Yesterday Shopify announced that they are starting to release a Product Cost feature.
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.
The announcement was made in the developer forums so apps can start to work with the new API data. There's usually a period of several weeks between the release of a new API before it's stable enough and in use by apps.
Hopefully the core components of Shopify will have the Product Cost implemented and stabilized before the holiday season starts. I expect there to be a lot of data imports to get the cost data setup but that could yield some great analyses.
Repeat Customer Insights doesn't do any product analysis yet, only customer and order analysis. But I can think of a lot of powerful reports that would be possible once cost data was in place.
If you haven't installed Repeat Customer Insights yet, it's an easy way to get a detailed look at your customer behavior.
What do you think? Or do you have a question? Reply and let me know.
Use cohorts to find out who the best customers are in your Shopify store
Repeat Customer Insights will automatically group your customers into cohorts based on when they first purchased. This will let you see how the date customers bought would impact their behavior.