Get ready, shoppers: Amazon Prime Day is almost here. On 21 and 22 June, Amazon Prime members have 48 hours to snag great bargains across the website on products from electronics to fashion. But how do you know if you’re actually getting a good deal? Well, let’s take a look.
[top_pitch]
What is Amazon Prime Day?
Amazon Prime Day is a members-only annual shopping event. So, even if you’ve got an Amazon account, you won’t get access to the deals unless you’re a Prime member.
Passive income stocks: our picks
Do you like the idea of dividend income?
The prospect of investing in a company just once, then sitting back and watching as it potentially pays a dividend out over and over?
If you’re excited by the thought of regular passive income payments, as well as the potential for significant growth on your initial investment…
Then we think you’ll want to see this report inside Motley Fool Share Advisor — ‘5 Essential Stocks For Passive Income Seekers’.
What’s more, today we’re giving away one of these stock picks, absolutely free!
- Some deals go live early, so it’s worth taking a look around the site ahead of the event.
- You can join Prime at any time to take advantage of the deals.
Ready to start shopping? Budgeting fintech, thinkmoney, has some bargain-hunting tips to share. Let’s check them out.
1. Make a plan
Sit down and decide what you want to buy and how much you can afford to spend. Write up a wish list and stick to it, and be strict about your budget. Unless you’ve decided it works for you financially, don’t max out a credit card or use up savings just to shop on Amazon Prime Day!
2. Join Amazon Prime
Not a Prime member yet? It’s worth signing up for a 30-day free trial, according to thinkmoney. You can always join, shop the Prime Day deals, and then cancel your membership without paying a penny.
3. Download the Amazon app
With the Amazon app, you can quickly browse the latest deals and make purchases on the go. So, even if you’re still working from home or socially distancing, there’s no need to keep Amazon running on your laptop or computer all day. You can just shop through the app instead.
4. Research the deals
Before you buy anything, it’s a good idea to research two things: the item and its price history.
- Don’t buy a product without checking the description carefully. Make sure it’s suitable for your needs.
- Check how much it costs on the high street or on other websites. Is the Amazon Prime Day deal really the best price, or can you pay less elsewhere?
- Finally, check the item’s price history on Amazon – thinkmoney suggests CamelCamelCamel, a free Amazon price-checker. Sometimes, sellers push up the price of an item before Prime Day to make the discount look like a good deal. Price-checkers help you avoid falling into this trap.
5. Shop Lightning Deals
Lightning Deals only last for 30 minutes or until stock runs out – whichever happens first. So, if there’s a product you’re interested in, add it to your watch list. If Amazon discounts the product as a Lightning Deal, you’ll have a better chance of snagging it if you’ve already got your eye on it. Again, this is where downloading the app helps because you should get instant notifications about Lightning Deals.
A word of caution, though: don’t just buy something because it’s a Lightning Deal. Make sure it’s something you really want, or else it’s not much of a bargain in the long run.
6. Buy an Amazon gift card
If you know you plan on spending over £50, buy a gift card first. When you buy a £50 Amazon gift card, you get another £6 to spend on your next purchase, so you can put it towards a Prime Day deal.
The offer only applies to one gift card, though, and not all customers are eligible, so check your account details first.
7. Use Your Alexa
Don’t have time to browse the deals on offer? Ask your Alexa to recommend some Prime Day deals.
Alexa can scan your shopping history and make some suggestions. You can also add the item to your cart and go through checkout in just a few steps.
8. Read reviews carefully
Finally, remember that just because a product has multiple five-star reviews doesn’t mean the reviews are all genuine. Sellers might pay people to leave positive feedback to boost their product ratings. So, before you splurge on an expensive purchase like a new laptop, look out for these possible ‘red flag’ signs:
- Lots of five-star reviews appeared on the same date.
- The reviews read more like product descriptions than customer feedback.
- The reviewers don’t leave any feedback, just five-star reviews.
According to thinkmoney, tools like Fakespot can help you identify fake reviews before you shop, so it might be worth giving it a go.
[middle_pitch]
Takeaway
Amazon Prime Day is a great time to shop for bargains and snag things you’ve had your eye on for a while. However, it’s important you resist the urge to impulse buy. Just because a deal looks tempting doesn’t mean it’s actually a bargain.
Shop Foolishly, not foolishly!
