In the previous article, we learned a few pricing strategies for textbooks. Repricing is an important part of overall arbitrage. Before you head off to start repricing your textbooks, here are a few tips to help you in the process:
Tip #1: Be Patient
There is no point in continuously refreshing the page to keep in check that your prices are the lowest. Your competition might be using powerful repricing softwares that tend to do the same job every minute. All you need to do is choose a price that fits your strategy (click here to read more on pricing strategy for textbooks) and relax.
Tip #2: Focus on the Multiple copies
You can use the manage inventory page to sort your offers by quantity. If you have multiple copies (say, more than 10 or 20) of a book, you might wanna keep a close eye on that one to move as much as you can.
Tip #3: Don’t keep your hopes up too high
Forget what you paid for a book, if the market prices have dropped considerably, you might need to make quick decision to sell at lower prices and keep up with the race. You can either wait for the season to maximise the profit, or sell them now to earn little profit and buy more inventory.
Tip #4: High prices for the current edition
Amazon will usually tell you if a particular ISBN is the current edition. If it is, price it a bit higher than you normally would. Older editions often sell well for several semesters, but in general you can expect their prices to trend downward as new editions are introduced. Try to avoid holding textbooks for multiple seasons, unless they are the current edition. But if you miss the “sweet spot” for the fall semester, the spring semester will be here before you know it!