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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: 1.2.11
- Released: 2021-02-10
- Minimum PHP version: 5.6
- Requires: WordPress 5.3 or higher and WooCommerce 4.2 or higher
- Compatible up to: WordPress 5.6 and WooCommerce 5.0
- Supported multilanguage plugins: WPML, Loco Translate
- Translation ready: YES
- Languages 100% guaranteed by YITH: Dutch, Italian, Spanish
- Languages provided by users: German (99%)
- Support to: 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
Catherine wynn - verified owner
must have!This is a must-have for our multi-vendor site, the integration works so good and each vendor can now track real profits easily.
Mariah Summers - verified owner
Would purchase all over againIt made an extraordinary work with MV and would like to see it integrated with Booking as well to avoid a lot of mess in my accountancy, 9/10
Jinny B. - verified owner
recommendexactly what I was looking for to contain taxes in reports, thanks YITH
Josef Kaiser - verified owner
I'm a mess with this WP world but they helped me all the way longWas difficult for me to figure out how to set it up but the development team quickly helped everytime I needed them
carl-6044 - verified owner
Doesn't Integrate ProperlyAs with all YITH plugins, it's half a job. We installed the plugin, then copied all the WooCommerce cost of goods settings across. But after that, the plugin wouldn't save our cost of goods on new products. Then it didn't integrate properly with the WooCommerce reports - which made it look like we were making a 100% margin. Again, another YITH plugin that we gave up on and resorted back to WooCommerce Cost of Goods
Alessandra
Hi Carl, and thanks for your feedback!
The reason for not being integrated with WooCommerce reports is due to the fact that the plugin has its own reports. With regard to the issue you are experiencing when saving the cost of goods, I suggest contacting our support desk where our developers will assist you as soon as possible.