Common mistakes and tips for good business
Thanks to the Covid-19 pandemic, Amazon was unable to have Prime Day in July of this year, but from Tuesday October 13 through Wednesday October 14 at midnight Pacific time, the sale is underway with exclusive discounts for Amazon Prime members.
According to consumer psychology expert Kelly Haws, like Black Friday or Cyber Monday, the idea with Prime Day is that Amazon “tries to throw a lot of it at a consumer to get them excited about this very opportunity. limited in time, ”said Vanderbilt University professor of marketing. .
With this in mind, it can be difficult for consumers to navigate the sale without overspending or buying things that they have no use for. So it’s important to know how to behave when it comes to sales and why, says Priya Raghubir, professor of marketing at New York University’s Stern School of Business, specializing in consumer behavior and psychology.
“It’s not only the very strong cognitive economic benefit that an agreement gives us, it’s also much more,” said Raghubir. For example, scoring a good deal on something can make us excited and even smarter, because we feel like we have minimized regrets.
Here are some common pitfalls to avoid if you’re shopping this Amazon Prime Day.
Amazon Prime Day offers are only available to Amazon Prime members, which adds an element of exclusivity that may require you to spend more money, Haws says.
It can also give members the feeling that “I should take advantage of buying more because I have already paid for the right to be in the ‘club’,” she adds.
If you’re not currently a member and want to participate in Prime Day, and don’t have an account yet, consider signing up for a 30-day free try. If you’ve had a subscription before, you can pay for a one-month subscription ($ 12.99 or $ 6.49 for students). But keep in mind that Amazon will charge you automatically when your free trial ends or your chosen subscription period ends, so you will need to deactivate the “automatic renewal” function in your preferences if you no longer wish to pay for the services.
If you are an Amazon Alexa user, you can ask the device to sign up for Prime, and you will receive $ 5 to use on the first day. Moreover, when Prime members spend $ 10 at Whole Foods or at a physical Amazon store by October 14, you get $ 10 (up to $ 50) credit to use Prime Day.
Ultimately, you should be asking yourself if it’s even worth spending the money to save money. In some situations, the subscription fee may be higher than the discount offered. Or if you have an eye for an item, it might be worth asking a friend or family member who is an Amazon Prime member to purchase it for you.
Research has shown that buying something for less than what you’re willing to pay, or less than the standard price, is good enough, no matter how much money you actually save. For this reason, products that you would never have considered purchasing may look more appealing simply because they are discounted for a limited time on premium day.
Streamline your Prime Day buying process by making a list of items you would actually like to mark. Add the products to your Amazon Wish List and the retailer will notify you if any of the items you covet becomes Prime Day offers, says Sara Skirboll, shopping and trends expert at RetailMeNot.
Also do some research on the cost of the items you want, so that when the time comes, you understand if it’s actually a really good deal, says Daws. “Often the price that serves as a benchmark when you have a discounted price is not the price at which the product sells,” says Raghubir.
(Last year the most purchased items on Prime Day included: LifeStraw Personal Water Filter, Instant Pot DUO60 and 23andMe Health + Ancestry kits.)
Some people really enjoy the “acquisition thrill” that comes with scoring what we consider “a good deal,” Haws says. From a psychological standpoint, we tend to feel “self-congratulating” when we buy products at a discount because we think we’ve baffled the system, says Raghubir.
If this sounds like you, create limits to avoid overspending on impulse purchases. Haws suggests giving yourself a budget (say, $ 50) for items that aren’t on your list but might get your attention on Prime Day.
“Take a game for yourself,” she said.
Or you can buy yourself an Amazon gift card, to be used specifically on Prime Day, Raghubir says.
“Scarcity is one of the most persuasive techniques used by marketers,” says Haws. Whenever there is a restriction, for example, the time you have to buy something or the amount of a product available, it seems more desirable, Raghubir adds.
In the case of Amazon Prime Day, you only have a limited amount of time (Lightning offers on Amazon Prime only last a few minutes) to purchase an item, which increases the urgency to act or respond immediately. But before you buy anything, ask yourself: will I still want it in three months?
“Force yourself to clarify what might be the potential future outcomes or consequences of this particular purchase,” says Daws.
The items included in Prime Day can be a bit of a purse. However, some categories tend to always be discounted, according to Skirboll. For example, smart home devices, televisions, laptops, home appliances, household essentials, beauty items, pet products and toys will likely be at a discount, she says. Plus, don’t forget that Amazon has a robust fashion section and a newsstand where you can purchase magazine subscriptions, she adds.
Amazon isn’t the only major retailer to have big sales in October: Target announced two “trading days” on October 13-14, and Walmart’s Big Save event will run from October 11-15.
Before jumping into an Amazon Prime deal, check to see if other retailers are offering it for less, suggests Haws. On the other hand, you can download the Amazon Assistant web browser plug-in, which will automatically compare prices and suggest products on Amazon or Google.
And if the item you want isn’t on sale, remember that Black Friday and Cyber Monday are just around the corner. “Chances are there is still a lot of great bargains in the market before and throughout the holiday season,” said Haws.
Downloading the Amazon app and enabling push notifications is an easy way to track offers in real time on Prime Day, Skirboll explains. You can also “Watch this deal” and get notified when a Lightning deal is open.
If you’re using devices that are compatible with Amazon Alexa, you can just ask, “Alexa, what are my Prime Day offers?” “
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