Online book industry.

Abstract

The introduction of first Netscape web browser in 1994 had revolutionized the traditional way of doing business. Many companies jumped into the new horizon to exploit and gain economic value. The new domain attracted many entrepreneurs to revolutionize different forms of business. The book industry was attracted by Jeff Bezo, the founder of Amazon.com. Since 1995 the online book industry provided real economic value not only to business entities but to consumers at large by providing products at competitive prices with convenience. The book selling industry in United States had grown to revenues of $26.1 billion as compared with $14.7 billion in 1987. After the success of Amazon.com many major players entered the new stream of doing business like Barns and Noble, and Borders. Online Book selling spread like an epidemic. In Pakistan the book industry has a potential of more than Rs. 4 billion annually. In 2003 Pakistani Book sellers started selling books online. Some of the major players are Liberty Books, Mr. Books, Oxford University Press, Saeed Book Bank and Ferozsons. Despite the huge financial benefits attached with online selling of books lack of vision, technical infrastructure and financial resources impedes the business entities to exploit the new venture. With the clear vision, dedication and direction the online book sellers can increase not only the customer base but can also transfer economic value to customers, employees and community at large. The cost of doing business could be reduced drastically by lowering the physical inventory and increasing the number of titles. A good marketing strategy inline with internets strategy can accrue maximum benefits for any business entity. The researcher has particularly analyzed the chances of some Pakistani brick and mortar book stores to come online and do online selling with proper payment mechanism and increase customers satisfaction. Hopefully this study will server as blueprint for future research on this topic.