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There is no larger issue for America’s students than textbook prices. The sky-high pricing of college textbooks continues to be a thorn in the side for almost all students at the nation’s 4,000+ higher education institutions.
However, for at least four years, the growing number of textbook sellers on the Internet has provided cheaper textbooks and more and more cash-strapped students are turning to the Web with each back-to-school season.
Each August and September record numbers of students use the Internet to purchase college textbooks – but hundreds of thousands of students still buy their course textbooks from bricks and mortar retailers and pay the full list price for new textbooks. Used copies are always the first to sell so many students rarely even see them for sale in bookstores.
This document explains how students can benefit by using the Internet.
AbeBooks.com is a major online marketplace for books with millions of new and used books listed for sale from thousands of independent booksellers. AbeBooks has millions of customers who purchase thousands of books a day from its websites. That means AbeBooks never sees, owns or handles a book, but facilitates the sales on behalf of its booksellers and then takes commission.
Textbooks have become an increasingly important part of the AbeBooks’ business over the past four years. At peak times during the textbook-buying seasons of the last week in August and the first week in January, AbeBooks.com experiences high volumes of book searches per second.
More than 150 specialist textbook sellers use AbeBooks.com to sell to students. Millions of new and used textbooks are listed for sale on AbeBooks.com – prices start at $1 plus shipping for used copies. AbeBooks’ sales of textbooks increase by 25-30% with each back-to-school season.
There have been several major reports into college textbook pricing – all of them have simply confirmed what students have known for years. Textbooks are overpriced.
February 2005 - The State Public Interest Research Groups (PIRGs) issued a report that revealed the average student spends nearly $900 each year purchasing textbooks.
August 2005 - The Government Accountability Office (GAO) issued a report revealing textbook prices have increased at twice the rate of inflation over the past two decades and the average student spends almost $900 on textbooks and supplies. The report also accused publishers of inflating prices by bundling unnecessary and unwanted ‘bells and whistles’ such as CDs and supplements with textbooks.
May 2007 - The US Department of Education’s Advisory Committee on Student Financial Assistance reported once again that college textbooks were too expensive and that something should be done to make them more affordable. It concluded the high prices were symptoms of “a structural imperfection in the market” – in other words, the college textbook market was broken and prices were being kept artificially high. Despite huge demand from buyers, the market is controlled by suppliers.
Publishers set the prices for new textbooks. Bookstores have little control over pricing except on the used copies they acquire through buyback campaigns and then re-sell.
Bookstores know exactly how many potential customers they could serve each back-to-school season so they never overstock on textbooks – by buying limited numbers of textbooks they don’t receive deep discounts.
It’s cheap, fast and easy – plus there is a much greater selection.
It’s cheaper. Prices are simply much lower on the Internet for both new and used textbooks. Online sellers have to keep prices lower because competition between Web-based sellers is fierce and buyers can compare prices in seconds. The online market is transparent while bricks and mortar retailing allows no product comparisons for shoppers. Sellers purchase new books in large numbers and obtain deep discounts from distributors – so they can afford to offer new books at cheaper prices. Overheads are also lower for Web retailers.
And there’s a greater selection. The Internet is not restrained by walls so students have a huge choice of textbooks at a wide variety of prices – brand new, used copies a few months old, used copies a few years old and so on. AbeBooks alone offers millions of textbooks for sale.
And it’s also easier. Purchasing online can be done 24 hours a day and there are no lines.
In recent years, various experts estimate online textbook purchases in the US account for between 15 and 30 per cent of all textbook sales.
AbeBooks believes 35% of all textbooks are bought online. Cash-strapped business and science students are the leading online buyers of textbooks at AbeBooks.com.
Secondhand textbooks are a valuable commodity for bricks and mortar retailers. They make more money off used books than new copies – they buy them back cheaply from students and mark up the prices. Plus, they can buy-back and resell a book several times.
However, there are not enough used textbooks to meet demand. Many students simply don’t bother to sell them back.
In September 2005, the Book Industry Study Group (BISG) reported that educational books accounted for the largest part of America’s used book market. It revealed used book sales accounted for $2.2 billion in sales in 2004 with $1.6 billion coming from educational books. Around $38.6 million of educational books were sold on the Internet in 2004 – an increase of 38% on 12 months earlier.
First-year students simply know no better and usually buy from bricks and mortar retailers when they start college. A new generation of inexperienced buyers, without any debts, enters the market each fall and they pay the price for not knowing that online alternatives exist.
Some courses do not issue reading lists early enough to give students the opportunity of shopping around and using the Internet. The easiest method of finding a textbook on the Internet is to search by the book’s ISBN (international standard book number), but some courses do not issue ISBNs with reading lists. Without an ISBN, students have to visit their local campus bookstore.
The majority of customers buying textbooks from AbeBooks.com receive their textbook in five days. Specialist textbook sellers appreciate that students need their textbooks quickly. Buyers can choose between two speeds – almost all students request the quickest option.
AbeBooks.com polled 10,041 students about textbooks issues between December 2005 and January 2006. The research highlights included:
A large number of states have attempted to tackle the issue of textbook prices – but many bills have failed to be passed into law while others are making no difference to the overall price of textbooks. A wide variety of strategies have been attempted, including waiving sales tax, rental programs, and textbook library programs.
The most effective legislation would be to force professors to post reading lists, complete with ISBNs, as early as possible so students have time to shop around for their textbooks rather than being forced into last-minute purchases from bricks and mortar retailers. Virginia and Arkansas have enacted such legislation.
Internet textbook sales will continue to rise but online textbook prices are falling – mainly because of fierce competition between booksellers. Prices in bricks and mortar retailers will continue to rise as it still remains a hugely profitable business.
E-textbooks are not yet a factor but college textbooks remain the ideal market for them.