Sure online shopping is great; you do not have to leave the house, can get your entire list of shopping simply by adding it to your virtual shopping cart, and it will arrive to your doorstep a few days later. This is the perfect way of shopping for any cheapskate. You do not have to worry about store hours, and instead of waiting for stores to open later on Sunday’s, you can wake up, drink your coffee, and go on a spending spree. That is mostly the problem, is that there is 24/7 access to practically anything you can think of that you might want or need (usually want). According to a recent study from Statista’s Digital Market Outlook for 2015, the average American was expected to spend over $1,800 a year on online shopping, more than any other country in the world. Online shopping seems like the perfect shopping method, there are a few downsides that come with it.
Amazon does offer free shipping to its customers but it comes with a minimum spending order of $49 in order to take advantage. If most of your orders fall short, then an Amazon Prime membership may benefit you with its $99 annual fee, and it opens it up to endless orders without the minimum spending and shipping costs, but you should compare the amount of orders over the course of the year, versus shipping costs and the annual membership fee. Always check for a free shipping promo code.
May Not Be the Best Deal Out There
With its dynamic pricing, online shopping can change prices throughout the day based on sales and demand, so depending on when you buy, you could actually overpay and it could cost you more money in the end. In retail stores it is a lot harder to adjust prices throughout the day, so you will see more sales that are planned in advance, and giving you more chances to save money.
Despite what companies like Amazon and Overstock will often tell you, there are just as many ways to be a victim of identity theft when shopping online just as there are in a brick-and-mortar store. Often times identity theft victims are forced to eat at least some of the charges. As much as it stinks, if you’ve ever asked “how long does a judgement stay on your credit report?”, then the answer might scare you into making the payment even if you don’t owe the bill.
Probably the biggest downside to online shopping are the impulse buys. You are not in person holding the items in your hand, physically handing over the money during the transaction, so it can actually feel like fake money when making an online purchase. Online retailer’s sole purpose is to get you to spend money, so any promo codes do not magically appear for any reason, other than to get you to open up your wallet.