Quick Assortments Cost of Goods Margins is a free plugin that allows track the profit of your store, products and categories.
This plugin seamlessly integrates with WooCommerce and lets you manage cost prices for your items and instantly see the impact of changes on your margins and markups.
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
Use the powerful margin and profit reports and dashboards to support your decision making
Group products (Bundles) and calculate margins for the individual SKU’s and products
Use variations and bundles with different cost prices
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.
3 reasons why it’s important to calculate Gross Margin
Knowing the gross margin for your products is essential in assessing your store’s profitability.
That sounds like a no brainer, but in reality it is easier said than done.
Calculating Gross Margin lets you know how much of profit you’ve got in order to meet obligations other than those related to your products and services.
With this plugin, you can create simulations and different scenarios to see the impact of changes in pricing on margin. Instantly.
Save Money Resource
We have taken the calculation of gross margin a step further by evaluating it on a per product basis. This can help you determine if higher cost materials have been incorporated into production. Perhaps too much is spent on a particular product.
Your gross margin may indicate a need to use materials at a lower cost, or buy your products at a lower cost. Maybe you need to increase your retail price slightly to make more money.
This plugin will help you to determine just that.
Calculating gross margin is also a key element to knowing your company’s break-even point. Your break-even point tells you the amount of revenue you must make in order for to make your business a success.
Check out our current/future free/premium other addons on our website if you are interested in additional reporting and sales forecasting extensions.
Gross Margin and Pricing
There is another important reason for knowing your gross margin. It can help you pinpoint any pricing issues.
Pricing issues exist if you charge too much or too little for your products, as both of these can prevent you from making a profit.
Pricing items too high might scare of your average customer. Pricing your products too low, in the hopes of gaining more customers, is a strategy that might work against you, too.
We help you simulate the impact of any change in pricing up front, so you know what the impact on your profit will be.
For Merchants, By Merchants
All of our plugins are developed for merchants, by merchants. With over 25 years of combined experience in merchandising and retail, we understand what it takes to run a business.
If you want to know more about merchandise planning or assortment planning, don’t hesitate to check out our Merchant Support pages
Here you find lots of information on anything related to merchandising and retail.
Simply manage cost price per product in the WooCommerce Easy Edit pages.
Our plugin is seamlessly integrated with the WooCommerce Product Pages.
Track stock value, margins and markup for all your products in the WooCommerce product pages.
Easily manage Product Bundles and Product Variation.
Change the settings for KPI’s and measures to display in the product pages in our Quick Assortment menu.
Is this plugin compatible with other third party plugins and themes?
Yes! Good news is, this plugin has it’s own API and it has no iteraction with frontend or theme. Moreover, every part of this plugin is modular and hookable. Thus data coming from this plugin is mutable through its API at any stage. And as no frontend interaction this plugin is 100% compatible with any theme.
Can a user request any new feature?
Yes! Obviously you can. Either here at this support forum or at our dedicated GitHub repository you can leave a request.
Can we contribute with code or translation?
Sure! We’ll be more than happy to accept your contribution here.
What is your future plan with this? Can we rely on you that you’ll support this plugin in the future?
We have a long list of other very cool plugins related to ecommerce business, merchandising and forecasting which are now cooking in the kitchen. These will be released within the next few months. This plugin will work as a base platform for all these plugins. We guarantee to maintain this plugin and update it on a regular basis with new features and cool functionality.
We also have a dedicated team for support and we’ll try our best to answer any questions or solve any problem you encounter. We’re friendly people, so don’t hesitate to reach out to us and ask for support, or if you have any idea on how we can make our products better.
Installing this plugin is very easy and no prior set up is needed. You just need WooCommerce installed. And you can install and configure this plugin by following these below steps-
- Upload the plugin files to the
/wp-content/plugins/qa-cost-of-goods-marginsdirectory, or install the plugin through the WordPress plugins screen directly.
- Activate the plugin through the ‘Plugins’ screen in WordPress
- Use the Quick Assortments Cost of Goods Cost of Goods Settings screen to configure the plugin
- Use the product backend fields for setting the cost and seeing the profit margins data
- You can update the cost data from Quick Edit for single product too
VERSION 1.0.1 | 24-May-2019
- WP version updated to 5.2.1
- Added ‘final’ for each class to make the class un-extensible
- PHPDoc updated for each class and method
VERSION 1.0.0 | 22-Apr-2019
- Initial release