What are COGs?Updated 2 years ago

COGs = Cost of Goods Sold

Cost of goods sold (COGS) is the direct cost of producing products sold by your business.

COGS should include the purchase price you paid plus any related ordering costs (duties and customs, delivery costs, etc.)

In short, your cost of inventory is whatever it takes to get the inventory delivered to the Nice Warehouse.

HERE is a great article that Shopify has in regards to COGs and how to calculate it

Nice requires having your COGs on file for insurance purposes

As part of Nice's liability insurance requirements, we need to start documenting the cost of goods (COGS) for every product stored with us. 

Having COGs documented and easily accessible prepares us for any inventory-related conversations we might have while your products are under our care. All new products that come into Nice will be flagged for follow-up by your Account Manager.

Please reach out to your Account Manager with any follow up questions