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3 Smart Ways to Increase Your Savings When Shopping Online

3 Smart Ways to Increase Your Savings When Shopping Online

Researchers now predict that in US alone, over $ 523 billion will be used on online shopping (total sales) annually by 2020, representing a 56% increase from the $335 billion recorded in 2015.[1] This is an era when online shopping is gradually becoming the norm and increasingly replacing the traditional form of store-based shopping. Unfortunately, an increase of online shopping is simultaneously prompting the increase of random purchases. The budgeting process is gradually losing its effect on modern shopping, and most people often remember a budget limit after making an online purchase. It used to take time, effort, and careful planning for people to buy even the most basic of their products and services, thus reducing the expenditure to a level that can be matched by income generation. Spending time before making a purchase often increased consideration of ways to increase savings and helped avoid unnecessary expenses.

Today unfortunately, similar goods and services not only lack the physical comparison with competing alternatives, but they can also be purchased with a single click. The immediacy of making a purchase omits careful consideration and budgeting. Today, almost anything is available within an instant, and the only possible delay is when it is being shipped from and to any global jurisdiction.

Without budgeting, contemporary online purchases are characterized by:

  1. Excessive expenditure/spending
  2. Absence of comparative review of competing products/services
  3. Short-term considerations of otherwise temporal needs
  4. Increment of instantaneous needs
  5. Lack of adequate appraisal of product/service features in comparison to need
  6. Lack of financial foresight to increase savings for every purchase

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    The biggest loss experienced from modern online shopping, therefore, is the savings account where, without reliable budgeting, expenditure can and often does outweigh the income. If the World Wide Web is only starting what will be its phenomenal and greatest growth phase, then it is only wise to advance your consumption behaviors and tendencies.[2] The article purposed to reviews the three most essential strategies, all synthesized from a comprehensive critical review of contemporary literature, and backed by numerous scientific and empirically credible research studies conducted by highly-esteemed scholars and researchers. As such, using the three strategic steps below, generated by based recent empirical research studies across the globe, can nonetheless help you increase your savings even when shopping online.

    3 Research-Based Initiatives to Increase Savings during Online Shopping

    1. Exploiting Cost-Saving Avenues

    Economic professors from London and Washington DC conducted a study in London posing the question of how “consumers save” during shopping, as part of the “consumer shopping behavior” (Griffith et al., 2009, p. 99). In the study, as published by the Journal of Economic Perspectives, Griffith, Leibtag, Leicester, and Nevo (2009) observed how little modern consumers consider ways to save when shopping, such that the “potential and actual savings” is often decimal (p. 100). The study highlighted ways in which modern consumers can and should save on their shopping cost, including:

    • Strategically determining when to buy and how much to buy to save overall costs
    • Buying products in bulk, which provides lower price per unit bought
    • Purchasing outlets that reduce transport costs
    • Exploiting seasonal quantity discounts for specific services of products
    • Watching out for temporary price reductions, particularly among companies that offer reward programs for their customers

    These same findings accrue in online shopping and can therefore help you acquire significant savings. For example, you can opt to purchase a service/product using coupons and promotion codes, which reduces your checkout costs. Other opportunities to increase savings during online shopping includes exploiting free shipping offers, although it is important to determine the credibility of such offers, but the use of cost savings avenues has been established by many other empirical studies. Example of studies include Deaton (1998) on “getting the price right” (p. 37), Seock and Norton (2007) on “channel choices for purchasing: (p. 571), Katawetawaraks and Wang (2011) on influences of “online shopping decision” (p. 66), Rudansky-Kloppers (2014) on “factors influencing customer online buying” (p. 1187), and Yu and Wu (2007), on the “determinants of internet shopping behavior” (p. 744). All these empirical studies agree that using strategic measures/avenues to save cost while purchasing online can aggregate to immense savings for you every time you shop online.

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    2. Overcoming Behavioral Uncertainty

    A research study published in the first issue of the International Journal of Internet Marketing and Advertising applied the Transaction Cost Economics theory to analyze the shopping behavior of Chinese consumers. The study was commissioned by the School of Business in the National University of Singapore. Following the study, Teo, Wang, and Leong (2004), concluded that, consumers’ online shopping behavior is characterized by six unique and distinctive antecedents, among which were:

    • Convenience (to be explored hereafter as studied in India by Ganapathi in 2015)
    • Economic utility of product/service consequent of short-term considerations when purchasing otherwise temporal needs (as explained in the introduction above)
    • Product uncertainty due to the absence of comparative review of competing products/services as well as increment of instantaneous needs (as explained in the introduction above)
    • Behavioral uncertainty among consumers (important for the present discussion)

    With over 198 million consumers in the US shopping online in the first three months of 2014, online shopping is slowly becoming the only way people shop globally.[3] Teo, Wang, and Leong (2004) established that, based on the theory of Transaction Cost Economics, online shopping triggered behavioral uncertainty among the Chinese consumers since purchasing decisions were not organized, strategically predictive, or justified by valuation. Rather, the decisions were based on momentary appeal of the products/services being offered. It is therefore critically essential that all your online purchases are deliberate, strategic, value-based, and are strategically founded on the economic utility of whatever you purchase. Only then will you aggregate the occasional, yet avoidable, whims of purchases into considerable savings.

