“Summer time….. & the living is easy.”
August/September is a very hot time to be in the book business. All the wonderful students are starting or returning to college.
We know what they are looking for (textbooks) & we know when they will be looking for them (supply & demand) because of the research we have done on our KEEPA charts.
It’s like knowing the upcoming trend for Christmas season, if you were a toy seller, & you have the toys ready for sale! In fact, it is Christmas in summertime for booksellers.
So what are we doing at the moment to get ready for textbook season? We are buying as much inventory as we can, more than usual.
Our search criteria is a little different too at this time of year because of the spike in sales and book sales price.
Often coming into textbook season a book could be selling at $30 making a small but healthy profit but by the second week in August that same book can be selling at $55.
With that in mind sometimes the KEEPA charts may show a sales price today of $25 which we would typically pass over because our criteria is to buy based on today’s market i.e. if I bought that book today & sold it today would I make a profit?
But because within a couple of weeks there is a significant bump in that sales price we are buying books outside our standard criteria.
We have been through a number of textbook seasons now so we understand the trend. We make a lot of sales. We may not sell every book right away but we can still make a profit over the next couple of months.
Worst case scenario we would have the book for the next bumper textbook season in January so we can’t lose.
“The first rule is not to lose. The second rule is not to forget the first rule.” ~ Warren Buffett
We also went through our entire inventory & removed any books that are no longer profitable so our Sales Account on Amazon is in optimum health.
This serves two purposes. The first & most critical, our IPI (Inventory Performance Index) i.e. Sales Health number will be at optimum health which will ensure that Amazon expose us to the maximum number of customers.
Second, we do not waste any time repricing books that won’t sell. We can focus all our energy on making profitable sales.
During textbook season most of our time is spent on repricing i.e. selling our books. The market is extremely dynamic & competitive and there is an art to selling books at the maximum price, not too early or you leave profit on the table or not to late or you missed the peak price.
It’s a glorious dance that is exhilarating. By the end of season, booksellers are typically pretty tired & pretty happy. Think of the end of day on the stock market on it’s busiest day & you are in the ball park except this lasts for about a month.
Because we source great quality books at great prices for our customers we love providing students with excellent books on their budget. We pay extra when we buy the books and extra to have them cleaned up to ensure quality for our customers.
“Customer service should not be a department. It should be the entire company.” ~ Tony Hseih
What we hold dear is that no matter how many sales can be made, we only deal with quality books to ensure that our customers are happy with their books & that they have a positive experience with us.
We remember a time when we were on a budget. It doesn’t mean that people on a budget should receive an inferior product or experience, in fact quite the opposite.
Quality always rises to the top. Our intention is to provide top quality products & experience no matter the budget. We would like our company to be more than about the bottom dollar.
Our mission is to be contribute to the world through every interaction & exchange and that is why we are becoming so successful.
So there you have it. That’s how our business thrives in peak season.
Next, I will discuss the excitement of mentoring others & helping others achieve phenomenal success.