Setting purchase price for products

Overview

Setting accurate purchase prices is crucial for maximizing revenue in your recommerce business. TWICE Commerce makes it easy to offer products for both rental and sale, with flexible pricing options that adapt to your business needs.

Setting Purchase Prices

1. Access Your Product Catalog
   • Log into your TWICE Commerce dashboard and navigate to Catalog
   • Select the product you want to price
2. Configure Pricing Settings
   • Click the "Pricing" tab
   • Select the "Sales" tab
   • Toggle "Sales" to enable purchase options
   • Enter your desired sales price in the price field
3. Managing Product Variants
4. If your product has variants (e.g., different conditions or models), you can set individual prices for each variant in the variants section. Then save your changes.

Offering Rental Items for Sale

To transition rental inventory to sales:

1. Ensure the product is marked as available for sale
2. Set an appropriate purchase price based on the item's condition
3. If applicable, update the product description to reflect rental history, such as how many hours the product has been used.
4. Consider creating a separate category for ex-rental items

Best Practices for Price Setting

Consider these factors when determining purchase prices:

• Product History: Review the product's rental revenue and usage history
• Condition: Adjust pricing based on wear and tear, especially for former rental items
• Acquisition Cost: Factor in your original investment
• Profit Margins: Include overhead costs and desired profit margin

Need help? Contact our support team via the in-app chat.