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COLLEGE STUDENTS CASH IN AS ONLINE TEXTBOOK PRICES FALL
(Victoria, BC – 5 September 2006) Prices for both new and secondhand college textbooks found on the Internet are falling thanks to fierce competition among Web-based booksellers, according to AbeBooks.com – the world’s largest online marketplace for new and used books.
The average sales price for all textbooks, both new and used, sold on AbeBooks.com in August 2005 was $34, but last month that figure fell to $32 as sellers offered cut-price books at increasingly cheaper prices in a highly competitive market.
An example of lower pricing is Marketing Management (March 05 edition ISBN 0131457578) by Philip Kotler – a key text for business studies. A year ago, the cheapest price at AbeBooks.com was $51 but now prices start at $7.99. In August 2005, its retail list price was $140 but today it is $153.
Marketing: An Introduction (Feb 04 edition ISBN 0131424106) by Philip Kotler and Gary Armstrong is another example. A year ago, the cheapest used copy at AbeBooks.com was $70 but today secondhand prices start at $15.34. Its retail list price is $121 – up from $112 from 12 months ago.
With record numbers of students now using the Internet to avoid sky-high prices at bricks and mortar stores, AbeBooks.com’s monthly top 10 best-seller list for August features only university textbooks for the first time in the company’s 10-year history.
It shows students of sciences, mathematics, accounting and business are the heaviest online buyers:
AbeBooks.com normally sells up to 25,000 books each day but enjoyed sales that were 20% higher during August.
“Booksellers are aware prices can be compared instantly online so they are adjusting prices on a daily basis to stay competitive,” said Lisa Stevens, VP of marketing at AbeBooks.com. “That’s good news for students who are turning to the Internet in record numbers. We estimate 25% of America’s college students will have bought at least one textbook online for the fall semester by the end of September.”