WooCommerce Cost of Goods & Margins
we’re proud to announce our new plugin Cost of Goods & Margins for WooCommerce is ready for release. This free plugin includes a number of cool benefits:
- Track profitability of your store, products and categories
- Manage Cost Prices, Markup and Margins for products and variations
- View the performance of your store in the WooCommerce reports
- Simulate the impact of markdowns and campaign
WHY USE THIS PLUGIN?
Whether you produce your own products, or buy through wholesale, you want to track the profitability of your products and your store. To do this, you’ll need to manage the cost price of your products.
These Cost Prices (sometimes referred to as ‘direct costs’) are called the Cost of Goods Sold (COGS) and we have integrated dedicated fields to manage these in your WooCommerce product pages.
WHAT IS COGS AND HOW DOES IT HELP ME?
COGS is sometimes also referred to as ‘cost of sales’ or ‘cost of merchandise’ but in short it refers to the production or purchase costs for products sold in your store.
Technically, these costs are an expense of your business, and in the end they reduce the revenue your store makes from selling.
So far not a big deal, but once your business grows, it might get tricky to keep track of profitability all of your products.
This plugin allows you to plan, simulate and summarize both your costs, stock value and margins in one place in the WooCommerce product pages so you get an instant overview of how your business is doing.
WHY WOULD I MANAGE MY GROSS MARGIN?
As a store owner, you calculate a variety of figures to determine the health and performance of your business.
One of these figures is Gross Margin, which is an important factor for you when assessing your business risk and profitability or when you are setting prices for your goods or services.
It’s not always easy to understand the impact of changes in cost and sales prices, especially when your stores grows.
In the WooCommerce product pages, we have created a neat overview to track all of these changes and show the final gross margin for all your products.
You can find the latest version on WordPress.org.