College-age shoppers are price conscious. And we mean really price conscious.
College-age shoppers are price conscious. And we mean really price conscious.
The stereotype is everywhere: you can always find cheaper books than at your campus bookstore. Stores that have in-town competition especially know this one, as many brick-and-mortar college town competitors claim to out-buy and undersell the bookstore every term.
While your store's pricing may sometimes be dependent on factors beyond your control (like MSRP or list prices), you can drastically impact the way your customers respond to your products with a few minor tweaks. In a post from Maker Mogul, Mark Zhang shares tips to help you view pricing from a psychological standpoint. We've highlighted the ones we felt are most relevant to college stores below, but you can find the rest of Zhang's hacks here.
The following excerpt is from an article written by Krystina Gustafson, Content Editor, and published on CNBC.com. To read more about holiday showrooming and it's predicted impact on the new year, read her full article.
According to a survey by OnCampus Research (2012), 48% of students buy books from sources other than the college store. One of the ways many stores are combating this growing issue is with transparency through a price comparison program. However, this service is only effective if students are aware of it and understand how to use it.
In recent years, the rising cost of textbooks has caught the attention of everyone from government agencies to the media. But, college stores have been taking action against the issue for years, ensuring they offer the lowest prices possible to their students. Columbus State Community College, located in Columbus, Ohio, has been at the forefront of the movement, doing all that they can to provide the best value; and they have faculty, students, administration and, of course, bookstore staff members, involved in the effort.
The following article was written by Aaron Baar and published on MediaPost's Marketing Daily.
The staff members at UC Davis Stores are launching a huge initiative this week, according to director Jason Lorgan. That should come as no surprise to those who know the staff well; they have a reputation for being innovative and are always up for trying something new. The other party involved, however, might leave you a little shocked. That's because it's Amazon.
The following excerpt, from the article For JC Penney a Tough Lesson in Shopper Psychology, was written by Stephanie Clifford and Catherine Rampell and published in The New York Times. Although the concept of simplified pricing does not necessarily pertain to textbooks (students always want those prices as low as they can get), it could have an impact on the way you advertise your apparel.
The following excerpt, from the article Best Buy Swears Shoppers Don’t Have to Bother Showrooming Anymore, was written by Brad Tuttle, who covers business and personal finance for TIME. The article proves that even the biggest brands are turning to price matching guarantees as a way to combat online retail giants such as Amazon.
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