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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.

Photo: Shutterstock

As with Black Friday or Cyber ​​Monday, according to consumer psychology expert Kelly Hawes, the Prime Day idea is that Amazon “is trying to give the consumer a lot to keep them interested in this very limited time opportunity,” says Vanderbilt University marketing professor ...

With this in mind, it can be difficult for consumers to navigate sales without spending too much money and buying things they don't need. “So it's important to know how to behave in sales and why,” says Priya Ragubir, professor of marketing at New York University's Stern School of Business with a focus on consumer behavior and psychology.

“The action brings us not only very strong cognitive economic benefits, but much more,” says Raghubir. "For example, a good promotion on something can make us feel anxious and even smarter because we feel like we have minimized costs."

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 should take the opportunity to buy more because he has 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 listing the items you really want to get. “Add items to your Amazon Wishlist and the seller will let you know when any of your desired items are on sale on Prime Day,” says Sarah Skirball, shopping and trends expert at RetailMeNot.

“Also do a little research on the value of the items you need so that when the time comes, you know if this is really a good deal,” Howes says.

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.

“Practically 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 compelling methods marketers use,” says Howes. "Whenever there is a limitation, such as in time or the amount of available product, 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 the Walmart 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. “The market is likely to still have a lot of good deals before and during the holiday season,” Howes says.

Make purchases on a computer only

Downloading the Amazon app and enabling push notifications is an easy way to track real-time trades on Prime Day. You can also get notified 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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Seven Free Apps to Save Money on Amazon Shopping

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