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      3. Avoiding Self-Serving Convenience and Random Purchases

      The digital age has come with an outstanding level of laziness and passiveness among consumers. Focusing on Indian consumers in Chennai, Ganapathi (2015) recently investigated how consumers in Chennai city behave during online shopping. Importantly, the Assistance Professor identified the factors that significantly influence these shoppers’ behaviors. According to the study, regression analysis indicates a significant relation between online shopping behavior and convenience, where the little purchasing decisions are often pegged on what is most convenient for the consumer.

      The findings reported by Ganapathi (2015) concur with those reported by other scholars and researchers across the globe, including Teo, Wang, and Leong (2004) in China, Rudansky-Kloppers, S. (2014) in South Africa, Andrew and Vanitha (2004) in the USA, as well as Bulter and Peppard (1998) in the UK, among many others. As such, the first step to increase your savings is to ensure that your purchases are shaped by what you need, and the best available for their price range, and not what is more convenient to you. After all, you will never be obligated to shop for anything, at any time, and at any online shop. It is your personal and deliberate decision to shop.

      In conclusion, the aforementioned article has highlighted online shopping can easily lack the physical comparison of products/services with competing alternatives, omit critical budgeting, and lead to excessive wastage of resources. The lack of budgeting in contemporary online purchases is characterized by excessive expenditure/spending, absence of comparative review of competing products/services, short-term considerations of otherwise temporal needs, increment of instantaneous needs, lack of adequate appraisal of product/service features in comparison to need, and lack of financial foresight to increase savings for every purchase.

      The article has provided a comprehensive critical review of contemporary literature, punctuated by numerous empirical studies from almost every continent on the globe.

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      As such, based on the foregoing review on saving costs during online shopping, you will be better advised to:

      (a) exploit available cost-saving avenues

      (b) overcome negative behavioral uncertainty, and

      (c) avoid self-serving convenience and random purchases.

      Only then, will your expenditure leave an adequate gap in your income, to generate significant savings.

      Featured photo credit: Freepik via Freepik.com

      Reference

      [1]http://www.huffingtonpost.com/rachel-wolfson/from-halloween-to-amazon-_b_12628616.html
      [2]http://www.forbes.com/sites/walterloeb/2016/08/09/the-future-of-retailing-the-revolution-to-technology-is-now/#250a091d383e
      [3]http://www.businessinsider.com/the-surprising-demographics-of-who-shops-online-and-on-mobile-2014-6

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      Last Updated on August 15, 2018

      25 Most Useful Excel Shortcuts That Very Few People Know

      25 Most Useful Excel Shortcuts That Very Few People Know

      Imagine if you could use 5 simple shortcuts while working in Excel, and increase your productivity without wasting time for searching information in huge tables, writing long formulas, and sorting the data.

      Or even better:

      What if you would get 25 useful shortcuts… and each of them could simplify your work, so you could do much more every day?

      You’d definitely feel excited to read about them.

      Today is your lucky day because we are going to share with you in this article 25 great Excel shortcuts you can use in your work every day! This is your lucky chance, so go ahead and become a real professional in Excel without wasting your time.

      How important are Excel shortcuts for you?

      The most effective thing to check out if people really need something is to release a survey and look at the results. So, according to the anonymous survey, 99% of people said Excel shortcuts are critical or important for them.

      In general, there are more than 200 shortcuts in Excel. But when we have analyzed the data about how many shortcuts people know, we got the next results:

      • 26% of people know 10 or fewer shortcuts;
      • 61% of people know 10-50 shortcuts;
      • 10% of people know 50-100 shortcuts.

      As you can see, not so many people know a lot of shortcuts. Probably, some of them never think about increasing their productivity in such a simple way.

      Of course, it depends on how deep you use Excel. Some people use this powerful application just for making simple tables or graphs, others use it for everyday work to count something.

      Most of the accountants and businessmen use much more Excel functions for more complex tasks such as creating VBA macros, managing PivotTables, recalculating huge workbooks, outlining data, etc.

