An independent bookstore is a bookstore that is owned and operated by its own proprietors and is not a part of a larger retail chain. This type of bookstore is also known as an indie bookstore or bookseller. Some independently-owned bookstores have multiple locations, although the majority only have one. While retail-chain bookstores tend to be bigger, independently-owned bookstores make up the majority of the world's bookstores.
Many people believe that Amazon and other ebook retailers have supplanted independent bookstore business. In all candor, the bookstore industry has experienced declines in the past few years. In 2011, Borders filed for bankruptcy, Barnes & Noble's attempts to capitalize on the e-reading craze with their Nook reader have largely failed. Also, over 60 book retail outlets were closed between 2009 and 2014.
Nevertheless, independent bookstores are experiencing a resurgence. In recent years, the number of independent bookshops has increased, according to the American Booksellers Association.
What led to this remarkable turnaround? What are some of the things that independent bookshops are doing well, and what are some things that new or expanding bookstore businesses can learn from the resiliency of the most successful independent bookstores? The following are a few important takeaways that can be gleaned from their accomplishments.
Offer an experience that big box retailers cannot
Yes, independent bookshops cannot compete with Amazon or large-scale retailers on price or selection. However, they do not need to. Customers' continued patronage despite the availability of alternative options implies they are not seeking discounts. Customers are searching for remarkable experiences, and the more unique the experience, the better. People go to a bookstore not only to get whatever book they need, but also for the experience of having to be at the bookstore.
A bookstore is not just a place to pick up whatever book customers need to read next; it is also a place that people go to for the experience of having to be at the bookstore. They are provided with a one-of-a-kind experience that cannot be replicated when shopping online. That has proven to be a really beneficial component of the bookshop business.
Booksellers have the added advantage of dealing in items that satisfy the nostalgic desires of many customers. There is a rebirth and awareness of the importance of having a physical book.
People refer to books as possessions. This sentiment did not exist some years ago. This nostalgic yearning has caused many individuals to enter bookshops because they desire to be in a store that sells physical books.
Anticipate Customer needs
One further essential factor that contributes to the success of booksellers is the careful curation of their retail inventory to ensure that it caters to the requirements and satisfies the interests of the surrounding community.
But even more than that, it is necessary for the bookseller to select the appropriate book for the appropriate customer. This is a very crucial role, and the success of book business owners may typically be correlated to how effectively they are able to play this decisive part.
Successful book business owners have mastered the art of matching consumers with the appropriate books on their shelves over time. The concept of curating combats the difficulty faced by customers when deciding which book to purchase from the seemingly endless collection of books.
Curate a community of book readers
Successful bookstores serve as locations where people may congregate and where they can establish neighborhood bonds. This is somewhat a Third Place Strategy, a gathering place where people come together outside of home or work that is accessible to the general public and does not set formal criteria of membership or exclusion.
By hosting special events, successful booksellers have expanded and magnified the third-place concept, offering activities that entice visitors to visit the store for an experience worth their most precious time. Successful independent bookstores care not only about the activities they host, but also about the atmosphere they create as a gathering place.
Because of this, these bookshops typically have a generous amount of seating available, making it possible for individuals or small groups to converse, unwind, and read while also enjoying a snack or a cup of coffee.
Offer diverse product
Even though books are the primary commodity associated with bookshops, many of these establishments are diversifying their product offerings in order to remain competitive in today's market.
Stationery, bags, T-shirts, and postcards make up a significant portion of the revenue generated by many of these large bookstores today. This revenue is generated from products that are not books.
Not only does this help to boost total revenues, but it also gives customers more motivation to shop at the bookshop by allowing them to purchase other items. They will have a greater chance of purchasing a book if they visit the bookshop more frequently.
Sales reps
Despite the noise of the Internet, book sales representatives continue to play an important function as a filter to deliver to book retailers the relevant books for their markets.
Sales representatives connect publishers and booksellers. They are familiar with the niche of the booksellers and alert them to new books that meet their niche or selling point.
Successful bookshops have been able to capitalize on the attributes of exceptional sales representatives, relying on their recommendations and their capacity to timely deliver excellent books.
Conclusion
Applying these tips, other independent booksellers, particularly those who are struggling to make sufficient profits, can turn their book business around by implementing a few ideas.
Start off by providing one-of-a-kind customer experiences and foster community cohesion by creating an ambience that would encourage customer retention. Next acquire the ability to precisely identify the appropriate books for each customer who enters their bookstores.
Lastly, expand your product lineup and capitalize on the expertise of seasoned book sales representatives.
