How to Set Up a Daily Profit Report for Your Online Store
8 min read
Last month, SKU B07X lost 12% margin. We didn’t know until the month-end report. Too late. The product was already tanking. If we had a daily profit report, we could’ve pulled it sooner.
We switched fulfillment in March. The new fees ate into margins. Again, we found out too late. A daily profit report would’ve flagged this immediately. Here’s how to set one up.
Why Daily Profit Reports Matter
Monthly reports are too slow. By the time you see the numbers, the damage is done. Daily reports let you catch issues early. For example, if a product’s margin drops 3% in a day, you can investigate before it becomes a bigger problem.
Daily reports also help with cash flow. You’ll know exactly how much money you have on hand each day. No surprises. No last-minute scrambles to cover fees or refunds.
What to Include in Your Daily Profit Report
Your daily profit report should include revenue, costs, and net profit. Revenue is straightforward: total sales for the day. Costs include product costs, platform fees, shipping, ad spend, and refunds. Net profit is revenue minus all costs.
You’ll also want to track key metrics like refund rate and margin percentage. A high refund rate might indicate a quality issue. A low margin might mean it’s time to renegotiate with suppliers or adjust pricing.
Tools to Automate Your Daily Profit Report
Manually calculating daily profit is tedious. Tools like Gomarginify automate the process. It connects to 10 marketplaces, including Amazon, Shopify, and Shopee. It calculates true net profit per SKU, accounting for all fees and costs. You’ll get daily profit reports via email or IM. No more spreadsheets. No more guesswork.
Gomarginify also provides profit diagnostics. It flags losing SKUs, low margins, and high refund rates. You’ll know exactly where to focus your attention.
Step by step
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Step 1: Connect Your Marketplaces
Sign up for Gomarginify. Connect your marketplaces. It supports Amazon, Shopify, TikTok Shop, Temu, eBay, Etsy, Walmart, AliExpress, Shopee, and Lazada. The setup takes 5 minutes. No credit card required. You’ll get a 7-day free trial.
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Step 2: Set Up Your Base Currency
Gomarginify supports multi-currency. Set your base currency. For example, if you sell on Amazon US and Amazon EU, you might want to see all profits in USD. Gomarginify will automatically convert currencies for you.
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Step 3: Define Your Costs
Tell Gomarginify about your costs. Include product cost, platform fees, shipping, ad spend, and refunds. For example, if you sell a $20 product with a $5 product cost, a $3.20 referral fee, a $2 shipping cost, and a $1 ad spend, your net profit is $8.80 per unit.
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Step 4: Set Up Daily Reports
Choose how you want to receive your daily reports. You can get them via email or IM (Lark, WeCom, Slack, Discord, Telegram). You’ll get a summary of revenue, costs, and net profit. You’ll also see key metrics like refund rate and margin percentage.
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Step 5: Monitor and Adjust
Check your daily reports. Look for trends. If a product’s margin drops, investigate. If refunds spike, take action. Use the data to make informed decisions. Adjust pricing, renegotiate with suppliers, or improve product quality as needed.
FAQ
How accurate are daily profit reports?
They’re as accurate as the data you feed them. If you input all your costs correctly, the reports will be accurate. Gomarginify accounts for all fees and costs, so you’ll get a true net profit number.
Can I use a spreadsheet instead of a tool like Gomarginify?
You can, but it’s time-consuming. Spreadsheets are error-prone. Tools like Gomarginify automate the process. They’re faster and more reliable. Plus, they provide insights you might miss with a spreadsheet.
What if I sell on multiple marketplaces?
Gomarginify supports 10 marketplaces. It consolidates all your data into one report. You’ll see your total profit across all platforms. No more juggling multiple spreadsheets.
Track your real profit across every marketplace
Learn how to track your online store's profit daily with a step-by-step guide. Improve your financial visibility and make data-driven decisions.
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