What Are alternatives to
the Shopify Profit Report
If you are on the Shopify standard plan ($79) or above you will have access to the Shopify profit report. This report is particularly helpful for the preparation necessary for scaling up, and for the accounting of your Shopify store. It enables you to take stock, and to consider what else you can do to improve your operations. Whether it be reviewing costs in terms of shipping, transaction fees or storage. Or perhaps clear profit data might point you in a new direction, helping to decide between the individual product variants or category focus.
Your profit report is about optimizing the daily operation of your store and at the same time growing it in new directions.
Let’s take a look at Shopify profit report in more detail…
For every product or product variant with a cost defined, your Shopify report will show you over a time period:-
- Net Quantity
- Net Sales
- Gross Margin
- Gross Profit. (subtract cost from net sales)
In addition to this, the Profit report also provides the ability to filter your sales of products by location, although this is limited to a maximum of 5 locations for the standard Shopify plan ($79) and only increases up to 8 on the Advanced Shopify plan ($299).
How can you use this data to make your operations more efficient?
Your profit report data enables you to calculate product performance. It enables you to:-
- Calculate the total value of all your inventory
- See the profit per product item or product variant of each item
- See how products contribute to total gross profit and margin
- The gross margin in profit report details the effects of discounts
- The gross margin also includes refunds data for consideration.
How to Generate a Profit Report
To correctly generate a profit report with Shopify you need to add a cost per item to your products, this includes every product variant.
You can view your profit report via the Shopify Admin > Analytics > Reports
Here you will see the Profit Margins section with the associated available reports.
Better Shopify Profit Reports
There are numerous Shopify apps that add optional useful features to Shopify, including reporting. Some apps use Shopify’s own data while others use Google Analytics. In order to get the most out of both, ideally, you need to choose an App that utilizes both sets of data to produce the most comprehensive, holistic overview of your Shopify store.
All the app vendors with profit reporting features promote their app as having “better reports” than those provided by Shopify, both in terms of dashboard display and automation of tasks and the generation of reports. Consider, you make your decisions based upon how you interpret your store data, and so it’s vital to have a clear understanding of your audience and performance to make the best decisions possible.
A Shopify app like Conversific that provides a holistic view of both GA data and Shopify data and provides custom reporting ultimately leads to better results.
Below we take a look at the three advanced reporting apps on the Shopify apps store, those with Profit reporting functionality. Are the profit reporting features better?
The Best Shopify Reporting Apps
Free Trial 14 days.
The Simplycost Shopify app does profit reporting and a whole lot more. The list of reporting features is impressive. However most if not all of these reports can be generated easily via Shopify’s own reporting, all be it they are not as pretty as Simplycost’s versions. Here the $79 standard “Shopify” must be purchased to access most of the reports listed. There is no mention of utilizing Google Analytics data. Nor can it integrate with Google Ads for Adword performance analysis.
It’s low price relects the basic functionality, features that are common in other Shopify Reporting apps.
Some of the features are:
- Profit by month
- Profit by day
- Profit by channel
- Profit by POS location
- Profit by order
- Profit by product title
- Profit by product variant SKU
- Profit by product type
- Profit by product vendor
- Ad spends
- Current inventory
- Bulk upload cost prices.
- Bulk edit cost prices.
- Update cost price from Shopify order/product details page.
- Update cost price of your sales history.
- View profit per order.
- Edit cost price of custom items.
- Support additional cost (e.g: shipping cost, handling cost, etc).
- Option to include shipping as profit.
- Export sales orders history with cost price.
- Export reports.
It also integrates with Facebook ads and automatically does currency conversions, – if the amounts are in different currencies.
Another potential drawback of this app is that it does not offer custom reporting, but then, why would it, it doesn’t have Google analytics data to leverage..
From Price $19.90/month (additional charges may apply)
Free Trial 14 days
This Shopify app has a great many fantastic features, including Cost Of Goods (COGS), Profit and Inventory Valuation, effectively exactly what is available via the Shopify platform directly. Just like the Simplycost app, this app is limited to the data within the Shopify store database and the access to data you have on each plan as well as the other apps it connects and syncs with. Unfortunately, it does not use data from your Shopify Google analytics account.
The Better Reports dashboard is less pleasing in terms of UX and presentation, than the other applications listed here. It is however veryfunctional and reliable. It even has custom reporting utilizing other data available from other custom fields, either from Shopify or additional Shopify apps that you would like to leverage.
The Better Reports Shopify app has 283 reviews on the Shopify app store and an impressive 4.9 star ranking. Pricing is as follows:-
This Shopify app is very much the new kid on the block, with only 6 reviews on the Shopify app store, none of them very flattering. Clearly it is still early days for the app, so bugs are to be expected. The business model of the app provider is to drawing users in via the promise (USP) of real time profit analysis for free (free trial that is). It’s other highly attractive feature is that it has a feature which Simplycost lacks, an integration with Google Adwords, not just Facebook (Simplycost only integrates with Facebook).
Again, this reporting app does not use GA data.
This product is aimed at drop shippers, with integrations with Oberlo, Printful and Shipstation. While real time profit is instantly an attractive feature, because it suggests instant micro changes that can be leverage to your daily activities to maximize your profit, but it fails to impress with the realtime aspect often not working as it should. In addition it lacks all the serious professional reporting features of “Conversific” or “Better reports”.
As for pricing, all that’s currently listed on the Shopify App page is “FREE”, but if you venture to their website the following price table is available. These plans are clearly designed to pick up price sensitive, new Shopify store owners.
Where Conversific differs vs the other applications listed above is that it is not just a reporting tool. It is designed to provide insights, to benchmark your performance against industry standards to show what you can improve with concrete suggestions that will have an impact. It includes the usual reporting, including a new Cost of Goods and Profit reports.
Conversific does not rely just Shopify’s own analytics data, by integrating with Google analytics, it provides an independent source of data, the best of both worlds with a unified holistic dashboard. It helps you to make better decisions, regardless of your Shopify pricing plan.
The benefits of utilizing GA tracking are many, including powerful Shopify custom reporting.
The pricing is well thought out with an entirely free plan for Shopify novices, or for those who wish to try before buying.
It is also not limited by store number, so great for those with many Shopify stores, as long as they use the same Google Analytics account. It is not limited to Shopify either, and so if you have other stores on other ecommerce platforms you can use it on some of these too, including Woocommerce and Shoprenter, both popular alternatives in some countries.
Actionable Analytics for Shopify Stores
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