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 August 16, 2019

      10 Best Calendar Apps to Stay on Track in 2019

      10 Best Calendar Apps to Stay on Track in 2019

      The success of our day is largely dependent on the quality of our planning. Not to miss out anything in their to-dos, some people prefer to make a list of upcoming tasks in a notebook, while others have long started using digital technology solutions.

      Calendar applications are some of the main tools that are worth using to organize our life and plan your time carefully.

      Many people have switched to specific tools; however, there are still some who do not use calendars on a daily basis. They may find some applications uncomfortable to use, non-functional, or expensive.

      In this article, we are going to check out the best calendars apps to help you stay organized.

      1. Cal Calendar

        Cal Calendar has recently appeared on the market of mobile applications (Android, iOS). It is the brainchild of the development team of Any.do that features impressive functionality and well-thought-out design.

        The application comes with many great features, including support for Exchange and Google Calendar, widgets, voice recording, and many more.

        Cal Calendar has direct integration with Any.Do To-Do List, which gives you a unique tandem of two applications.

        Apart from its extended functionality, Cal Calendar is easy to use. The creation of events is very simple and fast.

        What is more, depending on the name of the event, the application automatically adds contacts and geolocation data to the entry description. You can even import your lists and entries from Any.do.

        Cal Calendar is a great option for any type of user. It is very convenient and doesn’t overcomplicate the mode of display.

        Another good thing is that this tool is available for free, so you can use it without spending a dime for the software.

        Available for iOS and Android

        2. Google Calendar

          Google Calendar is the official calendar for Android devices that has been tested out by many users around the globe. If you are right now trying to get away from it, consider changing your mind.

          Since this application is installed on most Android devices by default, many users think that there is nothing special in this program. They are wrong.

          Advertising

          Google has been updating its calendar for quite a few years, and now it comes in Material Design with advanced event features, direct integration into other Google services (for example, supports reminders and Google Now), and comes with Exchange support.

          The program is super easy and will not cost a dime for you. It is a good thing, right?

          Available for iOS and Android

          3. Jorte Calendar

            Jorte Calendar is one of the most popular calendar applications in the Google Play store.

            The program features a wide range of configuration options, with many design alternatives. You can adjust display mode to your needs and view calendar entries sorted by month, week, or day (by hours). It is convenient for quickly picking the desired date, using task bars, and setting reminders.

            Apart from its ordinary information storing function, this application can be a special cloud service, Jorte Cloud, allowing you to synchronize calendars, schedules, and task lists on multiple devices. The application also supports data importing from Google Calendar.

            For those paying attention to the program design, there is also Jorte Store, where you can buy styles and icons to personalize the calendar. This feature makes Jorte is one of the brightest calendar applications.

            A basic version of the app is free of charge, so if you do not want to spend money on a calendar application, it is a good option.

            Available for iOS and Android

            4. Business Calendar

              Business Calendar is geared towards people who use their calendar for work purposes and business task planning. It offers different modes with wide configuration capabilities.

              The application gives a default view mode by months, and events can be marked in different colors. Display modes/ sorting can be adjusted to your needs (by month, day, year, or events).

              You can also set a multi-day viewing mode to see how things look for the next few days. Scrolling up and down moves you by month, and if you check a few days, they will be shown in a more detailed form.

              The day display mode offers hourly scheduling, and the schedule mode provides a detailed schedule for a single event.

              Business Calendar is a great tool for planning/ scheduling cases, tasks, and events. There is a support for recurring events, which can be set up in just a few clicks.

              Advertising

              Having purchased software, you can use it to import and export other calendars, delete, copy, or move several events at the same time.

              Android Business Calendar application may seem somewhat chaotic, but it works fine and is easy to work with if you play with it for a while.

              A full version of the application is available for $4.99, but you can also find a free version for the app test drive.

              Available for Android

              5. aCalendar

                aCalendar opens our collection of top 10 calendar applications available on the market today. With its appealing design, easy navigation, and great functionality, it is one of the most popular calendar apps in our list.

                Some of extra functions include color schemes for each case type (48 colors to choose from), different types of demonstrations, different widgets, moon phases, and much more.

                Taking into account it functionality, aCalendar is a reliable calendar application that has an easy-to-navigate interface with three display options. Scrolling from side to side allows you to switch between the display modes of the month, week and day.

