Deciding to offer rental seemed like a no-brainer for Chad Saunders, University of Toronto Press' Vice President of Retail.
“When we surveyed students and asked them what they wanted from us, before we had a rental program it was very high on their list — I can’t imagine that’s different anywhere else. And in the US where online competition for rental is so aggressive, stores that don’t have rental are giving away market share."
When Saunders first explored adding a rental option in 2011, no other Canadian college retailer was offering it. He saw that as an opportunity too good to pass up, and quickly launched a small pilot program during a summer session.
Though the initial program started small, it resulted in the UT Press capturing about 95 percent of the market share for rentals, vs. about 48 percent for textbook sales. Find out how Saunders and his team got those results as the story continues: