To choose the appropriate price, calculate the cost of the products you sell and the profit you hope to make. It will be simple to use YITH Cost of Goods for WooCommerce.
What you can gain from it:
- You can identify and remove products that are losing money from your catalog.
- You can identify and strengthen your marketing strategies for high-profit-margin products.
- Despite the volume of sales, you can determine if certain products don’t generate the highest possible profits.
Failure to monitor the cost of your products may result in the failure of your business.
Subtract your costs from your revenue to get your profit, or actual gain. This is one of those laws that we all learn in school and then take for granted. When we decide to start a business, we end up forgetting about it.
And all too often, we begin looking for reasons why our business is failing when it is already too late. You’re puzzled as to how your profit margins could be so low when your sales were good.
You’re perplexed as to why, despite receiving fifty orders per day, your company continued to deteriorate, day by day, until the company’s books were in the red.
The reason is almost always hidden among the folds of those unaccounted costs that you somehow missed or did not consider.
Many businesses fail as a result of their owners’ failure to plan an in-depth analysis of the relationship between costs and revenues. It’s the story of Jonathan, who bought clothes in other countries to resell on his e-commerce site.
The sale price was higher than the purchase price, which led him to believe he had a reasonable profit margin. But, in his enthusiasm and inexperience, Jonathan forgot something. He had underestimated his shipping costs, as well as the costs of customs and labeling individual garments. His business, which had the potential to succeed as well, only lasted about three months.
The most popularly sold product of its e-commerce, a t-shirt that customers could customize, was the cause of the company’s total bankruptcy: it may have had high sales, but the cost of customization – which was also underestimated from the start – completely cancelled the profit margin.
Jonathan’s story is the story of all the entrepreneurs for whom our YITH Cost of Goods for WooCommerce plugin was created.
A simple and effective control tool that allows you to continuously monitor your ecommerce trend and analyze the relationship between product costs and net income.
You can include, for example, shipping costs, taxes, VAT charges, payment gateways, and a 360-degree overview of your total costs through our panel: this will help you figure out which of your products have a higher margin of profit (which are not necessarily the ones that sell the most! ), what kind of profit you will gain in case of promotions or discounts, and which sale prices will cover all costs, especially those that often go unnoticed and that actually can make or break your business.
With YITH Cost of Goods for WooCommerce You Can:
- Set the cost of goods for each of your products
You can set a different price for each variation of a variable product or the same price for all of them. - Add the cost of good to products by bulk action
Using the built-in tool, you can change the prices of multiple products at the same time. - Know your benefits in real time and the potential profit of your stock
Allow the admins to have accurate information about the store’s benefits and a profit estimate before they begin selling. - Export data into a CSV file
To obtain all information in a timely and secure manner - Filter your products to make your search easier
Filter the results by product, date, category, tag, or custom field. - Enable/disable shipping costs, tax, and fees in the amount table
You have the option of including or excluding this information from the total cost. - View costs in orders
Examine the item cost in the order summary. - Monitor your products inventory on a single screen
And consider the potential benefit you could gain from their sale.
Download YITH Cost of Goods for WooCommerce
Download YITH Cost of Goods for WooCommerce to quickly and easily determine the true profit margin on your product sales.
