Edited by Rivermore Academy
To start a business, most people usually choose easy or popular ventures, at least to ensure there won't be significant losses. Therefore, in Malaysia, where the reading culture is not strong and the publishing industry is particularly challenging, achieving success is even more difficult for the average person.
However, Andrew Yap and Jacqueline Ng, the founders of BookXcess bookstore, achieved great success. They began their entrepreneurial journey with a small magazine stall, which eventually evolved into a vibrant bookstore, and then they went on to organize the renowned Big Bad Wolf book sale.
A Financially and Experience Challenged Couple
The couple, Andrew Yap and Jacqueline Ng, each came from modest backgrounds – he is a local Malaysian and she is from Singapore. They lacked financial backing and resources, hence their financially challenged situation. While Andrew Yap had received an English education, he struggled with spelling even basic English words, and he even failed the Malaysian Sijil Pelajaran Malaysia (SPM) examination. On the other hand, although Jacqueline Ng graduated with an accounting degree, her career just joined an audit firm for a short period and mainly revolved around being a customer service executive. Neither of them had any prior experience or knowledge in the book industry, hence their "inexperience".
However, step by step, Andrew Yap and Jacqueline Ng transformed their small trading business at the Amcorp Mall in Petaling Jaya into a 500-square-foot bookstore in 2006, and then they successfully organized the Big Bad Wolf book sale in 2009, selling 120,000 books. They went from a small trading venture involving just two people to an enterprise involved in selling millions of books.
A Consistent Business Strategy
Their key to success lies in their unwavering commitment to the principle of "Read More, Pay Less" as their business strategy. It may sound simple, but it holds a profound truth.
"Read More, Pay Less" is executed in two ways: by increasing the variety of books available and by substantially lowering the prices. By offering an extensive range of books, they ensure customers can find books that interest them. But that's just enabling customers to benefit; how does the seller make a profit?
The answer is by selling "remainder" books, which are books that have been on the market for six months to a year. In other countries with a thriving book industry, publishers often print books in large quantities, resulting in some books remaining unsold even after months on the shelves. Andrew Yap and Jacqueline Ng took advantage of this and acquired such "remainder" books at discounted prices, which allowed them to set attractive prices for customers.
They didn't stop there. They wanted to appeal to non-readers as well. So they came up with the idea of the Big Bad Wolf book sale, where each year's theme is different, such as the superhero theme in 2012 and the pirate theme in 2013. This innovative approach attracts non-readers, introducing them to the joy of role-playing and providing them with an opportunity to get closer to books. The 2012 Big Bad Wolf book sale even set a record by staying open continuously for 60 hours over a weekend, with the peak hours surprisingly being at 4 in the morning.
Jacqueline Ng emphasizes that "Pay Less" also means that non-readers can afford to buy books and give reading a try or explore new hobbies. Meanwhile, avid readers can purchase a book or two without feeling the financial burden and even gift them to friends and family.
By consistently adhering to the same principle, Andrew Yap and Jacqueline Ng found novel breakthroughs, captivating the hearts of readers and customers, instilling confidence that they can find their desired authentic books at affordable prices at BookXcess and consequently becoming loyal members.
Today, BookXcess has made a significant impact in the English book market in Malaysia and is gradually entering the Singaporean market. Additionally, Andrew Yap and Jacqueline Ng are eyeing the Chinese market and actively observing the operations and trends in the Chinese publishing industry, aiming to continue the "Read More, Pay Less" concept in Chinese books for their existing and potential readers.
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