Research carried out by the Bookolico team highlights three main problems
1. The average price of an eBook is too high
2. The pricing strategy is not suitable
3. Inadequate distribution
Bookolico aims to solve these problems by focusing the strategy on a fundamental principle: if a product, in this case a book, is new to the market it has to have a price which is very close to zero which will increase as demand for and appreciation of the product increase.
On the Bookolico website, all works will be published free, while distribution may be either free or may have a charge. In the second case, the author can’t choose the selling price, which will be defined by our algorithm. The price of books will range from 0.79 £ to a maximum of 6.79 £ and the price of each book will rise or fall within this range depending on market demand and product appreciation. The algorithm is based on the gamification principles and consider: opera’s sharing, purchases, mark and click on the work page
Thanks to this pricing system we can significantly decrease the average price of an eBook and also create a scale of the worth of the literary work, based on the price, which is easily accessible for both readers and authors. At the moment the psychological awareness of readers in terms of the cost of editing and distributing an eBook is practically non- existent. In fact, this cost is very close to zero. Therefore we believe that the price of a literary work, in the new market, should be an expression of the value that readers give it. Using this system we want to help authors in the distribution of the work in the early stages. By setting a very low starting price, we want to promote the purchase of an eBook, without damaging the potential earnings of the author, since if the book is appreciated by readers, the price will increase. A mechanism will be created whereby the first people to buy the book will pay less because it is unknown while those who buy later, when the book has become more famous, has received more reviews and is probably of a better quality, will pay more.
Anyone can become a talent scout for a future best seller book by paying £ 0.79!
But there is more to Bookolico than all of the above, in time you will learn to know us better.