How to Get the Most Out of Online Shopping

Nothing truly matches the convenience and ease of online shopping.

If you’re not believing that, look no further than Cyber Monday, a day born out of online shopping that at one point piggy backed off Black Friday (its in-store predecessor) and has risen to great heights, further cementing online shopping as more than just a fad.

Cyber Monday, the 2017 version, was the largest shopping day in the history of the United States with 6.6 billion dollars in sales.^[1]

The same report notes that Black Friday, once the sales and shopping day of the year, was behind Cyber Monday with a respectable, albeit second place showing, at just over 5 billion dollars.

Still not believing the power of online shopping?

The number of people who are enjoying buying, shopping and accumulating what they want and need from the privacy of their own home is staggering, and with very good reason.

No crowds, no rushing, no lines and no, well, problems.

A few more numbers rooted in the power of online shopping show that the number of individuals who shop online is up 22 percent from the year 2000, roughly 79 percent of the U.S. population shops online, with 217 million people in the United States shopping online.^[2]

While statistics can be manipulated at every turn, these are hard to argue with as far as the power of online shopping, and how far it has come in the last two decades, mostly lead by the leader in online sales: Amazon.

Numbers for the online giant, Amazon, are amazing, given that 75 percent of online customers shop on Amazon “most of the time,” with 76 percent of online shopping done on Amazon, a staggering number when you consider the company in second place, a little place you may have heard of called Wal-Mart, which checked in at only 8 percent.^[3]

Amazon is more than just a one-hit wonder, too, as it gathers shoppers with its Prime Membership as well, with 37 percent of consumers saying they shop and buy from Amazon at least once per month, and 29 percent once per week.^[4]

Other studies argue that online shopping still has its flaws.

A recent report shows that of those individuals who still shop in brick and mortar stores say the reasons for shopping in person is more about seeing or feeling the item or product in person (30 percent), instant gratification of having what you want (nearly 30 percent as well, with 29.9 percent) and worrying about privacy and shipping costs as well (17 percent and 14 percent, respectively).^[5]

Those factors certainly play a part in a modicum of shoppers still wanting to see things first before they buy, you can’t discount the total sales numbers of what online shopping has meant to retailers, online stores that are exclusive to the web or even the big-box stores who struggle in person but flourish online thanks to shopping days like Cyber Monday made for online exclusivity or just online shopping in general.

But with all those retail dollars changing hands, are you truly getting the most out of online shopping? Are you saving money or just overspending because pointing and clicking is so simple?

Arguments can be made that convenience can lead to it being far too easy to spend more than you’d like.

Here’s how to get the most out of online shopping, minus the stress of adding debt and going overboard with spending:

Avoid deals that aren’t something you need at moment

As of 2013 statistics made available, roughly 7 percent of the American population are considered compulsive buyers, or about 20 million people.^[6]

You’d be correct in the assumption, too, that in the last 5 years that number has increased due to the flexibility and ultra ease of online shopping.

Imagine taking that compulsivity and turning into what basically adds up to an open forum of being able to shop online, 24 hours per day, seven days per week.

Getting the most out of online shopping means retailers offering discounts that matter, and most do.

Online coupon codes are pure gold. If you are shopping online, find an online coupon code and simply plug in the information to save at checkout.

Retailers are always in the business of selling, and that’s perfectly fine.

Using good judgment and restraint isn’t always as easy, especially online.

That’s why if you get an email for a 40 percent off coupon or a sale that only lasts a few days, you should jump all over it: as long as you have a need or the timing is perfect.

Your jeans are too big, and Macy’s has a 50 percent off denim sale.

Terrific.

If you’re loaded up on a massive clothing, spending spree a few weeks ago, a 50 percent off coupon or sale shouldn’t mean a full-sale, round-two buying break.

Price match, and try to pickup your product in the store

The popularity and influx of online shopping in the last 10 to 15 years has meant online stores and big-box retailers are fighting for your business, so price matching has never been at a more feverish pitch.

One classic example is a trend that has occurred between the likes of Amazon, the aforementioned online retail juggernaut which is selling to just about everyone in the United States, versus a store like Best Buy, for instance.

Consumers who like to see and touch a product in the store first, like a laptop or smart TV, go to a retailer in person and then end up buying online from Amazon anyway, due to a lower price point.

That trend has led to more retailers matching price in the store, with consumers dialing up Amazon or other prices online and showing it to a customer service person in the hopes of getting a better deal.

More often than not, if it’s a reputable retailer online, you’ll get the price match in the store.

That’s good news for consumers, in addition to buying online, say from Target or Wal-Mart and picking up the product in the store to save on shipping cost, another reason some have steered clear from shopping online.

Wal-Mart specifically has rolled out free, 2-day shipping on most items (and you don’t need a membership like Amazon Prime), along with pick-up discounts and in-store pickups being free.^[7]

If you don’t believe that retailers understand how big and important Amazon has become (minus of course those sales numbers and figures), consider that stores like Best Buy and Wal-Mart match Amazon pricing, but so do heavy hitters like J.C. Penny (who beat the matched price by 5 percent), Dick’s Sporting Goods, Advanced Auto Parts and Lowes.^[8]

Shop online specifically for items that are discounted at certain times

From one month to the next, certain products find bigger and better discounts depending on if you’re buying in January or July, March or November, whether you’re talking about clothing, TV’s, laptops or home goods.

Of course, November is a month that is all about Black Friday, and Cyber Monday, as the holidays approach but even those deals often times are mired in missteps for consumers who are buying simply because they’re of the opinion that the prices are so good, why not just buy for the sake of doing so?

The truth is products differ and are better purchased throughout the year at specific times.

Simple logic tells you, as an example, that you should be buying your holiday decorations online after the holidays are over, as well as your winter clothing.

Retailers dealing in holiday decor and clothing are typically where you’ll find the bulk of your deals, including cash back offers when you spend a certain amount or up to 60 or 70 percent off the sticker price, often rivaling that of Black Friday and Cyber Monday.

Almost immediately after the holidays you’ll see a 50 percent markdown. Less than a week after the holidays, you’re going to be more in the 75 percent range.^[9]

What you need to always be aware of is that buying online and shopping for products, even if they’re part of a major “sale,” you still might be better off waiting and capturing even better pricing when retailers are ready to clean house.

It’s a natural concern that you might feel as though online shopping has its perks but also potential for downfall.

Email marketing or one-day sales aren’t just for the stores in person anymore.

Think of it this way: if a company offers you 20 percent off “today only,” isn’t it much easier to log on to your mobile device, click a few buttons and reason that you just “saved money,” versus getting dressed, driving to the place, waiting in line, well, you get the picture.

As much as online shopping has reinvented the shopping experience, you also have to ensure you’re spending smart, not falling victim to “couch buying” and end up with a whole lot of debt because you’ve reasoned that buying should be easy, when in actuality you’ve made it habit forming for all the wrong reasons.

In addition. shopping online is a science, much like choosing a diet that works for you or finding a wardrobe tailor made for your body. Online shopping hardly is a one size fits all mentality but instead should be entered into with caution and a healthy uneasiness that just because it’s simple and convenient shouldn’t make it a point of contention or source of stress once you check your account balance or credit card statement.

Some online shopping stats centered on overspending are troublesome: 42 percent regret their purchase, 43 percent make purchases in bed and 20 percent in their bathroom.^[10]

This suggests that convenience can be a powerful tool, in a bad way.

This isn’t to say online shopping isn’t without its wonder and awe for all the right reasons, but using it wisely and wielding all that buying power and prowess is about saving money, indulging in convenience and treating online shopping like any other purchase: make sure it’s rooted in sound financial judgment.