What is the HubSpot Commerce Hub, And How Can I Use It?
From managing customer payments to maximizing revenue streams, a cohesive platform to streamline commerce operations is paramount. The HubSpot Commerce Hub is a transformative solution meticulously crafted to address these pivotal pain points and empower businesses.
Whether navigating the complexities of payment processes or striving to boost revenue with streamlined operations, this guide serves as your compass to unlock the potential of the HubSpot Commerce Hub.
Why Does a Good Ecommerce Experience Matter?
93% of businesses say that a good customer experience is essential to their success. Businesses are increasingly aware of the importance of providing a positive customer experience; they can deliver a better customer experience by effectively managing orders, tracking customer interactions, and resolving customer issues.
73% of customers are willing to pay more for a better customer experience. Customers are willing to spend more money with businesses that provide a good customer experience. Businesses can increase customer spending by personalizing the customer experience and making it easier for customers to find and purchase what they look for.
52% of customers abandon their carts if they have a negative experience. Even a small negative experience can have a big impact on customer abandonment rates. Reduce cart abandonment rates by optimizing checkout processes and providing clear and concise shipping information.
90% of customers say that they are more likely to do business with a company that offers personalized experiences. Customers are increasingly expecting personalized experiences from the businesses they interact with. Businesses differentiate themselves by delivering personalized experiences, segmenting customers, tracking customer behavior, and delivering targeted marketing messages.
80% of customers say they are more likely to recommend a business that provides a good customer experience. A good customer experience can have a positive impact on word-of-mouth marketing. Businesses must enhance their customer experience and amplify word-of-mouth marketing with effective tools for gathering customer feedback and efficiently resolving any issues they may encounter.
Common Challenges in Commerce
In the bustling world of commerce and more and more companies looking to start selling online, businesses encounter a set of familiar challenges that put their skills to the test, demanding creative solutions for sustained growth.
Managing Customer Payment
Among the pivotal challenges is the intricate task of handling customer payments. Dealing with invoices, collecting funds, and maintaining a steady cash flow can become a puzzle. Companies constantly search for ways to speed up payments, tackle overdue invoices, and smoothen payment processes.
Boosting revenue streams remains an ongoing pursuit for enterprises. Attracting potential customers, enticing them with irresistible offers, and nurturing sales pipelines are hurdles that need continual overcoming. The key lies in finding strategies that consistently drive revenue growth, blending innovative marketing, precise targeting, and compelling value propositions.
Streamlining Payment Processes
The web of payment processes presents yet another challenge. With numerous options for payments, subscriptions, and invoicing, businesses can easily get entangled in complexity. What's sought is a way to streamline these processes, ensuring a user-friendly and coherent experience that ramps up transactional efficiency.
Embracing the Commerce Hub, businesses can expedite payments, merging the act of selling with seamless payment acquisition. This technology ensemble drives revenue growth and empowers your team to seize revenue opportunities promptly, cultivating frictionless checkout interactions. As a result, Commerce Hub becomes a catalyst for time savings, automating cumbersome billing tasks and holistically streamlining the payment journey from initiation to completion.
Introducing the HubSpot Commerce Hub
Announced at INBOUND 2023, The HubSpot Commerce Hub is a product bundle on the robust HubSpot platform designed to support commerce processes. With its powerful features and functionalities, Commerce Hub caters to marketing teams' diverse needs and requirements.
So, what is the HubSpot Commerce Hub? It is a repackaging of existing features, in addition to the launch of new features, bringing commerce front and center as a recognizable HubSpot product. Ultimately, this new hub is an easy-to-use B2B commerce suite for HubSpot.
Key Features and Functions of HubSpot Commerce Hub
Simplify your billing process by generating invoices directly from your CRM. With the capability to automate actions through invoice-based workflows, you can streamline operations and gain insights into revenue generation.
2. Subscriptions & Subscription Management
Seamlessly bill customers for recurring services and oversee subscription management right within HubSpot. This empowers you to maintain a steady revenue stream and foster lasting customer relationships.
Forge agreements with clients using customizable quotes that facilitate agreement signing and prompt payment processing, ensuring a seamless deal closure.
4. Payment Links
Extend your reach by accepting payments and facilitating product sales through online links. This versatile feature enables transactions wherever you can place a clickable link.
5. Commerce Objects
Embrace the inclusivity of commerce with an array of essential objects such as payments, subscriptions, and invoices. These elements constitute the core of your commerce operations.
6. Automated Billing
Free your team from laborious manual tasks with the power of automation. Effortlessly manage collections, customer onboarding, renewals, and more, allowing you to focus on strategic growth.
7. HubSpot Payments
Seamlessly integrate revenue collection into customer relationship management through the native HubSpot payments tool. This cohesive approach enhances efficiency and offers a unified view of transactions.
8. Stripe Payment Processor
Experience payment collection flexibility by utilizing your Stripe account directly within the HubSpot CRM. This compatibility ensures the full utilization of Commerce Hub, regardless of your preferred payment processor.
