Among affluent Americans, print media is tops

Traditional outlets for accessing media still reign supreme with the affluent, a study conducted by Advertising Age  reveals. Using the Mendelsohn Affluent Barometer, which surveys the affluent on various topics, Ad Age gauged new and traditional media usage by this group. The results showed that traditional media won out, with 93% of all affluents reading hard copy magazines, and 86% reading hard copy newspapers. Only 27% viewed magazines by computer, and only 39% accessed their newspaper that way.

The numbers varied with the 18-34 age group, with 88% reading hard copy of magazines, and 70% reading hard copy newspapers. As an alternate viewing method, 35% view magazines on computer, while 54% view their newspapers online as well. This survey shows that although the affluent have more access to alternate technology with which to view traditional media, as well as the the savviness to use them, traditional methods seem to win out in the end -- at least for now.

E-textbooks: Current Shortcomings

A colleague sent me this audio session on E-books on Campus.  Speakers were Jeff Young Senior Writer, Chronicle of Higher Education, Eric Frank ,President and Co-Founder, Flat World Knowledge, Inc., and Matt MacInnis, Founder and CEO, Inkling. They talked about the affect of E-books in campus curricula and why the adoption rate for E-books has not been as high as expected.

Here are some of the reasons the speakers gave as to why they believe adoption of digital course materials have been slower than anticipated:

1. Pricing Model Out of Sync
2. Digital Divide
3. Industry is very confusing and in a flux
4. Hard to read large amounts on E-books
5. Battery Life
6. Good for Liberal Arts but not so good for Social Sciences
7. Distractions on the Screen

Other reasons we have found in studies did not appear on their list, which was interesting.  The hour-long audio session is interesting, however, and worth a listen over lunch.

An Inkling of textbook innovation

Many of us are probably aware of tech start-up Inkling.  If not here is a great collection of videos on the company.  They now have interactive versions of dozens of textbooks, geared toward tablet devices, developed with cooperation from leading textbook publishers -- and representing some of the largest textbook adoptions.  The videos are something all stores should watch -- partly to understand how these technologies are marketed to students, and also to help stores gain a quick glimpse into the beginning of the future for the digital textbook:

Copyright licensing on campus

Here is an interesting project going on at Stanford University. It is called the Stanford IP Exchange (SIPX) and the system is intended to provide tailored copyright licenses on campus. The project includes both print on demand (POD) and publishing on demand technologies, and addresses a problem we have heard from faculty at various institutions.  The custom coursepack business is, of course, a solid percentage of the textbook market, and is likely to increase in the future with many comparable initiatives underway.  This project has some interesting elements to it, however, and is another worth watching.

More than 2/3 of mobile device owners participated in M-Commerce

A recent study reports that 2/3rds of mobile device owners also participate in mobile commerce.  Out of 1600 surveyed, 39 percent of smartphone owners make purchases with their handheld devices once a month. Additionally, 60 percent of mobile owners use their smartphones to help them shop every month. According to the study, more than two-thirds of active mobile consumers are 16 to 24 years old.  That is the prime customer age group for college stores.  Additionally, 31 percent of active mobile consumers are Baby Boomers and are aged 45 to 64 years old.

The study also points to the rise of social media as a factor in driving mobile purchases. According to the study “mobile shoppers were more likely to be influenced by recommendations from friends, family and customer reviews than traditional promotion channels, including store displays and store associates. Social networks allow mobile shopper to know what their peers and friends reviews want, which in turn impacts them.”

We would like to hear what different stores are doing to engage in m-commerce or social media.  Any great success stories to share?  Or failures we can learn from?  Or ideas we might try?

M-Commerce Increases foot traffic

Another article reminding us M-Commerce (Mobile Commerce) is a must for retailers. M-commerce is enabling consumers to research, price compare, and be informed and is becoming more than just an impulse buying tool. “Consumer mindsets and expectations are that they should now be able to purchase anything on a mobile device that they can on the computer or in a store.” According to the article, “for every one mobile transaction, the store locator is used 63 times, showcasing that mobile can have a significant influence on driving customers to the retailer’s store so they can touch and see the product in person before they buy."  This presents opportunities for retailers to both drive foot-traffic and capture sales.

Price Comparison- Be in it to win it!

Recently Amazon announced the release of an iPhone App, Amazon Student. The app is essentially a price comparison tool aimed at college students. Other features of the app allow the user to buy and sell books as well.

Here is another reason why college stores need to be cognizant of the value of offering price comparison, with tools like Verba. As mobile apps for price comparison becomes a common tool for customers, stores need to be aware that if they are not part of the price comparison the fail to become an option for the consumer. Price comparison is as much about consumer trust and relationships as it is about transparency.  If your store is not listed in the comparison you simply do not exist for the consumer. It’s simple, you got to be in the game to at least have a chance to win it.  Providing price comparison information is an easy way to help retain market share.

Disclosure:  NACS Media Solutions does have a partnership arrangement with Verba.  We believe strongly that this type of technology should be widely adopted by the college store community.  The move of Amazon into this space further demonstrates that this technology makes sense -- and college stores were there first!  Amazon followed our industry's example almost 18 months later!