.html "FTSE 100 opens higher, Informa leads gains") warehouse and logistics costs, negatively hitting the KPI’s of the Supply Chain team. Even worse, these [costs are often higher than the savings made by buying](https://www.financedigest.com/blessing-or-burden-what-else-could-you-buy-for-the-cost-of-your-timeshare.html "Blessing or burden? What else could you buy for the cost of your timeshare?") in bulk in the first place. Neither party sees the whole picture, but the CFO can, and should. The data that can highlight this misalignment is available to the CFO, and it [supports regular operational and financial](https://www.financedigest.com/how-to-support-employees-amid-financial-strains.html "How to support employees amid financial strains") reporting, but all too often remains locked up in siloed systems and reports.

The concept of a common finance foundation, integrating ERP and non-ERP data, can unlock this value. Instead of viewing data and reports as a series of vertically aligned pipelines, CFO’s can and should [integrate data into a single platform that can support](https://www.financedigest.com/supporting-apple-pay-integration-in-japan.html "Supporting Apple Pay Integration in Japan") all of the reporting, and act as the framework for decision-making and strategic planning. The key shift happens when they change priorities and mindset from a [focus on using data](https://www.financedigest.com/sterling-falls-vs-dollar-as-focus-turns-to-uk-data.html "Sterling falls vs dollar as focus turns to UK data") to report backwards, to analysing data for insights going forwards. Rather than viewing data through the lens of specific reports, CFO’s need to lead efforts to create a single analytical architecture that consolidates, simplifies, and standardises data from all across the business to create insights that [drive the most profitable](https://www.financedigest.com/apples-weak-iphone-sales-drive-first-profit-miss-since-2016.html "Apple’s weak iPhone sales drive first profit miss since 2016") and effective growth. This will, of course, also support faster and higher quality reporting. There is significant overlap in the data required by most reports, and building a standardised foundation with common definitions and calculations not only reduces the time taken to produce the reports, but is the essential first step in automating their production.

As they integrate and standardise [data from across the business](https://www.financedigest.com/from-sec-edgar-to-business-applications-exploring-an-alternative-to-manual-data-extraction.html "From SEC EDGAR to Business Applications: Exploring an Alternative to Manual Data Extraction"), these forward-thinking CFO’s are also able to generate new opportunities to add value. Suddenly they are [spending less time reporting](https://www.financedigest.com/european-governments-spend-half-a-trillion-euros-on-energy-crisis-report.html "European governments spend half a trillion euros on energy crisis – report") what has happened, more time analysing why it happened, and are able to create strategies to influence what happens next. The [CFO role](https://www.financedigest.com/10-ways-automation-has-changed-the-role-of-the-cfo.html "10 ways automation has changed the role of the CFO") is uniquely placed to do this, as they have the company-wide overview, the authority, and access to most of the data. The sooner they shift [focus from managing a bunch of financial](https://www.financedigest.com/cfos-need-a-focus-on-forex-in-financial-planning-tools-accountagility-reveals.html "CFOs need a focus on forex in financial planning tools, Accountagility reveals") reporting applications, each with its own data silo, to implementing a shared data platform that provides the basis for deep analytical insights, the sooner they transform the role and value of the CFO. Integrated data, plus common definitions and formats will allow them to have more answers at their fingertips. This ‘Super ledger’ that combines granular financial, product, customer, and [operational data all down to an individual transaction level simplifies multidimensional profitability](https://www.financedigest.com/ikea-stores-owner-ingkas-annual-operating-profit-rises-9.html "IKEA stores owner Ingka’s annual operating profit rises 9%") analysis, and clearly illuminates the true cost to serve any store location, product, or customer.

Armed with these insights, [CFO’s can once again become the key trusted advisor to the CEO and primary advocate of data in the business](https://www.financedigest.com/5-ways-cfo-and-cio-collaboration-can-benefit-the-business.html "5 Ways CFO and CIO collaboration can benefit the business"). In today’s fast-moving data-driven Retail & CPG environment, those that make this shift the quickest will be seen as the new superheroes leading value generation and growth. Those that don’t, and the organisations that fail to move rapidly from [reporting to analysing, will find their opportunities and overall value increasingly choked off by their sclerotic reporting demands](https://www.financedigest.com/sea-bream-market-2021-current-and-future-demand-analysis-growth-and-forecast-by-2029-report.html "Sea Bream Market 2021 | Current and Future Demand, Analysis, Growth and Forecast By 2029, Report").


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