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We encounter problems selling The Iconic. Oftentimes, people try and track financials in each and single order that causes a lot of frustration to sellers such as returns, cancellation, discounted order items, etc. And it is very hard to track back trying to get their financials right.
Thru IDA Connect, we can help sellers configure how to separate orders coming in a management system like Shopify from financials and provide solutions to such challenges they face.
Transcript
Hello and welcome to Marketplace Millions, a podcast dedicated to helping you sell more in many marketplaces like Amazon. Sit back and enjoy today’s episode.
Howdy. Brad Younger here, and today on episode eight I’m going to be talking about how to deal with the financials when selling on The Iconic.
We have a lot of people who we help to sell on The Iconic, and one of the problems that we see that most people do, they try and track the financials to each and every single order. So they look at the order value and try and track that back to the amount that they get paid.
This can cause a lot of frustration particularly because The Iconic use their GSR process, which is a two week process. So they bundle up all of the sales for a particular two week period. They then minus any returns and any cancellations they have. It also includes any discounted order items that you paid for as a seller on The Iconic.
So they take all that and they give you a payment figure that you can then invoice them for. It’s very hard then to track back from there each of the individual sales that are coming down into your management system like Shopify.
We see a lot of people getting frustrated about this, trying to get the financials right. We’ve put in a couple of things to try and help out in this scenario. So we’ve allowed their commission rate, for instance, to be removed off line items. Sometimes this causes problems. Sometimes it works out well for you.
But instead what we’re finding recently and what we’re finding a lot of sellers are actually starting to do is separate the orders that are coming into your management system like Shopify from the financials, and purely just using the orders that come in to manage their inventory levels and the fulfillments. And then they’re tracking the financials back in their financial system as that two week process and as a final figure.
All they’re doing is setting the commission rate to 100%, and then what that’s doing is when we create the orders for you down in your Shopify account, it’s creating a zero dollar value. It’s something you probably want to check with bookkeeper with and see if it’s something that might align with your particular processes and might help you get set up.
If it is something you want to do. Then get into your ID connect configuration, you can get into the dashboard, click on the the Iconic connector and in there you can set their commission rate to be removed. If you said that to 100% all future orders that are created will be set at zero dollar value.
We’ll add a link in the show notes to instructions on how to do that so that you can follow that up. But definitely follow it up with your bookkeepers. See if it’s something that might help out with your business. So I hope you’ve enjoyed today’s episode and it’s given you something to look at. I look forward to the next one.
Thank you for listening to Marketplace Millions, providing insights and strategies to grow your profits by selling on many marketplaces.