You don’t need perfect cost data to start. Some data is better than no data, and GROW lets you fill the gaps safely.
Launching without purchase prices
Whilst most businesses usually have purchase prices, if you don’t, you can launch with a target margin percentage you may have been given, for example by a supplier or your finance team.
GROW uses the selling price to estimate the purchase price for each product:
Example
- Estimated purchase prices are marked as estimated, so you always know which figures to replace.
- A real purchase price always wins. When you upload one, it replaces the estimate.
- Because the estimate follows the selling price, it updates when your price changes.
Launching with fixed costs
Payment fees are easy to work out, and you can launch with default fees: the percentage and fixed fee from your payment provider, applied to every product.
If you have returns, you can estimate returns. Use your average returns rate across the whole catalogue to start with. If you are not sure, go with half what you think it is, and refine it by category once you have the data.
In GROW, bulk update applies these defaults to every product, or only to the products that don’t have them yet, so you never overwrite the real figures you already have.