A new study by price comparison site, idealo.co.uk, has revealed that making internet purchases at the start of the week can save consumers up to 18% compared to shopping online at the weekend.
The research suggests that a lack of awareness about the highly flexible nature of online prices, and a lack of thorough research on product prices often leads to consumers missing out on the best deals.
Online retailers are thought to be cashing in on their understanding of our consumer behaviour. Aware that people are more likely to place their orders over the weekend, shops use a dynamic pricing strategey which sees prices marginally increase between Friday and Sunday, and then return to a lower price again at the start of the week.
The study was commissioned to help parents save money on summer items as schools finish for the holidays. The retail experts at idealo explain that savvy customers needn’t wait for the summer sales to start, but should rather increase their awareness of how prices fluctuate throughout the week, and do their homework in order to find the best deal.
Biggest saving: Games are 18% cheaper on a Monday
– Games were 18% cheaper, sunglasses 17% cheaper and video games 15% cheaper when bought on a Monday rather than leaving it until the weekend.
-A saving of around 8% can be made when buying trampolines, suitcases, tents and fitness trackers.
-Products such as running shoes, barbecues, lawnmowers and car seats were found to offer smaller, but worthwhile savings.
-Consumers are advised to research prices online before purchasing:
“The biggest mistake that consumers make when shopping online is assuming they already know where to find what they want at the cheapest price, and then clicking the buy button before even checking anywhere else.” – Katy Phillips, idealo.co.uk.
For further information and to read the full study: idealo blog