An Overview of The Global Second Hand Book Market
A second hand book, often known as a used book, is one that has been claimed by someone other than the distributor or retailer. Buying used books is a smart idea because it helps to avoid wasting resources in general.
Buyers now have the option of purchasing used books online, making it more convenient to hunt for used books and lowering pursuit costs. Customers can also rent books rather than buy new ones, which will help the second hand book business flourish in the near future.
Academic books are one segment of the industry that has yet to be fully explored by a single corporation, and is still dominated by a slew of local bookstores in close proximity to schools and institutions. Furthermore, the benefits of expanding the second hand book market may outweigh the costs connected with it, and the market is likely to develop over the projection period.
The internet is a bargain shopper's dream come true. Our own Usedbooksfactory is a fantastic example, but there are many of other locations to find bargains on used products, such as Amazon.com.
While Amazon is best known for selling new products, it is believed that used goods, particularly second hand books, account for about 23% of its sales. Used bookstores have existed for generations, but the Internet has allowed them to grow in size and efficiency. This has enraged a lot of authors and publishers.
Do used book sales reduce new book sales?
True, customers will likely save a few dollars, while authors and publishers will likely lose some sales as a result of the second hand book market. Experts suggest, however, that the costs to publishers are not significant, and that the total benefits from such second hand markets surpass any losses.
The beginning point for the analysis, according to the article "Internet Exchanges for Used Books," is the double-edged influence of a used book market on the market for new books. When worn books are replaced with new ones, the seller confronts competition from the second hand market, lowering the price that new books can be sold for. However, the development of a used book market has a second effect: buyers are more inclined to acquire new books since they can readily dispose of them later.
Despite the fact that the resale value of a new book is significant, unlike other commodities, booksellers rarely discuss it. This is especially true in the textbook sector, where many books are priced considerably above $100. According to Judith Chevalier of the Yale School of Management and Austan Goolsbee of the Chicago Business School, college bookstores often buy old books for 50% of the cover price and resell them for 75% of the cover price. As a result, the cost of "renting" a book for a semester is roughly $50 for a $100 book.
Ms. Chevalier and Mr. Goolsbee discovered that students were well-versed in industry procedures and considered resale value while purchasing books. Used books, according to Mr. Bezos, aren't a good substitute for new books, as the economists discovered. A 10% rise in new book pricing would result in a 1% increase in used book sales. The cross-price elasticity of demand is modest in economics jargon.
One likely explanation for this finding is that there are two categories of book buyers: those who exclusively buy new books and those who are content to buy used books. As a result, the used market has little impact on the new market in terms of lost sales.
Furthermore, Mr. Bezos has stated that the availability of lower-priced books on the Amazon Web site may encourage users to "visit our site more frequently, which in turn leads to better sales of new books." On this point, the statistics appears to back up Mr. Bezos.
When the authors' estimate of the displaced sales effect is applied to Amazon's sales, it appears that only around 16% of used book sales directly cannibalized new book sales, implying that Amazon's used-book industry contributed $63.2 million to its earnings.
Furthermore, consumers benefit tremendously from this market: according to the study's authors, customers gain approximately $67.6 million. After removing Amazon's profits and the $45.3 million in losses to authors and publishers, the net gain is $85.5 million.
Global Market for Second hand Books: Market Dynamics
Pillars for the Second hand Books Market
Many big players in the second hand book market, are offering platforms for sellers to sell their books on their websites. They also offer exciting schemes to their users, such as "sell your book and exchange it for a book" of similar price.
Furthermore, these second hand book market behemoths are attempting to reduce the danger of local book sellers by including them as partners in the firm, which will help small booksellers gain more business, hence driving the second-hand book market.
Market Trends for Second hand Books
With the expanding literacy rate in emerging countries such as India, China, and many others, the second hand book business is becoming increasingly important, as many people in India choose to read old or second hand books because they cannot purchase new books.
Furthermore, the trend of purchasing second hand books online allows people to purchase second hand books quickly and easily. Furthermore, many major companies in the second hand book industry, have begun renting books through their online portals. This would allow consumers to pay only for the time they needed it and would also be less expensive than purchasing a used book from the market.
Second Hand Book Market Possibilities
In emerging countries, where buyers are willing to read in both English and their native tongue, the second hand book business has tremendous growth potential. As a result, there is a favourable impact on the bulk sales of geology-related second hand books.
Furthermore, customers have begun to purchase second hand books online in greater numbers, with major companies in the second hand book industry attempting to avoid the use of courier services in order to save money.
Furthermore, the big players have linked with local players/book sellers, and the old used book will be delivered to the consumer by the book-stores closest to the customer, creating a profitable potential for both local and online second-hand book dealers.
Second-Hand Book Market Challenges
The global pandemic of COVID-19 has forced the closure of most book stores around the world, accelerating the use of eBooks. Furthermore, because e-books are environmentally beneficial, they contribute to the reduction of paper used in the printing of paper books.
Furthermore, the trend of acquiring information online for educational and research purposes is steadily increasing, fuelling the expansion of the e-book industry. Because books are delicate and require special care to keep them from wear and tear, in addition to being expensive, there seems to be a lower demand for second hand books on the market.
Key Players in the Global Second Hand Book Market
Usedbooksfactory.com, Amazon Inc., eBay Inc., Alibris Inc., Crossword Bookstores Ltd., Bookadda.Com, BookChor Literary Solutions Private Limited, 99bookscart, BookMafiya Study Solutions Pvt. Ltd., AbeBooks Inc., Powells.Com, Biblio.com, and many others are among the major players in the global second hand book business.
Regional Perspectives on the Second-Hand Book Market
North America, Latin America, Europe, East Asia, Oceania, South Asia, and the Middle East and Africa are the seven major regions in which used books are sold.
Because there are between 500,000 and 600,000 books written each year in the United States alone, and the literacy rate is substantially higher in the region, the North American market is predicted to dominate the second hand book market.
Over the projected period, Asia Pacific and Latin America are expected to grow at the fastest rates. The increasing number of tiny independent local book merchants can be attributed to this development rate.
The report on the global second hand books market is based on first-hand data, qualitative and quantitative analysis by industry analysts, and inputs from industry professionals across the entire chain.
The research examines parent market trends, macroeconomic data, and controlling factors in depth, as well as market attractiveness by segment. The qualitative influence of key market factors on market segments and regions is also mapped out in the study.
Overall, it appears that the used book industry adds far more value than it subtracts.