      But even those people who work with Excel every day very close may know a few shortcuts. Needless to say, they can do their job without shortcuts, but it usually takes for them much more time. T

      his sounds not funny, especially if you must finish a huge amount of work urgently. There is a great opportunity for you to increase your productivity in Excel and do your job faster with our useful shortcuts.

      5 Main reasons to learn excel shortcuts

      Many people don’t understand why they should use shortcuts if they can work without them. Of course, if you use Excel twice per year to make a simple table or a graph, it is probably not so important for you to know many shortcuts.

      But if you work in Excel every day, sorting huge tables and managing with tons of data, then shortcuts will help you to reach the next five goals:

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      1. Work efficiently and faster in Excel
      2. Manage big amounts of data easily and fast
      3. Stay calm and concentrated even while doing a tedious job
      4. Make your work accurately and properly without errors
      5. Get a better understanding of Microsoft Excel

      Who can use Excel shortcuts?

      There are a lot of people who can simplify their life with Excel shortcuts, and here are the groups that will definitely love using them:

      • People who work in banks, finance organizations, etc.
      • Businessmen who make tons of various reports and presentations in Excel for meetings and briefings.
      • Students who usually are lazy and impatient to make their homework because they don’t want to waste a lot of time working in Excel.
      • Private entrepreneurs who keep various data in Excel tables.

      Whether you are a student who hates Excel because it seems a time-wasting and boring application, or you are an accountant who must recalculate huge worksheets every day without making errors, we recommend reading and learning these Excel shortcuts to make your work simpler and save some time.

      With these simple but useful tricks, it is so easy to finish your job and get more time for yourself.

      25 Excel shortcuts to increase your productivity

      Here are 25 great Excel shortcuts you should learn and use for work or studying to make your job faster and simpler. Try to use them all and you will realize you were totally blind before while working in Excel:

      1. Format whatever object fast with Ctrl+1

      If you select any object in Excel – a cell, a chart, a chart axis, a drawing object – then press Ctrl+1, and you will get the Properties dialog for the certain object. This shortcut offers a very quick and easy way to format whatever object you’re working with.

      2. Use range names with Ctrol+G or F5 key

      If you use range names (which we strongly recommend to do) and you want to choose the range with a specific name references, press either Ctrl+G or the F5 key, which launches the GoTo dialog.

      If the name is simple, you can click on it in a list in that dialog. But if it’s at all unusual, Excel won’t list it; so you will need to type in the name. Then press OK.

      3. Use a range name in a formula with =sum( and F3

      Suppose you want to use a range name in a formula. For example, you want to sum the Sales range. Enter…

      =sum(

      …and then press F3.

      When you do so, Excel launches the Paste Name dialog. Just choose “Sales” from the list, press the OK button in the dialog, then enter the SUM function’s closing “)” to complete the formula.

      4. Launch Function Arguments dialog easily with Ctrl+A

      Suppose you want to check the help topic for a worksheet function. For example, you want to read about the MATCH function. In a cell, type…

      =match(

      …and then press Ctrl+A, or click the Insert Function (“fx“) button to the left of the formula bar.

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      When you do so, Excel displays the Function Arguments dialog, which might offer all the help you need.

      But if you still want to see the complete help topic, click the blue “Help on this function” hyperlink in the lower-left corner of the dialog. This technique works with all documented Excel functions.

      5. Copy stuff down the column without scrolling with Ctrl+D

      If you added a formula in a new column on the right of a huge dataset, and you want to copy that formula down without scrolling, do these steps:

      • go to the right to the column that has data (the column to the left of the new column with the formula);
      • press Ctrl+Down – to get to bottom;
      • move one cell to the right (with arrow key naturally);
      • press Ctrl+Shift+Up to select the new column, at the top of which is the formula you just created;
      • press Ctrl+D to fill down the formula.

      6. Quick access to any function with Alt+

      By customizing the quick access toolbar, you can create simple shortcuts to commands that you would otherwise have to find in the Ribbon tabs, or macros you have created yourself.

      The keyboard shortcut is simply selecting Alt+ (the number of the command you wish to select).

      For example, if you have customized your quick access toolbar to have Calc Sheet, Save, Open. To calculate sheet you would hit Alt+1, for save Alt+2, and for open Alt+3.

      A lot of people are unaware of this useful function, and it’s a great time saver.

      7. Format cells with Ctrl+1

      When you need to format cells, use Ctrl+1. Most people know this as the shortcut for the Format Cells dialog, but you can also use it to format almost anything in Excel, without a care about the state of the ribbon. Try this amazing and simple shortcut!

