Ecommerce platform Shopify added a new way for sellers to track costs and profit margins on the items they sell. In a blog post today, Shopify announced the addition of a new field called Product Cost.
Sellers who use the field can take advantage of new reports to aid in their analysis – Shopify will add new Profit Margin, Cost of Goods, and Gross Profit reports.
The news was received enthusiastically by some users and developers.
Small update; big impact. pic.twitter.com/L9AvIeaeV4
— Craig Miller (@craigmillr) October 25, 2018
On Thursday October 25th, Shopify will start introducing Product Cost. This feature enables merchants to record the unit cost of their variants, track margin, and report on product performance within Shopify. This feature will roll out to all stores over the next few days.
Merchants will see a new “cost per item” field when editing variant pricing and will be able to bulk update this cost via the product CSV importer and the product bulk editor. There will also be changes to analytics, including the addition of new Profit Margin, Cost of Goods, and Gross Profit reports.
In order to enable our partners to leverage this feature in their apps we are exposing a new cost property on the InventoryItem.
Click on the link below to see the full announcement on the Shopify blog.
Source: Shopify Blog Post