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BOOKSTORE
Online bookstores are one of the most widely accepted forms of online businesses. Since the business leader in the category happens to be the leader online as well—we are talking
Amazon.com here—you may want to stay away from the “all-in-one” online bookstore. Instead, take a more targeted approach and start an online bookstore that specializes in a particular type of book. Not only will this distinguish you from online stars such as
Amazon.com and
BarnesandNoble.com, but it will also allow you to use highly targeted traffic-building techniques.
Setting up an online bookstore gives you some advantages with distributors compared to other online business opportunities. Why? Because typically, book distributors grant longer terms of credit than other distributors or wholesalers. This is great, because books can sit in your inventory for extended periods of time. After all, you do not want to pay for stock that has not yet turned a profit for your online business.
If you do indeed decide to open up a specialized online bookstore, be sure you are knowledgeable on the particular subject of the books you will be selling. You should also understand what your target market’s needs are. You will have to know the retail book business thoroughly, including how to handle returns (you will probably have a lot of them; it is just the nature of the beast) and remainders, among other considerations that are particular to retail.
You will also need a very good understanding of deliveries, shipping, and order fulfillment in general. A common issue both large and small online bookstores face is an efficient delivery service. If you tell your clients that your products will be shipped within a 24-hour period, make sure to follow through with this.
To offer the best possible shipping method for your customers, research the service and prices offered by the major carriers (USPS, UPS, FedEx, DHL) so that you know what is right for your business—and for your customers.
Finally, keeping the most current inventory information on your website is crucial. In fact, your website should be database-driven. For example, many successful online bookstores offer value-added information for each selection listed on their site. This information could be anything from customer reviews to biographies to chapter excerpts. Think about what
Amazon.com, for example, does for its listings. All of this information will enhance your listings and will entice visitors to buy—or at least come back for more.
As is the case with all online businesses, marketing is extremely important in this space. Why not develop a comprehensive affiliate marketing program, which will not only send referrals to your bookstore, but also increase the overall awareness of your site?
You could also launch a banner advertising campaign on websites frequented by your target market. The banner ads can send high volumes of traffic to your site. And to make it even more attractive, why not add a coupon to the banner to entice folks to come to the site? This can also be used as a tracking mechanism; you test an online banner-ad campaign with a coupon and see how many people link to your site by clicking on the coupon link. Nifty idea, huh? You will also want to use search engine marketing and optimization techniques, an e-mail and/or viral marketing program, and a comprehensive link strategy; you might even develop a loyalty program for frequent shoppers.
SKILLS NEEDED
You’ll need an in-depth understanding of the book business, including the supply chain, how to handle returns, remainders, and so on. If you’re focusing on a specific niche of books, you’ll also need to be an expert in that particular field. You’ll also need strong online marketing skills—especially if you plan on competing with
Amazon.com—as well as excellent communication and customer service skills. You’ll also want to have an in-depth knowledge of delivery and fulfillment issues.
THINGS TO CONSIDER:
Before launching this business, investigate all of the possible shipping options. For example, get to know your local postmaster, and read all the literature available on FedEx and UPS. You’ll want to offer your customers the best delivery options possible, especially because today, most people expect to receive their book packages from online merchants on time and in good condition, thanks to
Amazon.com!
WEB RESOURCES
Alibris (
alibris.com), the premier marketplace for sellers of new, used, and out-of-print books, music items, and movies
American Book Company (
americanbookco.com), a wholesale distributor of promotional, closeout, remainder, and bargain priced books
Buteo Books (
buteobooks.com), a specialty online bookstore with one of the largest selections of bird books in the world