"Dynamic Pricing" - how to get a good deal on Christmas presents
Late November. This is the time when everyone starts thinking about Christmas presents. In the past, it was easy. You set a date, go into the city, stroll through different shops for a whole day, get grumpy because of the crowded shops and finally buy the presents for your loved ones. Today, most of the Christmas shopping is done online. You can shop whenever, wherever and get it delivered to your doorstep. Easy as!
But what about the prices? In the past, we compared prices from maybe two, three shops at the most. Nowadays, when we buy presents online, we can choose between millions of different shops. Comparing prices can take hours over hours. And then, prices online change all the time. You’ve probably heard about different prices for flights and when they are the cheapest to book. However, it’s not only flight fares that change daily, everything does. These price changes are called “Dynamic Pricing” and give online retailers the opportunity to react quickly to market developments. Amazon, for example, changes up to 3 million prices daily.
We did some research and found that depending on the product category, the popularity of the product, the month and even the day of the week, the prices vary a lot. Especially those of electronic items, DVDs and books. The categories which prices change the least are fashion and furnishing. And then there are the loss leaders, products that are sold at a very low price to attract customers into the shop.
So, when should you shop what?
Surprisingly, overall November and December are the cheapest months for online shopping. In the pre-Christmas period, online retailers have to compete with shops in the city that offer lots of Christmas specials. Statistically, November is the best month to buy perfume and sports goods, December for glasses and fashion.
And the different weekdays? Does it make a difference on what day you buy Christmas presents? Yes, it does!
On Mondays, personal care products, cosmetics and perfumes are cheaper than on other days of the week. Electronic devices, fashion and shoes are the cheapest on Tuesdays. Also flights and holiday packages are best to buy on Tuesdays, especially at lunch time. On Wednesdays, sports goods and other fitness articles are the cheapest. Delicacies like wine, pralines and caviar should be bought on Thursdays. Bookworms should be aware on Fridays, as this is the cheapest day to buy books online.
Another factor you should bear in mind while shopping online is the device you use for it. It actually makes a huge difference whether you use a Mac or Iphone compared to a Windows-PC. Online retailers found out that Apple users averagely spend more money online with the result that prices are higher when using a Mac computer. When you do your Christmas shopping with a Mac computer, make sure not to use the Safari browser. There are various other browsers you can download for free to ensure to get cheaper prices.
With these tips you’ll definitely get the best prices on all the presents for your loved ones!