Build A Textbook Rental Website Around These Features and Business Model
According to US News, the average US student spends roughly $1,200 every year on textbooks and supplies alone. Nevertheless, there are a few online textbook rental platforms like Chegg, BookRenter, Textbook.com, and eCampus that help students save up to 90% of that money.
Online rental marketplaces are trending in the US. If you are thinking about starting one, investing in an online textbook rental marketplace is a great idea. For aspiring entrepreneurs, this particular business idea holds numerous opportunities.
To begin, you need a business and revenue model for your online textbook rental store. To understand how you can deploy your business in the best possible manner, check out the below infographic that explains a book rental business model in simple terms:
Investing in an online textbook rental marketplace is a lucrative idea as it can address the pain points of students at all education levels. You can easily turn your online book rental store into a complete education hub. Some of the top marketplaces in the online textbook rental industry have already accomplished this feat by offering the following set of services:
· Textbooks on rent
· New/used books at a considerably cheap price (in digital and physical formats)
· Old books (in suitable condition) from students
· Homework help to students through live tutors, textbook solutions, and community Q&A
· Counseling students to find the right college, courses, internships, and jobs
· Scholarship program to empower students at different levels and of different origins
Now, let’s figure out how these platforms can generate revenue. Check out the infographic below:
The range of services offered on an online book rental a website can be extensive, but the website should be easy to use and navigate through. For that, you will need to incorporate some essential features into your marketplace, such as search tool, rent/buy/sell option, help section, job search, blog, and referral program.
You can learn in detail about these features and the business and revenue model of an advanced textbook rental marketplace website in this blog post https://www.fatbit.com/fab/launch-textbook-rental-website-around-these-features-and-business-model. It will especially help new and aspiring entrepreneurs in the industry identify the extra value-added features that they can add to their book rental website to attract more students.
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