      8. Choose visible cells with Alt+

      When you need to choose visible cells only – use Alt+. This is the trick to copy only what you see. It is a priceless shortcut when you’re manually hiding rows and columns in the table.

      9. Use filtering

      Filtering – it is a powerful way to slice, dice, and sort through a huge table of information.

      It’s amazingly effective when you’re participating in a meeting to discuss something like a sales forecast, and everyone is looking in real-time at your spreadsheet projected on a screen (or on their monitors).

      To some people, you will be seen as the God of Spreadsheets, and this is not a joke!

      10. Insert or delete column/row easily with the Ctrl key

      Some people waste a lot of time even for simple operations, for example, when they need to insert/delete columns and rows in Excel.

      Use this shortcut to insert: with an entire row or column selected, use Ctrl+Shift ++.

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      To delete: with an entire row or column selected, use Ctrl + –.

      11. See formula results with F9

      If you want to check formula results within multiple formulas, highlight the formula and select F9 to see formula result.

      Don’t forget to undo before exiting the formula.

      12. Use ALT+Enter for more text within a cell

      If you want to add a second line of text within a cell, use ALT+Enter.

      13. Use EDATE to move a date on by a full calendar month:

      Here’s how to use EDATE:

      =EDATE(15/01/16,+1) = 15/02/2016 (15th Feb 2016)

      =EDATE (15/01/2016,-2) = 15/11/2015 (15th Nov 2016)

      14. Use EOMONTH to move a date onto the end of the month:

      Here’s how to use EMONTH:

      =EOMONTH(15/01/2016,0) = 31/01/2016 (31st Jan 2106)

      =EOMONTH (15/01/2016,-2) = 30/11/2015 (30th Nov 2015)

      15. Remove spaces with TRIM

      TRIM is a useful function known by few people. It removes any spaces at the beginning of a value. This is useful if you are pulling in values from somewhere else.

      16. Repeat commands with F4 or Ctrl+Y

      In many cases, you may need to repeat your last action. Use F4 or Ctrl+Y; you can repeat many commands like applying the same borders, format, or insert a worksheet again.

      17. Quick access to cells with the Ctrl key and Shift key

      When you need to go to the first or last cell of a worksheet, no matter where you are, use Ctrl+Home, Ctrl+End combinations.

      And here is a pleasant bonus for you: add the Shift key to select everything on the way!

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      18. Use Ctrl+ to create a timestamp

      If you need a date stamp and/or a timestamp in your document, there is no need to type a date and time! Use shortcuts Ctrl+ ; (date) Ctrl+Shift+ : (time). It works like a magic and helps to save your time and nerves.

      19. Use autosum shortcut for sum function anywhere

      Autosum shortcut – use Alt =. It is a “magic” shortcut of Excel to automatically insert a sum function.

      You can use this shortcut to sum rows, columns, or even an entire table in one step without wasting your time.

      20. Use data validation

      This is an amazing but underutilized tool in Excel, which can be used for a variety of things:

      • Create dependent drop-down lists;
      • Create drop-down lists;
      • Protect/restrict data input of specific cells (without the need for VBA macros).

      21. Use conditional formatting

      It can be used for various purposes such as color format or cell format of cells, rows or columns based on dependent cell values or formats.

      22. Use formula auditing

      This is a great tool to analyze and trace precedent or dependent cells, check errors and evaluate formulas.

      The “Watch Window” is a feature to keep a snapshot of an area of the spreadsheet, and then move to another area of the workbook – particularly valuable if you’re managing large spreadsheets or don’t have a second screen.

      23. Use Scenario Manager to generate summary outputs of a spreadsheet

      Scenario Manager (under “What-if Analysis”) enables users to generate high-level, summary outputs of a spreadsheet – without the need to replicate the entire workbook.

      It will present multiple scenarios of a spreadsheet in a succinct, high-level summary worksheet.

      24. Use INDIRECT to set up large tables

      INDIRECT makes it easy to set up tables which reference larger tables without a lot of referencing work or cutting and pasting; especially for dynamic spreadsheets.

      25. Use OFFSET for complicated calculations or formulas

      OFFSET can be useful for things like calculating YTD numbers or creating formulas that take data in rows and using in columns.

      The bottom line

      As you can see, when you have a boring or tedious job to do, the best way to do it fast is not looking for a way how to avoid it, but searching for the shortest variant to do it!

      That is why we suggest keeping in mind these Excel shortcuts that will help you to save a lot of time and nerves.

      If it seems hard for you to remember all them, you can print out the list of shortcuts and keep it on your worktable. Use it to search for some help when you need it, and over time, you’ll remember all shortcuts easily.

      Featured photo credit: Unsplash via unsplash.com

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