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Not monitoring the cost of your products can mean the failure of your business.
Subtract the costs from your revenue and you get the profit, your actual gain. This is one of those laws we learn in school and that we all end up taking for granted. Then we actually end up forgetting about it, when we decide to start a business.
And often we will start looking for a reason why our business is failing when it’s already too late. You wonder how the margins of your earnings could be so low, when sales were fine.
You wonder why, despite fifty orders per day, your business kept dying, little by little every day, until the company accounts have inevitably gone in red.
The reason is almost always there: hidden among the folds of those unaccounted costs that you somehow missed, that you did not consider.
Many businesses fail because their owners, as a matter of fact, didn’t plan an in-depth analysis of the relationship between costs and revenues. It’s the story of Jonathan, who bought clothes abroad to resell them on his e-commerce.
The sale price was higher than the purchase price and that was enough for him to believe he had a fair margin of profit. But Jonathan, in his enthusiasm and inexperience, forgot something. He had underestimated his shipping costs, forgot about customs costs and the costs of labeling individual garments. His business, which also had all the potential to succeed,managed to hold together only for about three months.
The most popularly sold product of its e-commerce, a t-shirt that customers could choose to customize, was the cause itself for the total bankruptcy of its business: it may have high sales, but the cost of customization – that were also underestimated from the beginning – they completely cancelled the profit margin.
Jonathan’s story is the story of all the entrepreneurs for whom we created our YITH Cost of Goods for WooCommerce plugin.
A simple and powerful control tool that allows you to constantly monitor your ecommerce trend and analyze the relationship between product costs and your net income.
Through our panel you can include, for example, shipping costs, taxes, VAT charges, payment gateways and a 360 degree overview of your total costs: this will help you figure out which ones 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 the difference in your business success.
- Version: 1.4.0
- Released: 2021-10-07
- Minimum PHP version: 7.0
- Requires: WordPress 5.6 or higher and WooCommerce 5.3 or higher
- Compatible up to: WordPress 5.8 and WooCommerce 5.8
- Supported multilanguage plugins: WPML, Loco Translate
- Translation ready: YES
- Languages 100% guaranteed by YITH: Dutch, Italian, Spanish
- Languages provided by users: German (100%)
- Support for: YITH Proteo theme. All YITH plugins.
WITH YITH COST OF GOODS YOU CAN:
Set the cost of goods for each of your products
For variable products you can choose whether to set a different price for each variation or the same one for all of them
Add the cost of good to products by bulk action
Modify the cost of different products at the same time with the built-in tool
Know your benefits in real time and the potential profit of your stock
Allow to the admins to have the right information about the benefits of the store and an estimation of the profits before starting selling
Export data into CSV file
To get all the info in a quick and safe way
Filter your products to make your search easier
Filter by product, date, category, tag or custom field
Enable/disable shipping costs, tax and fees in the amount table
You can choose whether to include this information in the total cost or not
View costs in orders
Take a look at the item cost in the order summary
Monitor your products inventory on a single screen
And see the potential benefit you would have from their selling
Take advantage of the WPML compatibility
You are free to easily translate the plugin with the powerful tool offered by WPML
Joan C. Johnson - verified owner
Cool extension, helped me identify the items that had the most profit margin so I'm also using the POPUP extension to advertise them while people are on my site. Only downside: wasn't cheap
Roberto Cantera - verified owner
OptimoExcelente para comprobar existencias, gastos y costes. Gracias a este complemento tenemos un mejor control de lo que pasa en nuestra tienda y la gestión interna de la misma se ha hecho más sencilla
Jaime Pereira Duque - verified owner
Excelente productoLa instalación nos ha llevado poco tiempo, ha funcionado bien con nuestro tema y hace mucho más de lo que necesitabamos. Es mucho más comodo para enviar informes a la asesoría y no perdemos tanto tiempo como de costumbre
Cynthia Jonas - verified owner
integration suggestionvery useful plugin and easy to set, would love to see it integrated with POS
Oscar Powell - verified owner
PerrfectMagnificent product. One of the best stand alone plugins we've been using to manage our earnings