Tuesday 04 February 2020
If you’re a uni student, or used to be one, chances are you’ve stepped into a Co-op bookstore (or at least walked past one).
Well, as of this year, Aussies will bid farewell to all 34 university Co-ops as online book retailer Booktopia bought out the company after it went under last year.
But why are they shutting down stores?
One of the answers? Afterpay.
Booktopia is currently the largest retailer in tertiary textbooks across the country, it operates 100% online and has a partnership with Buy Now Pay Later (BNPL) service, Afterpay.
The company’s Chief Executive, Tony Nash, told the Australian Financial Review that customers opting to use Afterpay on the site was one of the driving forces to boost them to being the most popular location for students to buy textbooks.
According to the University of Sydney’s website, the university recommends students put away at least $500 for “Academic Support” expenses - which consists of textbooks.
“Textbooks for uni students can be one of the biggest costs at the beginning of the semester, especially when buying multiple books at once,” Mozo Director, Kirsty Lamont said.
“It’s no wonder students are opting to use Buy Now Pay Later to fund this upfront cost - it’s just important that for those students who decide to use these services that they can realistically make every repayment as they roll around. If not, they may be better off looking for a cheaper secondhand book or even checking out the price of an ebook.”
But don’t worry, if you still love the feel and smell and buying books in-store, you don’t have to go cold turkey right away.
To make the transition a little easier for students, Booktopia has decided to keep Co-ops open for the first four weeks of the first semester of 2020.
While using BNPL can be an effective way to spread the cost of uni textbooks for some, it’s usually best to avoid doing this if you don’t think you’ll be able to make your repayments later on or you’ve got previous purchases to pay off first.
So here are some other tips on how to make purchasing textbooks a little lighter on your wallet:
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