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7 ways to save money while spending online
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SME Times News Bureau | 03 Mar, 2018
While visiting an offline store
still has its charm, there is something to be said about the ease and
convenience of using your phone or computer to search for and buy
something online, pay for it with a few clicks and have it delivered to
you. Each shopping website, bank and wallet provider is trying to offer
the best possible deal.
Patanjali Somayaji, co-founder of the Walnut App, lists seven ways to save money when shopping online.
Compare
prices and set alerts: First decide what you want to buy and then
compare prices across shopping sites. Set price alerts for products
you're interested in, so you can be notified when available at your
desired price. There are several dedicated price comparison websites and
browser extensions which show prices of items across major shopping
portals and let you set alerts for product price.
Maximise
cashback and discount offers: Every shopping site has partnerships for
cashbacks and discounts with one or more banks, either on an ongoing
basis or during special sales. Before going ahead, always check the
terms and conditions -- such as minimum eligible purchase or maximum
discount or cashback on offer. In case of cashback, in how much time
will it be credited, and will it be to a wallet or your credit/debit
card. Some sites offer an additional discount or cashback on purchases
from their mobile app. If there are several offers on a product, check
how best they can be combined to get the best deal possible.
Maximise
offers on bank cards/wallets: All banks and wallet apps now flood us
with dozens of emails, SMSes and notifications about special deals and
offers. These could be for product discounts and cashbacks, for purchase
via their app, or even use of their credit/debit card/wallet during a
certain period or beyond a specific amount -- irrespective of which site
you buy from. They may offer bonus reward points too. Set filters or
labels to track such mails and ensure you don't miss out on offers.
Check
for free delivery: Check if delivery is free or if there is a cost.
Some sites have free and priority delivery for premium members. Most
online shopping sites are now a marketplace, so there is a lot of
competition among sellers too. For all products, sites display a list of
offers from other sellers. From there you can check which seller is
offering the best price, free or paid shipping, and also their seller
rating to indicate how reliable they are.
Track online shopping
spends: It is easy to get carried away with all the deals and offers and
overspend without realising it. Use an app to track such spends based
on merchant and category. You can also add tags like #Online to view all
your online shopping spends at a glance and if you're going beyond your
budget.
Check product reviews: If an offer price seems too good
to be true, check reviews for that product. Reviews on the shopping site
could be biased or fake, although there are genuine ones as well. There
are other websites that publish product reviews too. Keep your budget
and requirement in mind -- what works for someone else may not work for
you. Check if friends or colleagues have bought that product, and their
experience. Reviews may also indicate if the product shown is a previous
version, hence priced lower -- but if it suits your need, go for it and
save money.
Use your social network: There are dedicated
Facebook pages and Twitter accounts that share deals. You can also ask
for opinions and recommendations on social media and others will be
happy to share their experience or suggest lower priced alternatives for
a product.
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