How do I surface Product Costs/COGS within my dashboard?
Background
Product cost is a main component to derive your Cost of Goods Sold (COGS). Product cost is reported on the variant level which allows us to report on the customer, order, and product (line-item) levels of analysis.
We recommend inserting landed product cost which represents the blended cost of your product after customers and inbound shipping to your warehouse. This will allow you to understand product gross margins.
Steps
- Input your product costs within Shopify Product’s section
- Select a specific product
- Click on the desired variant
- Enter the
Cost per item
- Please let the SourceMedium team know that you’ve inputted the costs and we’ll enable costs to be picked up automatically moving forward
Additional Information
What other components are part of COGS? Is SourceMedium planning to address these components?
What other components are part of COGS? Is SourceMedium planning to address these components?
A few other components that can be considered COGS including merchant processing fees, shipping cost and fulfillment costs. SourceMedium is planning to incorporate these costs as a bigger initiative to get to Gross Profit. Reach out to our CSA team for more information on expected launch dates!
How should I handle changes in my Product Cost over time?
How should I handle changes in my Product Cost over time?
Whenever there are known changes to your product cost, you should update these costs within your Shopify. We built out a smart system to capture time changes in your product costs, so that any orders created after your change in costs will reflect the new values inputted (while historical values will be preserved based on the old inputs).
Will I see any numbers change immediately in my dashboard?
Will I see any numbers change immediately in my dashboard?
Within the LTV dashboard which uses the product cost slider, you may see your “Adjusted LTV” numbers change to incorporate your product costs in Shopify.
Is there a way to input product costs that are not in Shopify?
Is there a way to input product costs that are not in Shopify?
We are working on a solution, but don’t let that stop you from letting us know you are interested!
Where does Product Cost show up in my dashboard?
Where does Product Cost show up in my dashboard?
Product Costs can be surfaced on the Executive Summary, Lifetime Value & Retention, and Product Performance modules.
How can I incorporate Product Cost from platforms outside of Shopify?
How can I incorporate Product Cost from platforms outside of Shopify?
We plan to release additional functionality in the near future that will address product costs outside of Shopify.