Navigating through fluctuating prices during the holiday season can feel like an uphill task, especially as retailers are increasingly leveraging dynamic pricing. This practice of varying the cost of a product based on supply, demand, and even weather can complicate budgeting.
Many retailers use dynamic pricing to outdo their competitors. An example from earlier this year saw Amazon alter the price of a microwave oven nine times in one day, and it swung between $745 and $872. If you purchased at the right time, you could save over $125 — a bad deal if you timed it wrong.
So how do you steer through changing prices and secure the best deal? Here are eight tips that pave the way for smooth savings:
1. Employ price-predictor websites such as Decide.com and PriceGrabber.com. These sites predict the optimal time to purchase a product, while providing price histories and product reviews. You can access this information easily as each one has an app.
2. Score in-store coupons with the Coupon Sherpa app. Besides cashing in on sales, this free mobile application fetches discounts that you can scan or enter directly via your smartphone.
3. Use price tracking tools, like the free service PricePinx that alerts you when a desired product’s price dips. Alternatively, add-ons like FreePriceAlerts help find the best price while browsing online, and CamelCamelCamel provides price history and alerts for price drops on platforms like Amazon, Best Buy, and Newegg.
4. Redeem your credit card reward points, a simple strategy for saving on gifts. As certain cards offer additional points or discounts on gift cards for particular stores, it is recommended you consult your credit card company to learn about special deals and savings.
5. Secure a price match. Amazon’s prices will be matched by retailers like Target and Best Buy this holiday, while Lowe’s and Home Depot often offer price match, plus an additional 10-percent off. It’s worthwhile to do some comparison shopping and inquire store managers about price-matching deals. Use an app like RedLaser for comparison shopping.
6. Request a price adjustment if possible. Some stores may adjust the price of products that have dropped in value after your purchase. Always keep your receipt and monitor the product’s price over the following weeks.
7. Avoid the extra costs. Avoid unnecessary add-ons, such as extended warranties and rapid shipping, that hike your costs. Basic warranties and events like ‘Free Shipping Day’ (Dec. 17) enable last-minute orders without incurring delivery charges.
8. Be aware of your credit card perks. Aside from rewards, some credit cards also offer price guarantees. This means a partial refund is available for qualifying purchases if their price drops within a specific period. These refunds differ from price adjustments as they are issued by your credit card provider, not the retailer.
