HubSpot has just announced the biggest ever changes to its commerce products at its INBOUND 2023 event. These include the introduction of its new Commerce Hub B2B commerce suite. The idea is to streamline all of HubSpot’s current process – from identifying a sale opportunity to getting paid. But what new features will it offer and what do the changes mean for you? Our Director of Consultancy, Technology and Innovation, Adam Leach, talks us through what to expect.
In 2021, HubSpot introduced its commerce products, offering B2B firms powerful but easy to use e-commerce tools. The problem? These tools have remained relatively hidden within the CRM and existing hubs. Now, in response to evolving customer needs and market demands, HubSpot has decided to repackage and reposition these commerce features, aiming to make them more accessible, efficient and user-friendly.
One of the major advancements in this sense is the introduction of Commerce Hub. The easy-to-use B2B commerce suite works directly with HubSpot CRM. Although it packs some extremely welcome new features, it also repackages some of HubSpot’s existing functionality in order to bring commerce front and centre as a recognisable product – offering a seamless on-boarding experience for both new and existing users.
It’s worth mentioning, these new features are currently rolling out in the United States only. The good news? We should be seeing an international launch of the feature before the end of the year, so get in touch with us if you want your business to be added to the waiting list for the UK and Europe.
What’s changing with Commerce Hub?
HubSpot’s new tool is all about advancing the platforms’ e-commerce offer for B2B. While keeping its experience familiar, there are several changes to get excited about. Let’s take a look at the most interesting ones.
Clearer offering: The most noticeable change is the repositioning itself. Commerce Hub is now a recognisable name, placing commerce front and centre as an all-in-one package that works directly with HubSpot CRM.
New commerce tool: One of the most exciting and sought after additions to the platform is around invoices, quotes and payment links. The tool enables users to effortlessly turn a quote into cash with complete billing channels, and get native invoicing sent from their CRM.
Expanding payment processor support: HubSpot’s current setup requires customers to use HubSpot Payments to process payments. Commerce Hub recognises the need for flexibility in payment processing. The new platform is expanding its support to plug into existing payment processors – starting with Stripe – eliminating the need for a system overhaul.
International expansion: This is a biggie. HubSpot has committed to expanding the global presence of its commerce products with Commerce Hub. While it’s currently available to Starter+ US-based customers, there are plans to make it accessible in more locations by the end of 2023. This is something we’re eagerly awaiting more information on, and of course we’ll update Pod clients with any news as we get it.
What’s new in Commerce Hub?
Now let’s dive into the exciting new features that Commerce Hub brings to the table. At INBOUND 2023, HubSpot announced that improvements were all designed to streamline users’ opportunity-to-revenue process, boost revenues and save valuable time. Here are some of the benefits:
Get paid faster
Commerce Hub enables faster payments because selling and getting paid becomes a single step.
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Invoices: Easily create and send invoices directly from your HubSpot CRM, and stay on top of payments with overdue invoice tracking and management
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Quotes: When it comes to quotes, Commerce Hub enables users to create, send and receive signatures on branded sales tools which are powered by your CRM data.
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Payment links: Simple yet powerful payment links enable you to sell anywhere, whether it be your website, PPC landing page forms, EDMs, and more.
Increase revenue
In Commerce Hub, teams are empowered to take action on any revenue opportunity while creating streamlined checkout experiences.
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Subscriptions: Effectively manage recurring payments alongside your CRM.
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Flexible payment processing: Seamlessly collect payments from your customers directly through your CRM using your existing Stripe login or HubSpot Payments.
Save time
By automating billing-related tasks, Commerce Hub will enable users to claw back more minutes in the day.
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Custom billing automation: Automate time-consuming manual tasks such as collections, customer implementation, and renewal management.
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Revenue reporting: Gain deep insights into your revenue performance by combining commerce and CRM data in powerful custom reports.
A significant step forward
With the new Commerce Hub announcement, HubSpot has taken a significant step forward in making commerce more accessible, efficient and flexible for B2B businesses of all sizes. With its all-in-one design, user-friendly features, expanded payment options and commitment to international expansion, Commerce Hub presents some exciting opportunities for clients to conduct business with HubSpot’s CRM ecosystem. What’s more, this is just the beginning of this new chapter in commerce for HubSpot, with more innovations set to be launched in the future.
Are you ready to revolutionise your e-commerce business with HubSpot? If the answer is yes, contact our experts today to find out how they can help you make the most of these new changes.
James Montgomery
