August TrueUpdate | What’s New in TrueProfit Version 6.2
Aug 22, 2023 | 5 min read | Leave a comment
TrueProfit’s Product Analytics was upgraded a couple of months ago, but that’s not all! Our development team has been working hard to improve it even more. With this update, there’re more insights on Ad Spend, Costs, Net Profit, and more so that you know what’s going on with your products.
Plus, another exciting release: TrueProfit’s Parameter Generator Extension for Chrome. The extension is a useful tool for you (and TrueProfit) to track the ad spend for each of your products more easily and accurately.
More Metrics, More Insights in Product Analytics 💪
The Product Analytics page is where you can see how your products are performing, customer journeys, and the revenue of each product sold. In this latest update, we’ve added more metrics to the report so that you get a clearer picture of your income and costs products-wise.
The new metrics in the Product Analytics report are:
- Ad Spend: The ad spend of each product is tracked using TrueProfit’s URL parameters. More on how to generate parameters for tracking on TrueProfit is in the section below.
- Total Cost: The sum of all the costs associated with a product. Formula:
Total Cost = COGS + Transaction Fees + Handling Fees + Shipping Costs + Ad Spend
- Net Profit: The final net profit of each product sold. Formula:
Net Profit = Revenue - Total Cost
- Net Profit Margin: The percentage of sales revenue you have after deducting all the costs. Formula:
Net Profit Margin = (Net Profit / Revenue) * 100
- Net Profit on Ad Spend: The ratio between your Net Profit and Ad Spend, so that you know how profitable your ads are. Formula:
Net Profit on Ad spend = Net Profit / Ad Spend
The new metrics in your report give you more insights and data on the costs needed to sell a product, compared with the revenue it yields. You also get real-time updates on the Net Profit of each product, so that you have the crucial information needed to make data-backed decisions and optimize the products in your store. Read more about Product Analytics in our user guide.
TrueProfit’s Parameter Generator Extension for Chrome 🤖
Are you tired of manually creating URL parameters for your ads? Do you want to save time and optimize your ad campaigns with accurate tracking? If you answered yes, then you’ll love the new TrueProfit Parameter Generator extension on the Chrome web store!
The new TrueProfit Parameter Generator will help you:
- Auto-detect ad platforms: The extension will automatically recognize the ad platform you are using, whether it’s Facebook, Google, TikTok, or any other supported platform. This will make it easier when generating parameters and adding them to your ad URLs.
- Generate URL parameters for the ad based on the selected ad platform, store, and product: The extension will create a TrueProfit-native URL parameter for your ad. This helps the app tracks your store’s Ad Spend accurately for each product and ad channel.
- Auto-fill URL parameters to the designated field in your ads manager: The extension will automatically paste the generated URL parameters to the appropriate field in your Ads manager, saving you time and hassle.
Read more about how to use the extension for your ad channel in this tutorial. If you have further questions, reach out to use in the live chat in the right corner.
Other Small but Mighty Improvements 🤩
The development team works restlessly to improve the experience for our users, no matter how big or small it might be. And within the past couple of months, we’ve released a few minor improvements to make TrueProfit more helpful for e-commerce merchants like you. We’re updating all product updates in this Changelog article, check it out if you’re curious!
In case you haven’t noticed, all cost metrics in TrueProfit are now displayed in negative value. This helps you quickly view your income and expense across the app’s reports and analytics. The negative value is for display only and doesn’t affect the calculations in the app.
But that’s not all! Your notifications are also much improved! All sync progresses or updates are now saved separately, sorted by their completed time. TrueProfit will keep all of your notification items for 72 hours so that you stay on track of all updates in your store. You can also clear the completed progress to keep things tidy if you want.
Stay tuned for more updates!
In short, the new version of TrueProfit has some significant improvements to the Product Analytics, notifications, and a brand new Parameter Generator Extension for accurate Ad Spend tracking.
Product Analytics now has more metrics in the report so that store owners like you can get a clearer picture of income and costs for all products in your store. Besides that, the Parameter Generator Extension for Chrome is another helpful tool that helps track the ad spend for each product more easily and accurately.
Lastly, the cost metrics and notifications are also upgraded to improve the user experience. If you want to take advantage of this amazing update, sign in to your TrueProfit account now, and don’t forget to install the Parameter Generator extension to Chrome to start optimizing your products and ads like a pro!