vbc 2015 renting with confidence presentation

Renting With Confidence: In-Depth Dynamic Rental

VBC 2015

VERBASOFTWARE.COM (415)

Dynamic Rental was designed to help stores manage multiple partner rebate-

based rental programs.

http://VERBASOFTWARE.COM

SPRING 2014


Goal 1: Understanding the Mechanics of the

tool (how does it work?)

‣ What Dynamic Rental is designed to do

‣ How to manage your data

- Great data in, great rentals out

‣ What actions and settings impact what results


SPRING 2014


Goal 2: Establishing a Best Practice

Workflow.

‣ When certain steps should be done

‣ How to keep track of where you are in the process


SPRING 2014


Goal 3: Explore what other stores are doing

with Dynamic Rental.

‣ Analysis of Fall 2014 Dynamic Rental data

‣ Roundtables (find the bullhorn!)



WHAT IS DYNAMIC RENTAL?

PART 0



Dynamic Rental was designed to help stores manage multiple partner rebate-

based rental programs.


SPRING 2014


WHY REBATE-BASED RENTALS?

‣ Students are becoming more conscious of the price of rental

books.

‣ If you are not competitive, they will go with a competitor.

‣ We’ve found that a multi-partner, rebate-based rental program

is the best way to lower your rental price.


verbasoftware.com(415) 738-2374VERBASOFTWARE.COM (415)

VBC 2015

37%Percentage by which fully-

managed/kiosk programs

are

best store-managed

programs on new titles



VBC 2015

40%Percentage by which fully-

managed/kiosk programs

are more expensive than

best store-managed

programs on used



Best Store-Managed vs. Average Ful ly-Managed rental retai l pr ic ing

0

20

40

60

80

New Used

35.355.54 49.4976.28

Fully-Managed Pricing Store-Managed Pricing



Renting with multiple partners has its challenges. Verba can help!



CHALLENGE #1

REBATE COMPARISON.



CHALLENGE #1 : REBATE COMPARISON



SOLUTION #1 : COMPARING REBATES IN PRE-RENTAL MODE

‣ Import your rebate files in our Pre-Rental Mode and we’ll do the comparison work for you.

‣ Export our Rental Report and we’ll show you the best offer.

‣ You can use this report to price your rentals (less excel wizardry required).



PRE-RENTAL MODE



CHALLENGE #2

OPTIMIZATION OF RENTAL REBATE REVENUE.



D i f ference in rebate value based on the number of rebate partners

0

7.5

15

22.5

30

1 3 5 9

$24.91

$17.94

$11.03

$0.00

Difference between Max and Min



SOLUTION #2: SELECTING PARTNERS IN PRE-RETURN MODE

‣ Pick the rental partners you’d like to use.

‣ Turn on the Verba Marketplace and Ingram to add additional rebate revenue.

‣ Allocate a percentage to your preferred wholesaler, if you want!



PRE-RETURN MODE



CHALLENGE #3

ALLOCATION TO THE RIGHT BUYER AT TERM’S END.



SOLUTION #3: ASSIGNING BOOKS TO PARTNERS IN SCANNING MODE

‣ Scan your rental books, we’ll show you where to send them.

‣ Export a scan report and use it to build a credit request.

‣ Ship your books and you’re done!



SCANNING MODE


verbasoftware.comVERBASOFTWARE.COM (415)

Who here has used Dynamic Rental?



PRE-RENTAL MODE

PART ONE



PRE-RENTAL MODE TO DO LIST

‣ Establish your settings

‣ Import your rebates

‣ Find a best rebate offer to use to price your rentals



Spans from term open to the point where you have a list of actual quantity

rented to import into our system



Step 1:

ESTABLISH SETTINGS


SPRING 2014


WHEN?

Ideally, this is the first thing you do in Dynamic Rental.



ESTABLISHING YOUR SETTINGS


SPRING 2014


RENTAL RETURN DATE

‣ This is the date when you expect to have the majority of your

rentals returned

‣ What is impacted by this setting:

- If you use the Verba Marketplace, it tells us when to start looking for offers.


SPRING 2014


PRIMARY WHOLESALER

‣ If you have a preferred rental partner, choose it from this

dropdown.


- Cost-Based Rental Price (Verba’s guidepost price)

- Allocation of titles during Pre-Return Mode


SPRING 2014


ESTIMATED RENTAL SALES

‣ This is the % of estimated sales that you expect to be rentals

rather than straight purchases.