9. Products Library
Create and curate an extensive product library that effectively manages items available for sale. This centralized hub enhances your ability to present and market your offerings.
The HubSpot Commerce Hub empowers businesses with an integrated suite of features to revolutionize commerce management. From automating tedious tasks to expanding revenue streams, these capabilities collectively equip you to optimize every facet of your commerce operations.
Embrace the HubSpot Commerce Hub for a transformative experience that streamlines your journey from opportunity to revenue, facilitating expedited payments, amplified revenue streams, and substantial time savings.
Get Paid Faster
With the HubSpot Commerce Hub, your path to swift payments is paved with remarkable efficiency:
Invoices: Effortlessly convert quotes into cash using seamless invoices dispatched directly from your HubSpot CRM. Seamlessly track and manage overdue invoices to maintain a healthy cash flow.
Payment links: Harness the potency of simple yet impactful payment links, empowering you to vend your products across multiple platforms, including websites, forms, emails, and more.
Quotes: Craft, dispatch, and secure signatures on exquisitely branded sales tools infused with the data-driven might of your HubSpot CRM.
Elevate your revenue potential through features engineered for growth:
Subscriptions: Efficiently collect, manage, and report on recurring payments within the HubSpot CRM ecosystem.
Flexible payment processing: Seamlessly and quickly collect funds from your clientele, leveraging your existing Stripe credentials or HubSpot payments directly through the CRM interface.
The HubSpot Commerce Hub propels you beyond inefficiencies, paving the way for heightened productivity:
Custom billing automation: Expedite time-consuming manual tasks as the Commerce Hub orchestrates automated solutions for collections, customer onboarding, renewal management, and more.
Revenue reporting: Combine commerce and CRM data in powerful custom reports to better understand your revenue performance.
As a marketing manager using HubSpot Commerce Hub, several valuable resources are available to support your marketing efforts and enhance your knowledge. Here are some recommended resources:
HubSpot Academy: HubSpot Academy offers many educational resources, including online courses, certifications, and practical guides. Marketing-specific courses cover lead management, email automation, reporting, and sales enablement. By investing time in HubSpot Academy resources, marketing team members and managers can effectively deepen their knowledge and skills in leveraging the core functionalities of the HubSpot Marketing Hub. HubSpot Academy is available to all HubSpot users, even on free plans.
HubSpot Community: The HubSpot Community is a vibrant online community where marketing professionals come together to share knowledge, exchange ideas, and seek advice. Engaging in the community allows you to connect with like-minded marketers, learn from their experiences, and get answers to your questions. It's an excellent platform for networking, gaining insights, and finding solutions to common marketing challenges.
Accredited HubSpot Partner: Looking for more customized support? With a HubSpot Onboarding accreditation, our consultants and licensed trainers provide HubSpot Services and customized services configured to your business needs, maximizing the potential of your HubSpot Commerce Hub. Whether you need assistance with HubSpot onboarding, implementation, configuration, integration, or strategic marketing enablement, we're here to help you accelerate your marketing growth and achieve your objectives.
HubSpot Suite of Products: The HubSpot Suite consists of HubSpot CMS Hub, HubSpot Marketing Hub, HubSpot Commerce Hub, HubSpot Operations Hub, HubSpot Sales Hub, and HubSpot Service Hub. HubSpot CRM is a shared resource and is part of all hubs.
Unleashing Commerce Success: Empower Your Sales Team with HubSpot Commerce Hub
In the ever-evolving world of commerce, the HubSpot Commerce Hub stands as a game-changer, reshaping how businesses manage their commerce activities. Packed with an array of features and functionalities, this hub serves as a compass for commerce managers, guiding them towards streamlined operations, enhanced performance, and remarkable outcomes. From managing payments and subscriptions to automating billing and reporting, Commerce Hub empowers businesses with the arsenal they need to flourish in digital commerce.
You're not alone as your journey with Commerce Hub unfolds. The robust support ecosystem includes HubSpot Academy, the HubSpot Community, and expert HubSpot partners, all poised to bolster your commerce endeavors. Furthermore, HubSpot's strategic infusion of AI capabilities via tools like Content Assistant and ChatSpot promises to propel your commerce strategies to unprecedented heights. Contact us to leverage AI in your platform.
Commerce Hub FAQs
HubSpot Commerce Hub is for small and mid-sized businesses looking to sell products or services online. It's an excellent option for businesses that want a comprehensive and easy-to-use solution that integrates with other HubSpot products.
Commerce Hub follows a flexible payment model where you are only billed for the transactions you process using its features.
If you choose to utilize HubSpot payments, you will be subject to a fee structure based on the transactions you process. These fees will amount to 2.9% of all credit card transactions and 1% for ACH payments, with a maximum cap of $10.
When utilizing the Stripe Integration, your fees will consist of a platform fee of 1% per transaction, in addition to the agreed-upon processing fee with Stripe.
For example, for a $1,000 credit card payment using Commerce Hub:
If you take payment through HubSpot payments, you would pay us a fee of $29.
If you take payment through the Stripe Integration, you would pay us $10 in fees in addition to your Stripe processing rate.