7 common mistakes many people make on Amazon Prime Day

Amazon was unable to host Prime Day this July due to the COVID-19 pandemic, but from midnight Tuesday October 13th to Wednesday October 14th, it will take place with exclusive discounts for Amazon Prime members. Edition CNBC talked about 7 common mistakes many make while shopping on Amazon Prime Day.

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Like Black Friday or Cyber ​​Monday, the idea behind Prime Day is that Amazon is "trying to give the consumer a lot to get them interested in this very time-limited opportunity," says a Vanderbilt University marketing professor, according to consumer psychology expert Kelly Hawes. .

With this in mind, it can be difficult for consumers to navigate sales without overspending or buying things they don't need. That's why it's important to know how to behave in sales and why, says Priya Raghubir, a marketing professor at New York University's Stern School of Business who specializes in consumer behavior and psychology.

“The share gives us not only a very strong cognitive economic benefit, but much more,” says Raghubir. “For example, a good promotion on something can make us feel excited and even smarter because we feel like we've minimized spending.”

Belief in "oneness"

According to Howes, Amazon Prime Day offers are only available to Amazon Prime members, which adds an element of exclusivity that can make you spend more money.

It can also make members feel like “he has to take advantage of the opportunity to buy more because he’s already paid to be a member of the ‘club,’” she adds.

If you are not currently a member and would like to participate in Prime Day and don't have an account yet, consider subscribing to a 30-day free trial. If you've previously had a membership, you can pay for a one month membership ($ 12,99 or $ 6,49 for students). But keep in mind that Amazon will automatically charge you at the end of your free trial or selected membership period, so you will need to turn off “auto-renew” in your preferences if you no longer want to pay for services.

If you're an Amazon Alexa user, you can ask the device to enroll you on Prime and get $ 5 to use on Prime Day. Additionally, if Prime members spend $ 14 at Whole Foods or a regular Amazon store by October 10th, they receive $ 10 in credit (up to $ 50) to use on Prime Day.

On the subject: Amazon Black Friday: When is Prime Day 2020 and How to Get Discounts

At the end of the day, you have to consider whether it is worth spending money at all to save. In some cases, the subscription fee may exceed the provided discount. If you are interested in an item, it might be worth asking a friend or family member who is an Amazon Prime member to buy it for you.

Shopping without a list

Research has shown that buying something at a price below what you are willing to pay, or at a price below the standard price, is a pleasure, regardless of the amount actually saved. Because of this, products that you never intended to buy may seem more attractive just because they are discounted on Prime Day.

Streamline your Prime Day shopping experience by making a list of items you'd really like to receive. "Add items to your Amazon Wishlist, and the retailer will let you know when any of the items you want are discounted on Prime Day," says Sarah Skirboll, shopping and trends expert at RetailMeNot.

“Also do some research on the cost of the items you need so that when the time comes, you'll know if it's really a good deal,” says Howes.

Often the price that is used as a guideline for price reductions is not the actual price at which the product is being sold.

Budget

Some people really enjoy the “thrill of acquiring,” Howes says. Psychologically, we tend to feel “smug” when we buy discounted items because we think we've outsmarted the system.

If that sounds like you, set some boundaries so you don't spend too much on impulsive purchases. Howes suggests that you set aside a budget (say, $ 50) for items that aren't on your list but that might grab your attention on Prime Day.

“Almost make it a game for yourself,” she says.

You can also buy yourself an Amazon Gift Card to use on Prime Day.

Act in the moment

“Scarcity is one of the most persuasive techniques marketers use,” says Howes. “Whenever there is a constraint, such as time or quantity of product available, it seems more desirable.”

In the case of Amazon Prime Day, you only have a limited time (Lightning Deals on Amazon Prime last only a few minutes) and you need to act immediately to purchase an item. But before you buy something, ask yourself if I need it in 3 months.

On the subject: 7 Free Apps to Save Money on Amazon Shopping

Skip top categories

There are certain categories for which discounts always apply. For example, smart home devices, televisions, laptops, home appliances, basic necessities, beauty products, pet products and toys are likely to be discounted. Also, don't forget that Amazon has a newsstand where you can buy magazine subscriptions.

Forget about other retailers

Amazon isn't the only major retailer with big sales in October: Target announced two days of sales on October 13 and 14, and Walmart's Big Save event will run from October 11 to 15.

Before you do a deal with Amazon Prime, check to see if other retailers are offering cheaper items. On the other hand, you can download the Amazon Assistant web browser plugin that will compare prices automatically.

If the item you want is out of stock, remember that Black Friday and Cyber ​​Monday are just around the corner. “There will likely continue to be plenty of good deals in the market leading up to and during the holiday season,” Howes says.

Make purchases on a computer only

Downloading the Amazon app and turning on push notifications is an easy way to track real-time deals on Prime Day. You can also receive notifications when a lightning trade occurs.

If you are using any Amazon Alexa enabled devices, you can simply ask, "Alexa, what are my Prime Day deals?"

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