When managing an online store, WooCommerce offers many features to handle everything from setting prices to managing inventory. Yet in terms of estimating your true profit, the default features don’t provide a complete view. This is where the Cost of Goods for WooCommerce plugin swoops in like a superhero for your profits.
We will see from this review, how Cost of Goods with WooCommerce it offers detailed financial information which can assist with making better choices for your business.
Let’s dive into the Cost of Goods for WooCommerce plugin and see how it can help you keep more of those hard-earned dollars in your pocket.
What is Cost of Goods for WooCommerce?
The Cost of Goods for WooCommerce plugin adds a “Cost of Good” box to your products, so you can enter the costs for each item you sell. The add-on then calculates these costs at checkout, providing you with accurate profit information alongside your sales data.
Using Cost of Goods for WooCommerce has an advantage: it helps you figure out your products’ profit margins. This data will help you in setting prices for products and deciding how much to spend on ads. By spotting your top and bottom sellers, you can zero in on what adds the most value to your business.
These reports give you a full picture of how your store is doing, so you can boost your income and enhance your profits.
Why Choose Cost of Goods for WooCommerce?
1. Enhanced Profitability Insights
Cost of Goods for WooCommerce lets you track product costs with precision, providing a clear view of your profit margins. With this insight, you can make smart choices about pricing your products for maximum profitability. By spotting high-margin products, you can target your marketing where it pays off most.
2. Improved Inventory Management
Understanding the exact cost of your goods allows you to make smarter inventory decisions. You can figure out which items to restock and which ones might be eating up valuable capital. This helps you handle cash flow, cut storage costs, and avoid overstocking slow-selling items.
3. Tailored Solutions for Variable Products
In our experience, this plugin really comes into its own when you’re dealing with products that have tons of variations. You can set individual costs for each type of the product, ensuring accurate profit calculations across your entire product range. Whether it’s fashion items or tech gadgets, it handles them all with ease.
4. Seamless Integration with WooCommerce Ecosystem
This plugin plays nicely with other WooCommerce tools, so you won’t have to worry about compatibility headaches. Whether you use tools to export data, manage stock, or set custom prices, Cost of Goods for WooCommerce integrates smoothly with them all. The plugin also fits with other WooCommerce add-ons, like the Order/Customer CSV Export Suite and the Customer/Order XML Export Suite. This means you can add cost info when you export your order data giving you a full view of how your store is doing.
Core Features of the Cost of Goods for WooCommerce Plugin
1. Comprehensive Cost Tracking
This plugin allows you to track the cost of goods for each product, whether they are simple or variable. You can add costs individually or in bulk, ensuring accurate profit calculations. This feature is the backbone of the plugin, providing the data needed for precise profit analysis.
2. Flexible Cost Addition Methods
The plugin offers multiple ways to add costs to your products:
- Individual Product Edits: Enter costs directly from the product edit page.
- CSV Bulk Import: For shops with big product lists, you can upload a ready-made CSV file to add costs all at once.
- Fixed Amount or Percentage Costs: You get to pick whether to add costs as a set amount or as a percentage of the current product prices.
3. Advanced Reporting Capabilities
The plugin’s reporting features provide deep insights into your store’s profitability:
- Profit by Date: Track your net sales, cost of goods, total profit, and average profit per order over any selected date range.
- Profit by Product: Analyze net sales, total costs, and total profit for each product in your inventory. This helps you identify your best and worst performers.
- Profit by Category: See how much money you make from different types of products.
4. Historical Cost Accuracy
To ensure long-term accuracy, the plugin saves the cost of each order line item at checkout. This historical data is preserved even if product costs change in the future, providing reliable profit calculations for past sales.
How to Get Started with Cost of Goods for WooCommerce Plugin
Installation process
Setting up Cost of Goods for WooCommerce is similar to any other plugin. Install the free version from WordPress marketplace if you are just testing out the features. Alternatively, you can guy the premium version for the parent website and upload the plugin to WordPress.
If you are just starting your online store journey, read our quick guide on how to get started with WooCommerce to learn how to set up your store, configure essential settings, and start selling effectively.
Configuring cost of goods for products
After activation, you’ll need to set up the plugin to track your product costs accurately. Go to Products > Edit Product > Product Data > General to configure the Cost of Goods option for the specific product. By default costs and taxes are excluded from profit calculations, which is the recommended setting.
