The frequent lockdowns of 2020 had turned many Australians to reading as a form of escape from the boredom of life in self-isolation.
According to a Department of Family Studies survey, individuals reported that they spent 30% more time reading for pleasure than they did previously.
This has translated into the book retail market as revenue and business for many online book retailers (particularly Booktopia) has increased.
The pandemic has shifted trends in retail; we have seen consumers move more towards the ease and accessibility of online shopping and eCommerce over traditional brick and mortar businesses.
The online book retail market is indicated to grow at an annualised rate of 4.1% over the next five years.
History of growth in market share
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Though the increase in revenue for online businesses does not indicate an absolute change in consumer tastes, it does show the beginning of a shift in the market.
For the last few years, the biggest online book retailer has been Booktopia, as they currently dominate the market at 50.8%, while Amazon currently sits at 10.6%.
Online book retail Market shares
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Booktopia became a preferred online retailer particularly in the last few years as their shares have increased by 12.8% since 2018.
The effects of the pandemic made it necessary for Booktopia to expand its efforts to keep up with the high consumer demands.
In his interview with Andrew Birmingham, Booktopia’s CEO Tony Nash said that Booktopia had to delay new orders to maintain customer demand during the pandemic.
“Even though we were shipping the books within a couple of days, we made it ship from three to four days to turn people away because we were getting too many orders,” Mr Nash said.
Despite heavy competition from larger companies (like amazon who had recently entered the market) and department stores, Booktopia has managed to stay on top of the market by prioritising consumers and their love for reading.
Booktopia has also recently opened their own printing house, and they are currently a supplier for many retailers in Australia including Amazon.
Product Share
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The book industry has seen some big changes over the last few years, from the introduction of the internet to the popularity of audio and e-books.
Product insights indicate that while educational print books still hold the highest profit percentage, an increase in readers overall can lead to increased sales in trade print books.
While many say the print industry is a dying one, online businesses like Booktopia can shift us to a more modern direction.
(Featured image: “Book” by Kamil Porembiński is licensed under CC BY-SA 2.0)