- Total Units With Offers on Rental Console

- Estimated Total Rebate in your Rental Titles export


SPRING 2014


S INGLE RENTAL VARIANT

‣ Do you split your rentals into new and used, or do you have

one single rental price (or “variant”)?


- Cost-Based Rental Price (Verba’s guidepost price)



Step 2:

CONFIRM CATALOG DATA


SPRING 2014


WHEN?

The import should happen automatically. But it is good to confirm before you start importing your rebate

files.



CONFIRMING CATALOG DATA



Step 3:

GATHER AND IMPORT REBATES


SPRING 2014


WHEN?

Shop your books as soon as you start gathering adoptions. Import them as soon as you get files back from your

rental partners.



How many rental partners are Verba stores using?

0%

10%

20%

30%

40%

1 2 3 4 5 6 7 8 9 10

6%0%0%6%

14%

34%

17%

9%11%

3%



IMPORTING YOUR REBATE FILES

Required Fields

‣ ISBN

‣ Rebate Amount

‣ Max Quantity (if partner has a restriction on the number of books you can rent)



IMPORTING YOUR REBATE FILES



Step 4:

CHECK OUT YOUR RENTAL CATALOG (AND SAVINGS!)


SPRING 2014


WHEN?

When you have finished importing your rebate files.



YOUR RENTALS AT A GLANCE



Step 5:

EXPORT YOUR RENTAL REPORT & PRICE YOUR RENTALS


SPRING 2014


WHEN?

Whenever you’re ready to price!


SPRING 2014


PRICING YOUR RENTALS

‣ Export Rental Titles Report to use as a reference for pricing

‣ Use Best Offer (or Primary, if you prefer) as your rebate value

‣ You can use Verba’s Cost-Based Rental Price as a guideline

‣ Enter rental headers into your back office (Dynamic Rental

does not push to your back office, so this is a manual process)



THE RENTAL TITLES REPORT

‣ Where to f ind i t :

‣ Al l rental books tab:



BEST OFFER AND PRIMARY REBATE



Step 6:

RENT YOUR BOOKS



PRE-RENTAL MODE DONE LIST

‣ You established your settings

‣ You imported your rebates

‣ You found a best rebate offer to use to price your rentals

‣ You rented your books



SPRING 2014

PRE-RENTAL NEW RELEASES & OTHER MISCELLANY


SPRING 2014


TROUBLESHOOTING IMPORTS

‣ There are some common reasons for import failure:

- Multiple tabs on your spreadsheet

- Not supported file type (we recommend .xlsx, .xls or .csv)

‣ Our interface is additive, so if you get additional titles from a

buyer you can import a full or partial list

‣ Be careful when importing your rebates that you choose the

right partner.


SPRING 2014


AUDITING YOUR IMPORTS

‣ You can export our Rental Titles Report to see:

- Every ISBN you’ve imported into Dynamic Rental, with rebate,

buyer, and import date.

- A link to download the original file.



THE RENTAL TITLES REPORT

‣ Where to f ind i t :

‣ Find the Imported Rebates and Fi les tabs:



AUDITING YOUR IMPORTS

‣ Imported Fi les Tab

‣ Imported Rebates Tab


SPRING 2014


COST-BASED RENTAL PRICE‣ We provide a very basic guideline for rental pricing on the Rental Titles

Report (on the All Rental Books tab)

‣ If you turn Single Rental Variant on in Settings we will show you one price.

Otherwise, we will show you new and used.

‣ We use your new retail price and an industry standard 75% of new retail to

calculate the price for new and used, respectively.

‣ If you choose a primary rebate partner, we will use your primary rebate

instead of best offer.



RETAIL PRICE

- REBATE

COST-BASED RENTAL PRICE



COST-BASED RENTAL PRICE



PRE-RETURN MODE

PART TWO



PRE-RETURN MODE TO DO LIST

‣ Import rental sales numbers

‣ Decide if you’d like to keep any of your rentals

‣ Turn on additional marketplaces

‣ Allocate stock to a preferred (“primary”) partner



Spans from when you import quantity rented into Compete until you begin

scanning



Step 1:

IMPORT RENTED QUANTITY AND QUANTITY TO KEEP


SPRING 2014


WHEN?

When you have stopped renting for the term, and have a comprehensive

list of total quantity rented.


SPRING 2014


EXPORTING YOUR RENTAL SALES FILE

‣ Export this file from your back office

‣ Format as a clean spreadsheet (CSV, XLS, XLSX, TXT)

‣ Required Columns: ISBN and Quantity Rented

‣ Optional Columns: Author, Title, Quantity to Keep



IMPORTING QTY RENTED: BAD FILE : (

Why am I a bad file?