                When scrolling down and up, you are moving through the calendar at intervals in accordance with the selected display mode.

                Apart from its time planning feature, aCalendar synchronizes photos from contact lists or social networks to remind you about birthdays, anniversaries, or any other special dates.

                The program also supports data transfer through NFC and full-screen widgets, which eases your work with any data.

                The program is available for free, but you can also get even more features if you buy the extended version of software for $4.99.

                Available for Android

                6. DigiCal Calendar

                  DigiCal Calendar is very similar to Cal Calendar in the fact that the application focuses on design more than on its functionality. However, this doesn’t mean that the application doesn’t serve the purpose.

                  With this calendar application, you can synchronize all your calendars and view them in different ways.

                  Advertising

                  Along with the basic functions, this program comes with support for Google Calendar, Outlook, and includes some unique and interesting features. You can match keywords to the image or set up a dark theme.

                  The app can even show you the weather forecast for three days. There are many other features that deserve the attention of people who really like to use calendar applications.

                  Available for Android

                  7. SolCalendar

                    SolCalendar can be called a universal application. It claims to be an all-in-one digital solution having a basic calendar functionality combined with some other advanced features, such as weather forecast for a specific day.

                    The application supports Google Calendar, as well as tasks, widgets, lunar calendar and even Foursquare.

                    Those searching for a calendar application to cover just everything in its functionality, SolCalendar is a program to consider. There are a lot of interesting things in this application; the program does an excellent job working in “all-in-one” mode.

                    Test SolCalendar – the application is available for free. You can test it out without purchasing the service.

                    Available for Android

                    8. Calendar

                      Calendar is a relatively new app. It works as a web app and for both iOS and Android devices. It is an intelligent app that learns your contacts, schedule and tasks. It also helps you schedule and arrange meetings according to your available time slots.

                      A good thing about Calendar is that it allows you to sync up with other calendars you use such as Apple Calendar and Google Calendar. And so you can manage all the calendars you have in one place.

                      Calendar also gives you analytics of your meetings, giving you a clear picture on how you can improve your time management.

                      Available for Desktop, iOS and Android

                      9. Today Calendar

                        Today Calendar is one of the most hip and edgy calendars in our list. The solution was one of the first ones that really embraced Material Design and remains one of the few that adhere to the neat style.

                        Advertising

                        The calendar application offers bold colors, simple controls, and great functionality. This is not as heavy an application as many others; it will not eat all the memory of your device.

                        If you are not searching for something complicated and over-functional, Today Calendar is what you need. You can always test the application before paying for it – the program is available for free.

                        Available for Android

                        10. Calendar Widget: Month

                          Sometimes people do not need a heap of calendar applications. They would prefer to have one efficient calendar widget.

                          Calendar Widget: Month perfectly fills this niche and meets all the needs of a modern user. It has some features of an ordinary calendar, but the real great thing about this software is that it has 80 or more themes in its library.

                          The design of the application is great; the themes are perfectly tuned. There are options for almost any theme of your smartphone. The only drawback is the fact that the widget memory is not too large, and you should be ready for it.

                          This simple calendar widget was created in the image and semblance of widgets from Yahoo. The widget window displays one calendar month with the ability to go to the previous and move to the next one.

                          If you need a simple and affordable calendar to plan your tasks and affairs for one month, this widget is ideal for you. Calendar Widget: Month is so simple that it does not even have Google Calendar support.

                          At the moment, it does not have the function of connecting any third-party calendars and services. Developers allow the possibility of introducing support for Google service as an addition to the widget, if users request to have this opportunity.

                          Available for Android

                          Our Verdict

                          Searching for the right application to manage your various calendars and plan your busy day can sometimes turn into a streak of obstacles.

                          Most of us need flexible applications that can be easily used to manage our tough schedule. The application should have all necessary time planning functions and be intuitive.

                          Stylish design and limitless compatibility also matter. It is not always easy to find such a program.

                          The above digital calendar solutions fall under the category “worth” of being used. They are modern, multifunctional, easy, and easy. Pick the one you like!

                          More Productivity Apps

                          Featured photo credit: Unsplash via unsplash.com

                          Read Next