Advertising
Advertising

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

Advertising

    Image Courtesy

    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.

    Advertising

    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.

      Image Courtesy

      Advertising

      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.

      Advertising

      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

      More by this author

      50% of Marriages Ends up in Divorce, Is It That Hard to Save a Marriage? Top 5 MP3 Music Downloader Apps 7 Effective and Readily-Available Herbal Remedies for Modern Ailments 6 Powerful Tips for Successful Contract Management How to Safely Browse the Deep Web

      Trending in App

      1 Introducing 13 Useful Free Apps For you To Install Today 2 7 Essential Tools Every Serious Startup Needs 3 Four Things to do with Google that most People Don’t Know 4 13 Secret Google Functions That Can Instantly Make Your Life Happier And Easier 5 Appraisal of the iPhone Family Tracker app

      Read Next

      Advertising
      Advertising
      Advertising

      Last Updated on June 17, 2019

      40 Top Productivity Apps for iPhone (2019 Updated)

      40 Top Productivity Apps for iPhone (2019 Updated)

      Over the years here at Lifehack, we’ve discussed plenty of apps that you can use to improve your overall productivity.

      There are certain ones that many of our contributors and editors (past and present) have adopted over the long-term — there are always the stalwarts that stick around. But there are also new apps that crop up every day, adding more and more depth to the app category.

      Some of the apps are incredibly plain and simple, while others are more robust and offer more features than you can shake a stick at. And everyone has the one they prefer.

      It’s been our job (and still is our job) to keep abreast of all of the productivity-type apps out there. As a result — and as a bit of a refresher — we’ve put together a list of 40 best productivity apps for iPhone (all categorized based on their functions) to provide you with an all-in-one resource for you.

      For Getting Things Done

      1. OmniFocus

      This app is, while pricey, considered to be one of the (if not the) most robust and full-featured productivity apps on the market.

      Download it here.

        2. Forest

        Train yourself to put your phone down and stay focused on the task at hand by playing with this planting game. It’s fun and will help you achieve more.

        Download it here.

          3. Things

          Another robust choice, this app is a favorite amongst “productivityists”.[1]

          Download it here.

            4. 30/30

            Recently covered here at Lifehack

            , 30/30 is a newcomer to the game that incorporates lists and timing of tasks into an elegant and easy-to-use interface.

            Download it here.

              5. Any.Do

              A beautiful-looking app that is both easy on the eyes and your wallet.

              Download it here.

                6. PocketLife Calendar

                This calendar app is specifically designed to be stylish and super easy-to-use. You can organize your life easily with different modern features.

                Download it here.

                  7. Asana

                  We’ve covered Asana here at Lifehack

                  , and it is being actively developed by a strong team committed to making collaborative task management a more efficient and effective experience.

                  Download it here.

                  Advertising

                    8. ToDoist

                    This app keeps track of everything – from simple errands to your most important projects – so you can get it all done and enjoy more peace of mind along the way.

                    Download it here.

                      9. FlowTasks

                      From the folks at MetaLab, Flow is a gorgeous collaborative task management app that is easy-to-use and incredibly functional.

                      Download it here.

                        10. Calendars 5

                        This calendar app focuses on events that help you to keep track of upcoming events and tasks easily. It has everything you need to organize, track and complete your to-dos.

                        Download it here.

                          11. Clear – Tasks, Reminders & To-Do Lists

                          A fun and innovative list-making app that relies on swiping and pinching to make things happen. Clear created a lot of buzz when it launched, and might be the perfect to-do list gateway app for many.

                          Download it here.

                            12. Due

                            A robust reminders app that lets you store and maintain reminders of all types. It’s replaced Reminders for me when it comes to the basics, and it’s worth a look if you want to keep the mundane stuff out of your head and cluttering your mind.

                            Download it here.

                              13. Checkmark 2

                              I use this app

                              for location-based reminders (such as groceries I need to get or single items I need to pick up from various locations). Checkmark is simple to use and a valuable addition to my productivity arsenal.

                              Download it here.

                                14. TeuxDeux

                                Created by Tina Roth Eisenberg and Fictive Kin — Teux Deux is simple and incredibly stellar in terms of design. If you like lists (including the popular “Someday Bucket”) and want to associate dates with tasks, then Teux Deux will be right up your alley.

                                Download it here.

                                  15. Wunderlist 

                                  Another incredibly popular choice is Wunderlist. Part of 6Wunderkinder’s software family, it sports a gorgeous design and is incredibly functional. We’ve talked about the app a couple of times here at Lifehack, so check those posts out here.

                                  Download it here.

                                  Advertising

                                    16. Nirvana

                                    For the GTD enthusiasts, there’s Nirvana. Straight from the source: “Nirvana frees your mind to focus on actually getting things done. If you’ve had enough of generic to-do lists, it’s time for Nirvana.”

                                    Download it here.

                                      17. Priorities

                                      An elegant-looking task management app that has received decent reviews,[2] this could be the one for you if you’re not a fan of OmniFocus or Things — especially if you need (or want) to share tasks with others.

                                      Download it here.

                                        For Building Habits

                                        18. Productive

                                        With this app, you can plan your habits with an easy-to-use interface, schedule habits for any time of the day, set smart reminders for each time of the day and stay on track with useful feedback. This app is perfect for anyone who wants to build a habit that sticks.

