We’re building a profit dashboard for WooCommerce, so we’re doing some research and providing you the heads up on the progress.
If you’re reading this, we’re in the very early stages, so come back soon!
What about WooCommerce Cost of Goods Sold Plugins?
There are quite a few “cost of goods sold” plugins for WooCommerce – including the official one on the WooCommerce Extensions marketplace – you can check out the Cost of Goods Plugin for WooCommerce by Skyverge here.
The problem with these plugins is they assume that the profit made per sale is universal – the same for every sale.
This is SO FAR from the truth, and for those of you who have read anything from me before, you’ll know how much detail I’ve gone into when talking about the cost of traffic for eCommerce from different sources.
The profit per unit isn’t primarily a function of the “cost of goods sold” it’s actually more typically a function of “advertising cost” – with advertising cost easily being 25-35% of revenue for certain paid advertising channels.
OK – we’re massive fans of SEO traffic, and for that traffic you can assume a “zero” cost of traffic – that doesn’t mean to say you shouldn’t be considering the investment you’ve made, and continue to make in SEO!
So a real profit tracking tool for WooCommerce should take into account the cost of the traffic that generated the sale.
In a simplified view of the world – we want to see total Facebook Advertising cost vs the “profit” generated on the sales gained through Facebook Ads.
This then gives a view of “true profit” for your WooCommerce store.
Without taking into account these VITAL elements of cost – the profit figure generated by these Cost Of Goods Plugins for WooCommerce isn’t just misleading, it’s plain wrong – and likely to lead to complete mismanagement.
That could be mismanagement in the form of overspending on Facebook Ads – and also UNDERspending on Facebook Ads – you could be missing out on the opportunity to scale your business and your ecommerce customer acquisition.
This could equally be the case with Google Ads – I just used Facebook ads as an example above.
Resources for WooCommerce Profit Tracking
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