To add costs to your products, you have several options:
- Edit individual products and enter the cost in the “Cost of Good” field.
- Use bulk import with a pre-defined CSV file for large catalogs.
- Create multiple rules to add costs to different products and categories.
- Add costs as fixed amounts or percentages of existing product prices.
For variable products, you can set a default cost for all variations or enter costs for each variation separately.
Go to Products > Add New > Product Type and select “Variable Product” from the dropdown. Under the Attributes tab, add attributes like size or type and mark them as “Used for variations.”
Then, go to the Variations tab and add your variations, such as hoodie with zipper, hoodie with logo, and hoodie with pocket. Next, enter the cost of goods for each variation individually, and this way you can track costs and profits accurately for each variation.
Tracking profits and sales
Once you’ve set up your costs, you can start tracking profits and sales. The plugin adds a new “Profit” tab under WooCommerce > Reports, offering insights into your product costs and profitability. You’ll find various reports, including:
- Profit by date: Shows net sales, total cost of goods, total profit, and average profit per order.
- Profit by product: Displays net sales, total costs, total profit, and total purchases for each item.
- Profit by category: Reveals total profit for each selected category.
These WooCommerce reports provide valuable data for a specific time span, complete with helpful graphs. You can customize report columns and margin settings to focus on the metrics that matter most to your business.
Pricing Plans and Licensing Options
The Cost of Goods Plugin is available in three attractive pricing tiers: Free, Business, and Agency, ensuring there’s a plan that fits every budget. You can install the free version through the WordPress plugin directory. With the free Cost of Goods version, you can start tracking costs for single products on your WooCommerce store and get a good idea how the plugin works.
However, the business or agency plan comes with features like cost tracking capabilities for product variations, detailed profit reports, and email support. These cutting-edge tools aim to give you a clearer picture of your store’s financial performance. They make it simpler to keep an eye on your profits and make smart choices for your business.
The two paid plans are:
- Business Plan: $29.99/year for one website or $79 for lifetime access, includes all essential features.
- Agency Plan: $59/year for up to 20 websites or $139 for lifetime access, with priority email support.
Overall, both annual and lifetime subscription models for Cost of Goods for WooCommerce are competitively priced given the range of features the plugin offers. The Business Plan is well-suited for individual store owners or small businesses, while the Agency Plan provides a more economical solution for managing multiple client sites.
Cost of Goods for WooCommerce: Support and Documentation
Reaching out to the Cost of Goods Plugin support team is simple. You just fill out a ticket via the Contact Us page on the developer’s website, and your query will be directed to their team for assistance.
The Cost of Goods Plugin also lacks documentation or tutorials, which can be a challenge when setting up and managing your profit tracking. We understand—it’s annoying when documentation is scarce when you’re trying to set up profit tracking, which matters a lot. The plugin doesn’t have in-depth guides, but you can count on the support team to lend a hand when you need it.
Cost of Goods for WooCommerce: User Reviews
Cost of Goods for WooCommerce is a relatively new plugin, with around 2,500 installs at the time of writing. Although it’s still building its reputation and has a limited number of reviews, early feedback is highly positive.
Despite the plugin’s nascent stage, it has already garnered some enthusiastic reviews. For instance, a review from Davidsiria highlights the plugin’s effectiveness:
Customers appreciate the accurate cost tracking and insightful reporting it offers, which are essential for managing their store’s profitability. The initial feedback reflects satisfaction with how well the plugin meets their business needs.
If you decide to use Cost of Goods for WooCommerce, we’d love to hear about your experience in the comments section!
Why Cost of Goods for WooCommerce is Essential for Accurate Profit Tracking
The Cost of Goods for WooCommerce plugin proves useful to store owners who want precise control over the profitability of their products. It gives you in-depth cost tracking, top-notch reporting, and works well with WooCommerce, helping you make wiser choices for your business.
Yes, the plugin could do with more thorough documentation, and support choices are somewhat limited. But given its strong features, we think many WooCommerce users will find this trade-off worth it.
Does the Cost of Goods plugin sound like the missing piece in your WooCommerce store’s profitability puzzle? Give it a try and let us know how it helps you in the comments below!
