YITH Cost of Goods for WooCommerce Premium
The profit, or real gain, is calculated by deducting the expenses from the income. We all learned this law in school and now take it for granted, but it is important to remember that it is one of the laws we are required to follow. Then, when we decide to launch a business, we forget all about it.
Too frequently, we wait until it’s too late to figure out what went wrong with our company. Your sales were fine, so you don’t understand why your profit margins are so low.
You don’t understand why, despite receiving fifty orders daily, your firm is slowly but surely dying until the day it goes into the red.
You’ll find the explanation in the creases of those hidden expenses you failed to account for.
In reality, many firms fail because their owners did not provide a thorough study of how expenditures relate to revenues. This is the tale of Jonathan, an Internet merchant who made his fortune by importing clothing from outside.
The fact that the selling price was greater than the buying price convinced him that he had a respectable profit margin. But young and inexperienced Jonathan omitted an essential detail. Unfortunately, he failed to account for the additional expenses associated with marking each clothing and paying customs duties. His company, which had equal potential for success, lasted for about three months.
While its customizable t-shirts were a huge hit with customers, they ultimately proved to be the company’s undoing. Despite the large volume of sales, the company was unable to turn a profit due to the expensive costs of producing each individual garment.
For all the businesses like Jonathan, we built the YITH Cost of Goods for WooCommerce plugin.
A straightforward yet potent management instrument for tracking the trajectory of your online store and delving into the causality between product costs and profits.
Through our control panel, you can include things like shipping costs, taxes, VAT charges, payment gateways, and a full 360-degree overview of your total costs; this will help you determine which products have a higher margin of profit (which aren’t necessarily the ones that sell the most! ), how much money you’ll make off of promotions or discounts, and what prices you should sell your products for in order to break even.
- Identifying loss-leaders in your product portfolio and eliminating them from your catalogue
- If you know which products have a high profit margin, you may focus on promoting those items more aggressively.
- Sales volume alone may not be indicative of a product’s profitability.
- Determine the costs of goods for your various items.
- When dealing with variable goods, it is possible to save money on costs for each variation individually or for all variants at the same time.
- Add product/order cost and profit admin columns with the ability to sort them to the WooCommerce product and order lists.
- Standard WooCommerce capabilities allow you to import and export product costs from and to a CSV file. You can do this both ways.
- You may bulk modify all of the product costs, pricing, and stock from a single page with the use of the included bulk edit costs tool.
- In the event that you want assistance importing costs from one product metas to another, the Import Costs tool is at your disposal.
- On the admin order edit page, you may choose to include a “Cost of Goods” meta box.
- Add a message, which can be turned on or off, to the admin order edit page in the event that the order profit is negative.
- You have the option to define an additional fee for the order (which can apply to all orders or just one), the payment gateway, and the delivery method.
- Utilize the add stock tool so that the tool can automatically determine the average product cost.
- Please refer to the cost and profit columns located in the WooCommerce Analytics > Orders section.
- And more…