                                        Download it here.

                                          19. Habitica: Gamified Taskmanager

                                          You can complete tasks and build habits in a more fun way with this app. Input your Habits, your Daily goals, and your To-Do list, and then create a custom avatar. Check off tasks to level up your avatar and unlock features such as armor, pets, skills, and even quests.

                                          Download it here.

                                            20. Streaks

                                            This app follows the model of the popular “don’t break the chain method” in that you use the app to track how you are donig in the pursuit of your goal. Great for goal-setting — and an easy and elegant interface to boot.

                                            Download it here.

                                              21. Remember The Milk

                                              Another popular to-do list app, Remember The Milk has a huge following. It has plenty to offer, including the ability to share tasks with others.

                                              Download it here.

                                                22. Day One Journal

                                                When it comes to journaling, nothing really beats Day One. Its latest update added a slew of features that will make you want to start making journaling a habit.

                                                Download it here.

                                                  For Files Organization

                                                  23. Evernote

                                                  Touted as the world’s most widely-used productivity app, Evernote an be used simply as a notetaking app or can be customized to be your GTD app of choice — among other things.

                                                  Download it here.

                                                    24. Pocket

                                                    You can save an article, video or link you want to read or watch later to Pocket from anywhere including your computer, Safari, email, and your favorite apps like Facebook, Twitter, Flipboard, and Feedly.

                                                    Download it here.

                                                    Advertising

                                                      25. Sync.Me

                                                      This app identifies unknown phone calls, warns you from annoying spam calls, and adds a caller picture to your contacts from Facebook, Twitter and Google+.

                                                      Download it here.

                                                        26. Droplr

                                                        One of the most popular file-sharing apps out there today. Straight from the source: “Stay productive on the go. Droplr for iPhone keeps you in sync and makes sharing on the iPhone natural.”

                                                        Download it here.

                                                          27. Dropbox

                                                          Before iCloud, there was Dropbox. And there still is Dropbox, which is still widely used by both Mac and PC users all over the globe. It’s like having a flash drive in your iPhone. A must-have.

                                                          Download it here.

                                                            28. iDolly 

                                                            In conjunction with Dolly Drive and DollySync, iDolly allows you to edit and share your documents from your iPhone.

                                                            Since all your changes sync automatically to all your devices, the current version of a document will always be accessible because Dolly Sync keeps everything in sync. Very handy.

                                                            Download it here.

                                                              29. Soulver

                                                              It may seem odd that a calculator app shows up on this list, but this is no ordinary calendar app. Ben Brooks over at The Brooks review describes Soulver as follows: “It is what calculators would have been if they were invented at the same time computers were, instead of what we have with most calculator apps.” [3]

                                                              Download it here.

                                                                For Working Smarter

                                                                30. Captio

                                                                A simple capture tool. Straight from the developers: “It’s simple. Open Captio and start typing. When you’re done, hit Send. The note is immediately delivered to your email inbox.”

                                                                Download it here.

                                                                  31. Drafts

                                                                  A tremendous capture tool that allows for simple capture, followed by sending items to various applications such as OmniFocus, Things and more.

                                                                  Download it here.

                                                                    32. NoteShelf 2

                                                                    This is a perfect note-taking app for you. You can take beautiful handwritten notes, type, annotate PDFs, record audio & create lists. You can organize them into categories or groups.

                                                                    Download it here.

                                                                    Advertising

                                                                      33. Doodle

                                                                      This app links directly with the Doodle service, which is one that allows you to plan and organize meetings far more efficiently and effectively. Lifehack contributor Steve Dotto has written about Doodle more in-depth here.

                                                                      Download it here.

                                                                        34. TextExpander (Legacy)

                                                                        I have saved countless hours of time with TextExpander, and despite its inability to be as robust on iOS as it is on the Mac, it is still a worthy app to have in your arsenal.

                                                                        Download it here.

                                                                          35. Launch Center Pro

                                                                          A quick launcher for the iPhone that doesn’t just launch an app…with some of them it can do much more. This app saves you time by launching complex actions in a single tap.

                                                                          Download it here.

                                                                            36. GoodReader

                                                                            This may seem to be an odd one to make this list, but here are plenty of reasons why it is here with this article.

                                                                            Download it here.

                                                                              37. LogMeIn

                                                                              Want to be able to control your Mac from wherever you are? Then get this app.

                                                                              Download it here.

                                                                                For Improving Security

                                                                                38. 1Password

                                                                                There is simply no better password manager out there. I’ve even put together a 1Password Emergency Kit worth looking at here.

                                                                                Download it here.

                                                                                  39. LastPass Password Manager

                                                                                  You can store passwords and logins, create online shopping profiles, generate strong passwords, track personal information in photo and audio notes.

                                                                                  All you have to do is remember your LastPass master password, and LastPass autofills web browser and app logins for you.

                                                                                  Download it here.

                                                                                    40. Truecallers

                                                                                    Identify and block spammers, search for unknown numbers and call friends easily with this app. With a community-based spam list from over 250 million users, you’ll need this app.

                                                                                    Download it here.

                                                                                      There are plenty of other options out there (and we’ve heard from readers in the past as to what they enjoyed using), but these 40 are among the best.

                                                                                      More Great Apps Recommendations

                                                                                      Reference

                                                                                      Read Next