There’s a pricing war being waged at this very moment in the book world. In one corner, you’ve got Overstock, a company that started the battle last week when it decided to price nearly 400,000 books at a 10 percent discount lower than Amazon prices. In the other corner, you have Amazon, a company that simply will not go down without a fight. In response to Overstock’s price drop, Amazon took a financial risk and lowered the prices on thousands of bestselling books.
The battle is projected to have a major impact on independent booksellers, and large retailers like Barnes & Nobles. Relief won’t come soon enough for smaller bookstores: Overstock CEO Patrick Byrne told Publishers Weekly that the battle will continue through midnight August 7th.
But what initially sparked this battle? Many are speculating that Overstock wants to beat Amazon’s title as the largest online book retailer, but ultimately, no one knows for sure.
Overstock is mulling over if it’s profitable to continue the pricing battle long after August 7th. While this will be terrible for booksellers (and, potentially, authors), the pricing battle is great news for consumers.