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About CheggChegg is a company based in Santa Clara, California, specializing in rentals online textbook (both in the physical format and digital), homework help, online tutoring, scholarship and practice accordingly. It is meant to help students in high school and college. The company was founded in the US by three students at Iowa State University in 2001 and was founded by entrepreneur Aayush Phumbhra. Chegg name is a contraction of the words chicken and eggs, based on the experience of the founder, after graduating from college: they can not get work without experience, but can not get experience without a job, a chicken or the egg quandary.
In 2001, Josh Carlson, Mike Seager and Mark Fiddelke created the forerunner of the now called Cheggpost.com, a classified service Craigslist-type for college students at Iowa State University. Aayush Phumbhra, who attended the University of Iowa and was an avid user Cheggpost.com, Carlson approached in late 2003 with the idea of taking the company national. Phumbhra mention the service to a friend, Osman Rashid, who saw the potential in the idea, joined as CEO in order to finance the company in 2005, and officially launched Chegg , Inc, established in August. Carlson remained until February 2006 and then left to pursue other interests. In April 2006, Chegg found some initial investors, including Sam Spadafora, Mike Maples, and others. The co-founders quit their regular jobs to focus on Chegg full-time. They tested the service, buy three business college classifieds and publicize Chegg through campaigns at SUNY Canton campus and word-of-mouth. In summer 2007, the company launched "textbookflix.com", which uses a rental model in the model textbook of Netflix. Rashid and Phumbhra decided turn to the "textbookflix" name to "Chegg.com" in December 2007. According to a spokesperson for the company, Chegg rent book 2000000 in 2010.
It is estimated that in 2009, college students spent an average of $ 667 on their textbooks. A second estimate $ 1000 per year, with signs of textbook prices have risen faster than inflation. Moreover, some college bookstores will offer to buy back used books for a fraction of their original price.
The founders started noticing the trend for online rent from the success of services like Netflix. Thus, in the summer of 2007, Rashid and Phumbhra reposition the company along the lines of Netflix as a way to rent textbooks to students. Since Chegg has less money initially, when an order comes in Rashid will buy the book using a credit card and have it shipped to the student until the latter automatically. At the same time, with a very large volume of traffic on his credit card, the credit card companies themselves suspected of fraud, but Rashid was able to persuade suppliers to extend credit use credit card number.
Books usually rent for about half the retail price; For example, a textbook macroeconomics is priced $ 122 at a college bookstore will rent $ 65 at Chegg. But savings vary from book to book.
Floor in campus newspapers helped spread the idea. A senior at Arizona State University calculated he will spend about half the rent rather than buy their books for a semester. The idea clicked. In 2008, the company has hired the former chief executive of Match.com, Jim Safka, to run the company. In 2008, revenue was approximately $ 10 million; In 2009, sales for the month is $ 10 million alone, according Safka. The company has raised more capital from venture investors. The company also started a program to represent the school, to pay the university students are registered for each referral for the procurement of other college students.
In January 2009, USA Today reporter Julie Schmit described Chegg as a "leader" in the "developing arena of rentals college textbooks." The company has 55 customer service staff at that time.
Since many textbooks become out-of-date quickly, often replaced by new versions, a key to profitability will be a book that can be re-hired soon, or recycling; Rental market in cars, for example, companies such as Hertz and Avis buy new cars but selling them after about a year or two of service. But the useful life of a book, What is rent? "The market can be tricky," analyst Kathy Mickey said market, because professors must use the same books for several semesters to book rental companies to make money on the program.