For 25 years, Pasadena Bookmart has been the go-to textbook store for the over 25,000 students and professors of Pasadena Community College. Adding textbook rentals has created a new revenue stream and distinguished Pasadena Bookmart from its competitors in the competitive textbook market.
Traditionally, students purchased books from Bookmart before selling them back at the end of the semester. The system wasn’t beneficial to either party, though. Cash-strapped students were forced to invest heavily in products they’d only need briefly, while Bookmart lost control of their inventory.
That system shifted three years ago when students began asking store manager Ignacio Medranda for a way to rent books for short periods of time. Sensing an opportunity to streamline his relationship with customers and stand out from competitors, store manager Ignacio Medrano began pursuing a rental system for his student customers.
Bookmart’s initial rental system was conducted through a third-party company that provided an in-store kiosk where students could rent books. Instead of renting directly from Bookmart, however, the third-party company bought the textbooks from Bookmart to rent out from the store.
The arrangement was flawed from the beginning for both students and Bookmart. Not only were students forced to rent books for entire semesters (instead of custom intervals), they were paying exorbitant prices that went straight to the third-party. Students were also unhappy that they were forced to setup the rentals in-store instead of online.
Meanwhile, Bookmart was struggling to profit off the book rentals thanks to hefty third-party fees, while still being responsible for processing and shipping the rentals. Their in-store inventory was depleted and they were forced to invest in even more textbooks to sell directly.
After just months of using the third-party kiosk rental, Medrano realized that Pasdena Bookmart could not sustain their current rental arrangement and make a profit.
Tapping into Pasadena Bookmart’s existing store inventory and POS system, Textbook rental software quickly proved to be the perfect solution for Medrana’s rental woes.
Medrano was initially attracted to Renterval’s services because it would allow him to rent out Book Mart’s current textbook inventory without having to purchase even more stock. This simple feature empowered Bookmart to offer brand new books for sale, previously rented books at a lower cost, and an entire catalogue of 1,400 textbooks explicitly for rental. Renterval put Medrano firmly in control of his own inventory.
This crucial innovation was sparked by Renterval’s technology that seamlessly connected to Pasadena Bookmart’s existing POS system. Medrano and his staff were able to easily schedule pick-ups and returns, upload inventory online, and create custom receipts complete with rental agreements.
The secondary benefit to Medrano’s business was a fresh and visible Bookmart online presence. Renterval provided Pasadena Bookmart with a branded website that not only allowed customers to rent online, but upped Bookmart’s Google search rankings and made the store more visible to new, incoming college students.
Bookmart’s student customers were perhaps even more pleased than Medrano. No longer forced to invest in pricey textbooks or rentals for unnecessary periods of time, students could customize their rental terms at affordable prices. Students were also thrilled to effortlessly schedule their textbook rentals in real time via smartphone, tablet, or computer with Renterval for Retail’s intuitive online booking system.
Renterval immediately influenced Pasadena Bookmart’s market growth as the bookstore of choice for Pasadena Community College students and professors.
Since implementing Renterval, Bookmart’s rental segment has steadily risen to 30% of their overall business – a figure Medrano expects to grow even higher.
But the impact of Renterval has gone far beyond simply increasing rental transactions. Bookmart has also witnessed an increase in foot traffic and in-store sales for textbooks, school supplies, and spirit wear, as students must come to the store to pick-up and drop-off textbook rentals.
Today, 100% of Pasadena Bookmart’s textbook rentals are processed through Renterval’s online rental management. This new, modern web presence has not only proven to spur rental transactions, but draw in new customers through a strong web presence catered to Bookmart’s college student demographic.
The online integration between Pasadena Bookmart and Renterval’s POS and rental system has given Medrano and his staff unprecedented control and maintenance over their own inventory, without a third-party charging fees to both Bookmart and customers.
Pasadena Bookmart was able to conclusively expand their textbook rental services to student customers without depleting inventory or relying on an external vendor. Renterval for Retail’s online management system flawlessly integrated with the book store’s POS, giving management the tools to operate their rentals, while amping up the store’s previously non-existent web presence that also gave customers an easy way to set-up future rentals.
Pasadena Bookmart is now firmly part of the modern rental economy, ensuring sustained long-term growth for the business, and continuous satisfaction for customers.