Running an e-commerce business can be incredibly rewarding, especially when you see sales rolling in from multiple marketplaces and your website. However, managing these sales and keeping track of your sales report to identify gross profit can quickly become a daunting task. Markedly, for many sellers, it feels like solving a complicated math puzzle every week.
Furthermore, gross profit tracking in sales reports is a common challenge for multichannel sellers, but with the right approach, you can simplify the process and free up more time for growing your business.
What Are The Challenges of Marketplace Gross Profit Tracking in E-commerce
1. Data Fragmentation
Sales data from marketplaces like Lazada, Shopee, or your Webstores are often stored on separate platforms. Therefore, gathering and consolidating this information can be time-consuming and toggling between platforms is no one’s idea of fun.
2. Hidden Costs
Selling fees, commissions, and discounts like vouchers or coupons are often included in your revenue. So, without a clear breakdown of these costs, it’s hard to gauge the true profitability of your products.
3. Risk of Human Error
Manual calculations are prone to mistakes, especially when dealing with a large volume of transactions. Therefore, even a small error can lead to inaccurate profit insights, affecting your business decisions.
The best way to track marketplace gross profit
So, how can you stay on top of your gross profit without drowning in numbers? Here are some tips:
1. Consolidate Your Marketplace Data
Look for tools or methods that allow you to sync sales data from all your marketplaces and your Webstores. In addition, Having all your sales data displayed in one dashboard gives you a clearer view of your business performance without having to jump between platforms.
2. Understand Your Costs and Gross Profit
Break down your selling fees, commissions, and discounts to see where your revenue is going. This level of transparency helps you evaluate the profitability of your marketing campaigns and adjust your strategies as needed.
3. Automate Where Possible
Automating your gross profit tracking can save you significant time and reduce the risk of manual errors. Leverage tools that handle these calculations for you to ensure that your profit data remains accurate, even during busy sales periods.
Marketplace Gross Profit Report – Simplify Your Profit Tracking
Gross profit tracking doesn’t have to be a weekly headache. Therefore, with the marketplace gross profit report in SiteGiant, you can :
1. Automated Calculations
Eliminates the need for manual computations by automatically calculating income and gross profit across multiple marketplaces and Webstores. Basically, the report breaks down selling fees, shipping fees, marketing costs, and more, offering clear insights to evaluate profitability and sales performance.
2. Saves Time and Reduces Errors
Automates order data tracking to minimize human errors and ensure accurate profit calculations, especially during high transaction volumes on big sales days.
3. Comprehensive Analysis
Provides detailed insights into each order, including daily, weekly, and monthly summaries of sales, costs, and profits. Moreover, users can filter data by date range, sales channels, marketplaces, or order IDs, enabling focused analysis and better decision-making.
Lastly, with the right approach, you can simplify your profit tracking effortlessly and make smarter business decisions!
Try Out the Marketplace Gross Profit Report and See The Difference!
Image Credits and References: Freepik
