For eCommerce businesses, tracking and reporting on both revenue and expenses is an essential daily activity. The health of any business depends not only on it's top line revenue, but how much of that revenue they're left with after paying for the cost of goods, shipping, transaction fees, and more.
In the early days of Metorik, in an effort to provide a seamless profit reporting experience to WooCommerce, we integrated directly with WooCommerce's official COGS plugin. While the integration was limited and left little room for customisation, it served its purpose and enabled us to add profit reports and metrics to Metorik early on.
But as the years have passed, we've collected feedback from customers and realised that the integration was just not enough. Additionally, as Metorik recently expanded to Shopify, we decided it was finally time to take a step back and rebuild our costs and profit system from the ground up.
When initially setting up Metorik's new costs system, you'll be given the option to import your existing product costs from either WooCommerce or Shopify.
Afterwards you can set and update product costs directly from Metorik. And if your store has a large number of products, you can use our costs importer to import a CSV at any time.
Of course, product costs (COGS) is only one part of the story when it comes to measuring your profit. You can now set shipping, transaction, and extra costs directly in Metorik.
When it comes to shipping costs, you can define rules based off the country, shipping method, a fixed amount, and the shipping amount charged to customers.
And with transaction costs, you can define a fixed and percentage amount for each payment method.
After setting all your costs, you'll find a variety of new reports and features throughout the Metorik app that will utilise this data to report on profit, margins, and more.
The new costs and profit dashboard is a good place to start, where you'll be able to see some top line revenue, cost, profit, and margin metrics for the period, along with information about your inventory on hand and the cost/value of that inventory.
For a deeper look at the numbers, you can use the profit report, which charts net profit, costs, and margin over time. You can also use the profit report to see a breakdown of costs/profit by date, with the option to export the report for external use.
While these numbers are helpful to track profit at a top-line level across your entire store, sometimes it's necessary to focus on individual products and the profit margin you make on each product. To do that, you can use our product reports, all of which feature cost, profit, and margin data in a clean display:
And of course, you can use Metorik's segmenting system to segment orders by their cost, view cost/profit totals for the segment, export orders with their costs, and so much more:
We've included this feature at no extra cost in every Metorik plan, and it's available right now. We hope you love it!