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The word “fad” exists for a reason.
Some retail phases come and go — selfie stick, anyone? — and just because something’s popular, doesn’t mean your store should jump on board. With rental you should just wait and see, right?
Wrong.
Rental has shaken up the textbook industry over the last five years, and the staying power of this trend indicates that it isn't going to lose traction any time soon. If your store doesn’t currently offer rentals, now is the time to seriously consider it.
We all know that price is essential to winning student business. And, convenience is the key to keeping it. In order to gain continued sales from any customer, you have to ensure that your store’s processes are simple and seamless for both your staff and your students; which is exactly why Stacy Elofir, director of University Store at Towson University, decided to create an after-hours drop off option for rental returns.
Since University Store at Towson University began their rental program two years ago, Stacy Elofir, director, has been strategizing ways that the store could offer their entire inventory for rent. Dedicated to offering students the best value, Elofir was determined to make the idea both financially and logistically feasible for the store.
Amazon.com Inc. announced the launch of a new print textbook rental program last week. With such a significant retailer entering the rental game, it is more important than ever for college stores to offer the option to students.
Rental programs offer significant upfront savings to students; however, not all are aware of the benefits. To help students better understand the advantages of his store’s program, Jeff Wieck, textbook program coordinator. of University Bookstore at Eastern Washington University, decided to show rather than tell them about the cost-saving option.
Based on a financial analysis, NACS recently found Three Rivers College Bookstore to be three times more profitable as a percentage than the average community college bookstore; Bob Jansen, Executive Director of Retail Operations, attributes a big part of that achievement to the store’s rental program.
Although a rental program had long been in place at Three Rivers College Bookstore, Bob Jansen, director, decided that it could use a little updating. With the goal of becoming the most profitable college store in the nation as a percentage of sales with one of the lowest textbook costs, he wanted to expand the store’s program. Recognizing the difficulties of doing so on an outdated system, however, Jansen first went in search of a serialized rental program that could be more effectively managed.
With upfront savings on their minds, students across the country are demanding textbook rental. But, many college stores are hesitant to offer the option because of the extra labor and financial risk involved. Wichita State University Bookstore, who has offered rental for the past three semesters, was definitely no exception.
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