Photo by Waldemar on Unsplash
July 3, 2024
How Should Retailers Handle Buying and Selling Used Books?
Other than recycling, there are many advocates supporting the notion that buying secondhand books is a sustainable choice that reduces the environmental impact by skipping the resource-intensive production process of new books. It helps cut down on carbon emissions, minimizes waste in landfills, and conserves natural resources.
ThriftBooks, an online new and used bookseller, has officially launched its BuyBack program, providing a platform for customers to sell their unwanted books directly to the company for cash or store credit. Following an eight-month beta testing phase, the program is now fully operational, offering a sustainable solution for book lovers looking to declutter their shelves.
The BuyBack initiative aligns with ThriftBooks’ long-standing mission to prevent books from ending up in landfills by redistributing them to new readers. Over the past 20 years, the company has successfully rehomed over 260 million books. This new service allows customers to contribute further to this mission by selling their used books back to ThriftBooks, thereby promoting a circular economy for books.
To participate, customers can select books they wish to sell and scan or enter them into the ThriftBooks system to determine eligibility based on current market needs and inventory levels. Books purchased from ThriftBooks can be easily identified for resale via the “My SellBack Shelf” feature in the user’s account.
Once books are selected, customers can finalize their Sell List, choose their preferred payment method (ThriftBooks Store Credit or PayPal), and submit their details. ThriftBooks provides a free prepaid shipping label for the books, which lasts seven days.
Upon receipt, ThriftBooks will process the books and issue payment within 20 business days. Customers will receive email updates throughout the process, from shipment tracking to payment confirmation.
Meanwhile, Barnes & Noble currently supports the process of buying and reselling used textbooks. By using the bookstore’s online platform, sellers can quickly get a quote and sell their books with ease. They only need to visit the “Sell Your Textbooks” section on Barnes & Noble’s website, enter the ISBN from the book’s back cover, and click the “Get Quote” button. An instant quote based on future demand and current stock levels will be immediately sent to the seller.
If the quote is accepted, the seller will get a prepaid shipping label to send in their books at no cost. Once Barnes & Noble receives and verifies the books, they’ll send a check for the sale amount. A minimum of $10 worth of books is required to participate.
Moreover, Amazon’s textbook buyback program, launched in 2011, was highly convenient for students looking to sell their used textbooks and earn store credit or cash. Over nine years, it facilitated millions of transactions worldwide, benefiting countless students. However, on April 1, 2020, Amazon abruptly discontinued this service without explanation, leaving many puzzled.
Amazon’s decision to close the textbook buyback program was not publicly clarified. However, the widespread adoption of digital textbooks and eBooks has significantly altered how students obtain course materials.
Additionally, managing the authenticity of physical books, amidst concerns over counterfeit textbooks, posed significant logistical challenges. Ensuring the integrity of a large inventory of physical books in a rental program may have presented operational hurdles and risks that influenced Amazon’s decision.
However, Amazon hasn’t completely ended its involvement with used books. In December 2008, Amazon.com acquired AbeBooks, an online marketplace renowned for its extensive collection of used, rare, and out-of-print books. Based in Victoria, British Columbia, AbeBooks operates independently and maintains its global presence through multiple regional websites such as Abebooks.com and Abebooks.ca.
Furthermore, shoppers can still buy used books on Amazon, since the e-commerce retailer encourages sellers to sign up and sell their used books independently. For sellers, this takes time to complete a sale, versus being able to instantly sell books to a retailer’s buyback program.
For buyers, the challenge is knowing what you’re going to get. For its used books, Amazon lists a condition such as “Like New” or “Acceptable,” but these may be too vague. And with used book prices varying wildly, buyers might not have confidence in the risk of their purchase, or they may be dissatisfied with what they received, leading to more unnecessary costs like returns.
eBay is another option for selling used books, but it also lacks the ability for a seller to instantly sell their items. However, it can be better for buyers because sellers can post multiple photos to give a better idea of a book’s condition.
Discussion Questions
Should Amazon take charge of and control its own used book marketplace?
With the rise of secondhand book programs and sustainable consumer practices, how can retailers balance the demand for affordable, used books with the need to ensure quality and authenticity?
Given the rise of digital textbooks, how can resellers like ThriftBooks and AbeBooks maintain a competitive edge and appeal to environmentally conscious consumers and readers who prefer physical books?
Poll
Loading …BrainTrust
Neil Saunders
Managing Director, GlobalData
Mark Price
Adjunct Professor of AI and Analytics, University of St. Thomas
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From our data, the used books market was worth around $3.9 billion in the US across 2023. While some people like to hang on to books, many are keen to either sell them or pass them on once they have finished reading. This also applies to expensive textbooks, although as these are regularly updated with new knowledge they tend to have a more limited shelf life. For any retailer, the key is to ensure books are in demand: it is very easy to buy lots of used books that are incredibly slow sellers, which absorbs capital and takes up warehouse space. Another point of consumer frustration is books that are damaged or have pages missing which renders them unreadable.
I agree with Neil that used books can be a profitable avenue for booksellers, but the critical requirement is that the used books be the right used books. Books that are slow-turning “new” will also be slow-turning “used” and eat up available warehouse space and capital. However, as a customer of used bookstores, I find it pleasurable to come upon a treasure while searching through stacks of books. The mystery and adventure of the store should not be understated.
While digital textbooks are becoming more popular, universities are discovering that physical textbooks make it easier for students to review materials and highlight what is important. Traditionally, the high cost of physical textbooks is a challenge for those students. Used textbooks help to address those issues. The popularity of used textbooks may also slow the tendency of publishers to issue new versions of existing textbooks to drive sales without a lot of extra value.
What is important to note is that reading books and collecting books are two different hobbies. I happen to be an avid “collector” of both. Many, like myself, enjoy reading on e-readers for convenience, but still collect physical books. Book resellers should adopt a hybrid model, bundling digital and physical copies. Hosting events for anticipated book releases, such as themed midnight openings, attracts crowds. Partnering with authors for signed bookplates is a sure way to boost sales, as collectors highly value signed editions. Last, but certainly not least, booksellers should be active on #Booktok and encourage influencers to support their business.
We have a fine book and media trading retailer here in Arizona, called Bookmans.
They have a fair process for buying used books, CDs, DVDs, vinyl, and electronics from the public. Staff evaluate the items at a counter near the front of the store. Payouts are in store credits or cash (lower amounts of course).
The stores are spacious, with several sitting areas spaced around the bookshelves to facilitate browsing. A nice place to visit.
Bookman’s buying process is a critical aspect of their business model. It takes some savvy for the staff to know what can actually be resold. A good inventory system is critical for this process. If they have 10 copies of “The Hunt for Red October” on the shelves already, they probably won’t buy another one.
Turning customers down or offering them less than they may hope requires knowledge and tact – rare traits in retail associates I meet elsewhere.
In short, I don’t think this is an easy business to replicate on a wide scale.
PS – Thrift Books is the best online used book retailer I have found, especially for out-of-print volumes. Amazon doesn’t do that stuff well.