‣ Data not broken into columns.

‣ Extra rows with blank or non-essential information



IMPORTING QTY RENTED: GOOD FILE : )

Why am I a good file?

‣ Each title on one line

‣ No extra rows

‣ Contains all required fields


SPRING 2014


WHY IMPORT QUANTITY RENTED?

‣ More accurate metrics/analytics

‣ Track progress of your rental scanning

‣ Acts as a failsafe for items scanned that you don’t intend to

send back as rentals


SPRING 2014


IMPORTING QUANTITY TO KEEP

‣ WHY? If you’d like to keep some of your rentals.

‣ HOW? QTK will be prioritized during scanning before titles are

allocated to your partners.

‣ WHEN? We recommend importing your QTK when you import

your rental sales numbers.


SPRING 2014


USING QUANTITY TO KEEP

‣ Store A exported their rental sales from their back office and

added a Quantity to Keep column manually. They imported this

into Dynamic Rental.

‣ As they continued to get new adoptions, they imported

additional keep quantity during Pre-Return Mode.

‣ When scanning, they kept 19% of their total quantity rented.



IMPORTING RENTAL SALES NUMBERS



Step 2:

ALLOCATE PERCENTAGE TO PRIMARY WHOLESALER


SPRING 2014


WHEN?

It is essential you take this step before scanning.



SETTING A PRIMARY ALLOCATION



WHY ALLOCATE TO A PRIMARY?

‣ Different stores have varying levels of commitments, both

stated and unstated, to their wholesale partners.

‣ Establish this setting if you want to assure that a certain

percentage of items go to a preferred wholesaler.


SPRING 2014


USING A PRIMARY ALLOCATION

‣ Store B uses NBC’s Partnership program. They imported rebates for

the items they wanted to rent through Partnership, in addition to

shopping their adoptions with other partners.

‣ Because they had to return the books to Nebraska so as not to be

charged wholesale price for the item, they set their primary

allocation to 100%.

‣ All items rented through Partnership went to Nebraska, all that

weren’t went to the highest bidder.



VBC 2015

16%Percentage of stores that

assigned a minimum

allocation to a primary

wholesaler.



Step 3:

TURN ON THE VERBA MARKETPLACE AND INGRAM


SPRING 2014


WHEN?

Before scanning.


SPRING 2014


WHAT IS THE VERBA MARKETPLACE?

‣ A collection of real-time online marketplace offers

‣ Treat it like an additional rebate partner

‣ No need to import a file: just toggle on

‣ Verba provides a shipping interface and free shipping labels

‣ End of term offers: these rebates are not guaranteed, so can’t

be turned on until Pre-Return Mode.



VBC 2015

89%Percentage of Dynamic

Rental stores who used the

Verba Marketplace as a

rental partner.


SPRING 2014


INGRAM

‣ Dynamic Rental has Ingram rebates offers preloaded.

‣ No need to import a file: just toggle on.

‣ You’ll need to fill out a vendor form, which you can find on

Verba’s Help Desk.

‣ These will be shipped like other wholesalers.



TURNING ON VERBA AND INGRAM



Step 4:

CHECK OUT YOUR METRICS



INTERPRETING YOUR METRICS



PRE-RETURN MODE DONE LIST

‣ You imported rental sales numbers

‣ You decided if you wanted to keep any of your rentals

‣ You turned on additional marketplaces

‣ You allocated stock to a preferred (“primary”) partner



SPRING 2014

PRE-RETURN NEW RELEASES & OTHER MISCELLANY


SPRING 2014


TO RE- , OR NOT TO RE-(QUOTE)

‣ If you receive a re-quote from a rental partner, you can import

that re-quote into Dynamic Rental.

‣ HOWEVER! Be careful about the conditions of your re-quote.

Some providers will honor the best offer. Others will only honor

the most recent offer.

‣ Our system is designed for the first type of re-quote, not the

second.


SPRING 2014


IMPORTING ADDITIONAL QTK

‣ If you receive a new adoption for a title you have on your

rental list, you can add additional QTK.

‣ Export out of your back office or build manually in excel.

‣ Required fields: ISBN and Keep Quantity.

‣ Do this through the catalog import functionality.



IMPORTING ADDITIONAL QTK



SCANNING MODE

PART THREE



SCANNING MODE TO DO LIST

‣ Scan and allocate your rental books to the right partner

‣ Print out your scan report to build credit requests

‣ Ship books to the Verba Marketplace

‣ Track your shipment and reconcile your rebate check



Spans from when you click Start Scanning. This is the last step.



