As technology advances, every one seems to be switching to the internet for products and services. Now, with just a few clicks on your mouse buttons, you can browse through an inventory of products, add them to your shopping cart, and make a purchase – all from the comfort of your home. The likes of Amazon and WalMart have really changed the way we shop. These companies are selling products to thousands of people every day, making sure they adjust product pricing, based on demand.
Manually changing pricing for thousands of products would be next to impossible for companies such as Amazon. This is why they have turned to special software and online tools that help manage pricing, as demand for different products rises and falls. The problem with most of these price monitoring tools is the fact that they can change the price of an item multiple times a day, confusing the consumer on when the best time to shop is.
When shopping from websites that use price monitoring tools, consumers are forced to monitor price of different products, the same way forex traders keep an eye on charts. The problem with online shopping is that the prices are not always predictable. For instance, when shopping on Amazon.com, you are likely to come across a product that fluctuates in pricing up to 6 times in just an hour. Figuring out when the prices will go low can be a challenge for most consumers.
Amazon was the first company to make use of the price monitoring tool. It was later followed by companies such as Walmart, Sears and CostCo. A few years back, in order to stay ahead of the competition, most companies would go to the competitor’s website, check price for different items, and then make the right adjustments to their product pricing. This of course consumed a lot of time and it was never effective. With price monitoring tools, companies are able to make adjustments at any time of day or night, making sure they take advantage of the rising demand for different items in their inventory.
While it is difficult for consumers to determine the best times to shop, there are those companies with recognizable pricing patterns that one can take advantage of. For instance, Sears makes most of its price changes on Tuesday, Thursday and Saturday. If you shop here often, then you might want to consider the price adjustments to see whether you will be able to get a good bargain. CostCo makes most of its pricing adjustments on Saturday and Sunday.
Price of video games is likely to rise during the evening. If you want to get the best deal for these items, then you might want to consider shopping during the day. The same trend applies for many other products. Some common sense can help you save hundreds of dollars on a product by first determining whether there are more people after the same product.
Constantly changing prices frustrates online bargain hunters, but this is something that we’ll all have to live with. These tools are here to stay. The only thing we can do is hope that they make it easy for consumers to predict the right time to purchase products. Meanwhile, if you are looking to save some money on various products, all you have to do is know when the demand is low and only buy then.