By the end of 2020 E-Commerce sales are expected to reach $4.2 Trillion. That is an eye-watering statistic but really highlights the direction our shopping habits are going in.
And with recent world events, it seem to be unstoppably moving more and more in that direction.
As a bricks-and-mortar business owner myself (albeit in the food industry) it is a frightening thought for the future of our high streets.
But with so much money now being spent online it does present us with a unique opportunity to save.
The online marketplace is competitive, so much so in fact that every retailer is desperate for our business. And they will pay a percentage of their margin to places that can generate them customers.
You may have heard of affiliate marketing, or cashback, or even commission structures. This is all a means to incentivise anyone with a voice to direct business in the direction of the sellers.
How Can Customers Take Advantage?
The presence of these marketing tactics means prices have become extremely competitive and there are vast opportunities to save money on the advertised prices for goods and services.
This is how discount companies like Groupon work. They bundle together deals and offer competitive prices to a large audience. They then get their cut and the partner they have worked with gets sales.
It’s a pretty nifty way to do business, and if you’re on the right side of the equation it truly is a great way to save money.
This is also true of cashback services where you get a small proportion back if you buy through the specific provider. Everyone in the chain gets something out of it. And that is a great thing.
So whats the problem?
Well, you need to actually remember to do it. Otherwise you will be paying way more than you need to. And although this may not seem fair, it’s perfectly legal and nothing more than a mechanism of capitalism.
It’s the free market economy working as it should be.
Don’t Get Left Behind
I hate it when I think of elderly or less tech savvy folk spending full whack for something they could have easily saved some money on.
And more often than not the savings that could be made are quite substantial. I was able to save 50% on a nearly $175 purchase, just by using the Honey browser extension – a way to make these savings automatic.
That’s nearly $85 – which is a lot of money!
So I feel it is important to make the saving of money democratic for all. Those ‘not in the know’ should not be excluded. But how do we achieve this?
Spread the word.
Thats all we can do. Tell your friends and family that whenever they shop online there is almost certainly an app or service they could use to at least check if money can be saved.
It won’t change the world, but for many people, even the smallest amount can go a long way.
It shouldn’t require effort to save money, and for some people it does. So if we can spread the word and hep educate our elderly and less tech savvy friends, we will have done our bit.
Less effort, more money for all.