Why Bookstores
Those who aren’t familiar with the book industry may have the impression that it’s dying. Many people believe that the introduction of technology has made bookselling obsolete, but that’s not true. Instead, bookstores have to adapt to the evolving needs of their communities. If you are planning to open a bookstore, you should follow your instincts. You’ll need to learn how to make books and other items unique, and to curate an experience that attracts customers.
Booksellers need to find creative ways to attract customers and maintain profitability, and there are a number of ways to do that. Some bookstore are adding services and experimenting with new ways to communicate with customers. Others are partnering with other businesses to create a local economy. But the biggest way to save your bookstore is to provide the reading experience that customers are looking for.
The internet has been a large part of the book industry’s growth over the last decade. There are numerous advantages to buying online, including lower prices. Those advantages may have led consumers to shift away from traditional book retailers, but recent consumer data indicates that people are still buying both physical and digital books. In fact, the UK sales of physical books rose by 5.2% between 2019 and 2020.
Why Bookstores Are Dying
Booksellers have been trying to create a bookstore experience that would draw people in. Booksellers have also tried to replicate the library experience, but this didn’t work. When Borders closed, it looked like a catastrophe. Customers shifted to Amazon, which took a big bite out of Borders’ sales.
But, Amazon didn’t just take a big bite out of Borders. It also took a big bite out of the brick-and-mortar bookstore industry. In fact, Amazon has become the world’s largest online retailer, raking in $75.5 billion in sales during its most recent fiscal quarter. This represents a 26 percent increase from the year-ago quarter. Amazon has also recently opened a physical bookstore in Seattle. This could be a windfall for independent stores, but it’s also a risk.
Those who are thinking of opening a bookstore should make sure they are doing it for the community, not for profit. They should listen to their employees, and make decisions that benefit the community rather than themselves.
Amazon and Borders have both pushed the envelope with new technology. They’ve experimented with new ideas and found new ways to communicate with customers. But even if they do manage to adapt, it’s still possible to lose your bookstore to online competition. The book industry may be on the rocks for awhile, but don’t be afraid to make changes. You might even find that you can benefit from them.
While Amazon and Borders have taken a big bite out of the book industry, it’s important to remember that the bookstore industry is still alive. In fact, there are thousands of indie bookstores in the United States. These stores are scattered all over the country, and many are located in literary enclaves.