(CTN News) – Since Amazon introduced Prime Day in 2015, July sales have been enormous for businesses. Even with fantastic prices, personal finance experts advise against deceptive advertising and buying unnecessary items.
In recent weeks, people have been growing more enthusiastic about the 10th Prime Day event, which will take place on Tuesday and Wednesday for Prime members who pay $14.99 a month or $139 a year for free shipping and other benefits.
Other stores have capitalized on Prime Day with offers. This summer, Walmart, Target, Kohl’s, TikTok Shop, and Temu started sales before Amazon.
This was done to steal from Amazon deal-seekers.
There will be “best summer deals” at Macy’s from Tuesday to August 8. Why do businesses sell so much during the summer?
July offers aid August back-to-school buying, the second busiest season after the holidays. Electronics, home products, and seasonal items like bikinis and summer dresses cost more when costs are low.
Sales could help businesses battle “a summer lull in retail spending” because people are spending money on holidays and eating out, according to Coresight Research’s head of global research, John Mercer.
Mercer says “it drives a bit of excitement in that mid-year period,” when companies may be struggling to sell. He claimed that businesses utilized sales to increase spending during high interest rates and inflation.
Amazon doesn’t disclose Prime Day earnings, but it has proof. Last year’s “single largest sales day” sold almost 375 million products.
Amazon Prime Day sales might reach $12.5 billion worldwide in 2023, according to Emarketer. The company expects 7% sales growth this year.
What’s the pricing offer?
Change who you ask. It is common for store advertisements to use hyperbole in order to attract customers. Earlier this month, Wirecutter wrote that most of Amazon’s early discounts this year are disappointing.
Santa Clara University management professor and Amazon book author Kirthi Kalyanam says Prime Day offers are good. Halyanam said Amandon promoted small businesses on its website to acquire Apple discounts and cut their costs. People are used to Temu and Shein’s low prices, so Prime Day deals may not matter.
Kalyanam stated that “many of the deals may not be as competitive” as Temu and Shien’s.
Other stores may immediately try to match Amazon’s prices, he added. He said Best Buy dropped two goods when Amazon revealed early deals last week.
Numerator questioned 5,000 customers after Prime Day last year and found 40% discounts on some items. Survey responders discovered 60% or greater discounts on 25% of items.
Some retail workers stated Prime offers were smaller than they appeared.
Is there a way to budget and locate Amazon deals?
Personal finance gurus advise caution before buying if you’re on a budget. LendingClub customer support manager Mark Elliot advises, “Avoid the false sense of urgency of manufactured holidays.” “It’s simply not true by definition to say that the more you spend, the more you save.”
Dan Egan, VP of Betterment, a financial advice and investing business, advises users to list their wants beforehand to make good selections. He advises against late-night or bored shopping.
“Having a list makes it less likely that you’ll be sidetracked by unnecessary items,” he said. I recommend removing shop apps from your phone for a week or two if the list is practically empty. You’ll get several alerts otherwise.
He warned credit card holders that summer sales savings may be wasted on interest payments. “If a deal requires interest, it’s not a deal,” stated.
According to Consumer Federation of America head of consumer protection Erin Witte, summer offers are best with free or short-term memberships. After a while, these programs charge customers’ credit cards.
To cancel your membership, Witte advised setting a reminder.Think about it now. Remember that these companies made signing up for this product easy but canceling difficult.
Install the Amazon app, sign up for invitation-only offers, and wait in line for limited-time, sold-out deals.
Price comparisons matter.
Prime members who pay for Prime Day discounts may buy more. Before buying, compare costs on many websites.
Walmart’s price event this month was open to everyone, unlike Prime Day. Allowing Walmart+ users to sign up early improved the deal.
Target Circle, a new membership program, was promoted over the weeklong event to boost sales and foot traffic. However, only Target Circle members might get deals.
TikTok Shop’s summer sale was available to anyone. Celebrations continue till July 9.
Source: APN
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Salman Ahmad is known for his significant contributions to esteemed publications like the Times of India and the Express Tribune. Salman has carved a niche as a freelance journalist, combining thorough research with engaging reporting.
