With the pace of life ever increasing, convenience has come to dictate the way we shop. Apps and shopping platforms are drawing us away from traditional purchasing methods to buy the products that we need in the comfort – and safety – of our home environment.
However, convenience often comes at a price, and with inflation on the rise, most of us are looking to tighten up our belts. We consider whether, and when, online shopping is a saving, or an added expense.
How can I save money?
Online shopping offers unrivalled ease for price comparisons, allowing you to switch between apps and platforms to search for item pricing. This leaves you at a definite advantage when looking to save.
Home-based e-commerce shops often offer lower prices than physical shops, as they don’t need to compensate for the costs associated with bricks-and-mortar premises, while grocery apps are increasingly matching in-store bargains.
Keegan Pickard, financial planner at SA Financial Planners, says that, primarily for these reasons, he hasn’t bought from physical premises in over three years.
“The lowest price is often the biggest draw for me. Besides the easy price comparison, integrated rewards programmes also provide a benefit,” he says. Some stores also feature “online-only” discounts, which benefit the customer even further.
An increasingly attractive added benefit is online order delivery, which offsets rising fuel and transport costs. Out of stock items can be located with a toggle of apps, rather than driving around to multiple stores.
“The only extra cost to consider is delivery, but many online shops waive the fee if you reach a minimum spend,” notes Pickard. This may mean buying in bulk, but you can split the orders with friends.
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Are there hidden costs to online shopping?
Besides a potential delivery fee, impulse buying can be a significant expense attached to online shopping. With an organised list, however, it’s easier to avoid adding in extra treats. Pickard notes that grocery platforms store your frequently bought items, which can help you to stick to the necessities.
An issue that might not be top of mind is the rise in online fraud, and this can cost you dearly. Make sure the security software on your devices is up to date, and monitor your transactions regularly.
Additional advantages of online shopping
As much as shopping in-store can involve a social aspect, the recent pandemic has highlighted the safety benefits of maintaining physical distance.
“I’ve never needed to contact customer services or speak to another person, in all my years of shopping online,” Pickard says. “During the pandemic, online shopping became an increasingly practical method for staying safe.”
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