Step 1:

WAIT FOR RENTAL BOOKS TO BE RETURNED



Step 2:

PREPARE TO SCAN



ACCESSING THE SCANNING INTERFACE


SPRING 2014


PREPARE TO SCAN

‣ Make sure the barcode is visible on each rental book

‣ Decide how you want to scan

- Scan one book at a time

- Pre-sort and scan using a quantity field

‣ Decide how you want to box your books

- As you go

- Sort then box


SPRING 2014


USING STUDENT/TEMP WORKERS

‣ Dynamic Rental is designed to let people with no Compete

experience scan books during this Mode.

- Share scans

- Sandbox mode

- Exceptions mode



TEST SCAN IN THE SANDBOX



SHARE SCANS



Step 3:

START SCANNING


SPRING 2014


WHEN?

You can start scanning books in the rental interface whenever you’re

ready. However…


SPRING 2014


WHEN: THE VERBA MARKETPLACE

If you are scanning using the Verba Marketplace, you will have 30 days from first scan for the shipment to

arrive at our warehouse.



ALLOCATION



V IEWING DETAIL & UNDOING SCAN



EXCEPTIONS

‣ Make a box or shelf for exceptions.

‣ People scanning can set aside exceptions for later.

‣ You can go through exceptions all at once as soon as scanning is completed.



Step 4:

TRACK YOUR PROGRESS



TRACKING ON THE RENTAL CONSOLE



TRACKING ON THE SCAN REPORT

‣ All rented books - Shows how many rented, how many scanned




‣ Partner breakdown - See what’s been allocated to each partner so far




‣ Scan log - Everything that was scanned, and when it was scanned



Step 5:

RESOLVE EXCEPTIONS


SPRING 2014


WHEN?

When you’re done scanning.


SPRING 2014


WHY EXCEPTIONS?

‣ The title does not exist in your term

‣ You scanned more items than you rented


SPRING 2014


F INDING EXCEPTIONS

‣ People scanning should have set aside all exceptions.

‣ You can use this pile to scan directly into Exceptions Mode.

‣ You can also find exceptions on our Scan Report.



RESOLVING EXCEPTIONS



EXCEPTIONS ON THE SCAN REPORT



Step 6:

BUILD CREDIT REQUESTS & SHIP YOUR BOOKS



BUILDING YOUR CREDIT REQUEST


SPRING 2014


SHIPPING YOUR BOOKS

‣ Once you are done boxing your books, contact your rental

partners about shipping your rentals back.

‣ For Verba Marketplace items, you can print labels through our

shipping interface.

- Verba Marketplace labels are Smart Post, and can be shipped

USPS or FedEx. We recommend shipping FedEx.

- Currently not set up to ship pallets of boxes.



SHIPPING TO THE VERBA MARKETPLACE



Step 7:

RECONCILING YOUR VERBA MARKETPLACE REBATE


SPRING 2014


WHEN?

When you receive your rebate check.


SPRING 2014


USING THE SHIPMENTS REPORT

‣ Shows tracking numbers so you can track the progress of your

shipment.

‣ Shows items received and final rebate value accepted.

‣ Shows items that were rejected and for what reason.



SHIPMENTS REPORT



SHIPMENTS REPORT

‣ Accepted Shipped Items - Items received at the Verba Marketplace warehouse

‣ Rejected Shipped Items - Items rejected by our warehouse, with rejection reasons

‣ Tracking Numbers - All shipments printed through the Verba interface



ACCEPTED SHIPPED ITEMS



REJECTED SHIPPED ITEMS

There is a $3 return shipment fee for all rejected items



TRACKING NUMBERS



SCANNING DONE LIST

‣ You scanned and allocated your rental books to the right partner

‣ You printed out your scan report and built credit requests

‣ You shipped books to the Verba Marketplace

‣ You tracked your shipment and reconciled your rebate check



SPRING 2014

SHIPPING NEW RELEASES & OTHER MISCELLANY



REALLOCATION



ADDING QTK AFTER YOU START SCANNING

‣ You can do it!

‣ Do it the same way you would for additional Quantity to Keep in Pre-Return Mode (through Catalog Data import).

‣ But, it will not retroactively assign items to keep.



Part One: Complete.



SPRING 2014

RENTAL ROUNDTABLES



HAVE YOU SEEN OUR HELP DESK?


VERBASOFTWARE.COM (415) verbasoftware.comVERBASOFTWARE.COM (415)

QUESTIONS?

[email protected]

[email protected]

415-738-2374

NOW OR LATER



vbc 2015 renting with confidence presentation

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