4 Financial Lessons To Be Learned from Amazon Prime Day for Holiday Shopping
Written by
J. Arky
Edited by
Zuri Anderson
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Amazon users know that a special day on the calendar does not get as much love or attention as it deserves — namely, Amazon Prime Day.
While the official 2024 Amazon Prime Day has come and gone, there are tips and tricks to be applied for the upcoming holiday shopping season which, for some people, has already started.
Here are four lessons to be learned from Amazon Prime Day for holiday shopping, especially if you are planning to use the giant internet retailer to do a large portion of it.
4. Stay Focused and Stick To an Affordable Budget
“It can be all too tempting to get a little carried away with the ‘one-click purchase’ option when shopping on Amazon, especially when the huge discounts and savings are flooding your inbox at every turn,” said retail expert Nick Drewe of Wethrift.
That being said, Drewe noted it’s important to think of events like Prime Day, Black Friday and other shopping days as an opportunity to secure the best deal on items you were already planning to buy, rather than merely spending for the sake of it on purchases you don’t really need out of temptation or the fear of missing out on a bargain.
Before you pick a day of discounts and deals, Drewe advised to “set aside a certain amount of money that you are happy to spend on necessary products that are likely to be reduced as part of the event, and stick to it.
“Don’t let yourself become overwhelmed with the urge to spend more than you can afford on items, just because you think you should.”
3. Research the Previous Prices of Products You’re Tempted To Buy
In order to really make sure you are benefitting from the best possible discounts on items, it’s worth carrying out some price-based research, according to Drewe.
Check to see you’re not being tricked into buying something that has had its price elevated in the weeks or months leading up to the event to boast an inaccurate percentage drop.
“There are a number of sites, including camelcamelcamel.com, where you can track the historical prices of millions of Amazon products, to help you understand just how genuinely cost-effective the Amazon Prime Day deals you’re looking at really are,” suggested Drewe.
2. Stick To the Brands You Know and Trust
Major brands, such as those that stock more expensive, electronic devices, will typically have to stick to a baseline level of quality, reliability and support, which will stay reflected in the prices of reduced items during an event like Prime Day, according to Drewe.
The same notion applies for any special holiday-related price-dropping opportunities in the coming weeks.
“Many brands on Amazon offering some of the most heavily-discounted prices might be ones you’ve never heard of, with product names and descriptions stuffed with keywords that have been designed to help them rank,” explained Drewe, pointing to examples such as “Bluetooth Wireless Headsets Earphones” or “Smart Watch for Men Women.”
“These items, although tempting in price, may not offer the same level of quality as the more respected and trusted brands would,” said Drewe.
1. Ensure You Are a Prime Member and Download the Amazon App
“It may go without saying, but in order to take advantage of the deals, you need to ensure that you are signed up as an Amazon Prime member,” shared Drewe.
Drewe highlighted that not all product deals will be immediately available during the event, so in order to ensure you don’t miss out on securing a bargain on your purchase(s) of choice, it’s worth downloading the Amazon app.
“It will send you live notifications over the course of the two days so you don’t miss out on anything of interest,” Drewe said. “Through the app, you can also tab any products of interest, and pre-create an Amazon wish list of any gadgets or gear you are looking to purchase.”
“You will then be able to receive personalized notifications via your smartphone to be informed if it’s dropped in price during the event,” Drewe shared.
“This can be a real lifesaver if you have your eye on something particularly popular that is only likely to be live for a number of hours.”
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