Intuit launches new QuickBooks Commerce platform

For more than 20 years, QuickBooks has been a trusted partner to small companies, assisting them in managing uncertainty and achieving growth. QuickBooks started as a tool to help small businesses handle their books but has evolved into a platform that allows them to get paid quickly, manage money, and pay workers with confidence. QuickBooks used its fintech expertise to help consumers get more than $1 billion in SBA-approved PPP loans and save hundreds of thousands of jobs when COVID-19 shook up the small business community.

QuickBooks is now building a digital network for product-based companies, offering on-demand accounting experts, and democratising machine learning by incorporating it into its services for small businesses’ benefit. QuickBooks is in the business of developing intelligent, invaluable financial instruments that assist small businesses in achieving solvency and prosperity. Businesses can use the platform to access and integrate distribution platforms, manage orders and delivery, sync inventory, prevent out-of-stocks, and gain insight into profitability. According to Intuit, QuickBooks’ entrance into the fintech e-commerce category has seen substantial growth this year due in part to the COVID-19 pandemic.

QuickBooks Commerce, according to Intuit, is an open platform that allows companies to import sales data from a variety of marketplaces, websites, and sales system providers. QuickBooks Commerce’s launch partners include Amazon, ShopKeep, and Squarespace. The small and medium businesses that sell in our store are vital to Amazon and our customers, and we’re on track to invest $18 billion this year in logistics, equipment, resources, initiatives, and people to help them thrive,” said Abhi Tiwari, Amazon’s director of Multi-Channel Fulfillment. We applaud initiatives from companies like Intuit to provide Multi-Channel Fulfillment selling partners with even more options to expand their businesses on and off Amazon.

Over 80% of product-based SMBs that sell through various platforms also reconcile inventory with pen and paper or spreadsheets, according to Intuit. QuickBooks Commerce, a business management app from Intuit, was introduced to help small businesses acquire and sell to new customers through various platforms, eventually growing their business. 

Small companies have been searching for a central portal where they can reach various distribution platforms, incorporate existing ones, handle orders and fulfilment, sync inventory through online and offline channels, prevent stockouts, and get profitability insights. QuickBooks Commerce is that hub. “It’s critical to small business survival — particularly now — to attract and manage customers through multiple sales touchpoints,” said Alex Chriss, EVP and GM of QuickBooks. “Meeting consumers where they are in the new expectation, but small companies aren’t equipped or resourced to handle this complexity efficiently. QuickBooks Commerce enables small companies to expand by enabling them to sell through more platforms while also reducing the amount of time they spend on operations.” QuickBooks Commerce comes at a crucial time for small businesses. Product-based businesses (PBBs) must be able to support their consumers’ shopping preferences in real-time, whether it’s in-store, online, or through various digital marketplaces. Keeping track of multiple outlets is confusing and challenging to maintain for most small businesses.

Although 87% of small businesses that will open in the next 12 months will be online or online and offline, 84% of PBBs selling in multiple channels still reconcile inventory using pen and paper or spreadsheets. Because of the organisational difficulty, 50% are hesitant to add another outlet. QuickBooks Commerce is an open platform that allows small businesses to integrate existing media while also adding new ones, all while keeping it in one place. QuickBooks Commerce works with marketplaces, blogs, and distribution system providers to provide a wide range of options to small business owners, regardless of where they sell. Collaborations with Amazon, ShopKeep, and Squarespace are among the e-commerce partners that will cover a wide variety of online and in-person sales choices.

QuickBooks Commerce can make selling on Amazon’s store more straightforward for both current and new retailers, including brick-and-mortar companies, by reducing the hassle of handling sales. Sellers who use Amazon’s fulfilment services to sell in the Amazon store or on other e-commerce sites can drive their cross-channel sales with QuickBooks, allowing them to concentrate on growing their company.