Establishing a bookstore business is still a lucrative venture you can take. In fact, according to recent surveys, 65% of Americans revealed they prefer reading print books rather than their electronic counterparts. However, despite that, bookstores in today’s digital age face fierce competition, ranging from bookstores, libraries, e-books to audiobooks.
Whether you’re considering establishing a bookstore business or own an existing one — here are different ways to run and manage your bookstore to help it stay afloat.
Create Promotions and Track Them
A book can be an excellent gift, but a set of books is even better, especially around the holidays. So, get creative and make gift packages that can look appealing to consumers, just like how you shop for the best and lowest mortgage rates. You can start by pairing your best-sellers with slower-moving books or offer sets of various genres for different ages. Just make sure to track the inventory of your promotions to avoid expensive losses over time.
Get the Right Bookstore Point of Sale
The best way to ensure a smooth-running bookstore business is by having an efficient inventory management system — and for you to achieve this, you’ll need to have a reliable bookstore Point-of-sale (POS) system. You’ll need one powerful enough to handle massive inventories and optimize the structure of each one. You can do this by analyzing your POS metrics and sales reporting, helping you understand your products on a deeper level and let you order and stock better.
Optimize Your Online Business Presence
In today’s digital world, most consumers go online to search for the best places to buy locally, no matter the product. Moreover, 97% of people claim to read online reviews for local establishments, and 88% base their purchases on those reviews. What’s more, having one negative online review can cost you to lose 30 new clients, and a single star drop can decline your revenue by 20%.
That’s why you need to keep your online presence active and optimized. Regularly update and monitor all your social media profiles, your website, and local business listings.
Follow and Anticipate the Seasons
Book sales in physical stores have been hit harder than other sectors with the rising popularity of eCommerce. However, several have stayed successful and lucrative despite that. An essential contributor to that success is planning seasonally. For instance, classic books tend to sell better during the holidays, so take advantage of this and stock up on best-sellers and classic reads throughout the season.
Host Book Events
Hosting authors for book signings and talks is a fantastic way to draw in crowds and sell books. Other events you should consider are hosting open mic nights and book readings. Additionally, these are great for building your word-of-mouth marketing and creating a tight-knit community around your store — which is crucial to keep your brick-and-mortar bookshop afloat.
Whether you’re considering starting a bookstore business or have one and want to improve operations and expand your reach — the tips mentioned can help you achieve just that, helping you stay afloat in today’s digital age.