Top-Notch Advisory for Buying on Amazon Prime Day
Amazon's Prime Days have been a yearly tradition since 2015, where the e-commerce giant offers discounts on various products for two days during the summer. While many online guides suggest ways to save money during Prime Days, the most important piece of advice is to avoid buying anything you didn't plan on buying already.
Amazon's primary motive behind Prime Days is to persuade consumers to purchase items they don't need and to tempt them into signing up for a Prime membership. The sales event is timed to take advantage of the low engagement and sales that online retailers usually experience during the summer. Therefore, Amazon offers limited-time deals to create a sense of urgency and fear of missing out on non-existent bargains.
Amazon Prime Day offers can be deceptive
For instance, take a look at the chart above (created using Keepa, an extension that tracks Amazon's pricing history), which showcases the fluctuating price of Amazon's 4th gen Echo Dot before the last Prime Day in 2022. Though the "Lightning Deal" price of $19.99 is low, Amazon could only claim it's "60% off" because they had raised the non-sale price to $49.99 from $27.99 in June. Consequently, the actual discount was merely 28%, not the dramatic discount it seems.
If you're seeking the 4th gen Echo Dot in 2024, it's priced at $49.99, and it hasn't been on sale since November.
Amazon Echo Dot 4th Gen (2020)$49.99at Amazon$49.99at Amazon
How to make the most of Amazon Prime Days
To prevent impulse buying during Amazon's summer sale, follow these steps to boost your chances of resisting temptation:
Credit: Stephen Johnson/Keepa
Sign up for an Amazon Prime free trial
To access Prime Day deals, you'll need an Amazon Prime membership. The subscription costs $14.99/month or $139/year, but Amazon offers a 30-day free trial for first-time users, allowing you to make a purchase and then cancel it without any charge.
Students can benefit from a six-month Amazon Prime trial period, which costs $7.49/month, and discounted prices after that. Furthermore, if you're on EBT or Medicaid, Amazon Access lets you sign up for a Prime membership at a cost of $6.99, with all the benefits of a traditional Prime membership and a one-month free trial for new users.
Utilize Amazon's wishlist
To maintain self-control during Prime Days, create a new wish list, called "Items I was planning to buy," and add the products you're interested in. This way, you'll only purchase the items on this list, even if you see enticing deals on other items.
Capitalize on Amazon's promotional offers
In the past, Amazon has offered promotions where customers could earn credits for buying Amazon products. These credits were attainable by using specific services, watching certain movies, and choosing slower shipping. Research and take advantage of these offers to get more discounts on Prime Day, albeit at the cost of some effort.
As of now, Amazon hasn't announced any specific promotions for the Summer Prime Day in 2024, but we'll keep you informed when they do.
Set prices for specific items
Retail comparison tools can help you confirm that Prime Day deals are truly beneficial. One such tool, CamelCamelCamel, provides pricing histories for each product on Amazon and sends an email when your desired products reach your target price. Simply import your "Items I was going to buy anyway" wishlist into CamelCamelCamel and set the maximum price for each item. This approach lets you stay clear of Amazon during Prime Days unless you receive a buy signal in your inbox.
Even if a product you're interested in appears to be on sale on Amazon at a price you're happy with, hold off on that purchase. It's possible that it might not be the cheapest option available. Owing to Amazon Prime Day's fame, other retailers like Walmart, Best Buy, and Target have been offering their own promos to compete with Amazon's, so it's worth a look.
Delay your purchase if you can
Consider holding out if you can stand the wait. The best deals and discounts usually occur near the Christmas shopping season. Although people highly anticipate Prime Day, the biggest savings on products are generally found during this time of year. While Black Friday sales often exceed Prime Day savings, except for items like school materials and patio furniture that aren't typically marked down in November.
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To find the best Prime Day deals on money-saving items, conduct thorough research beforehand. With resources like CamelCamelCamel, track price histories for potential purchases to ensure they're actually discounted.
Once you've identified these deals, employ strategies like utilizing Amazon's promotional offers, setting maximum prices for desired items, and holding out until closer to the Christmas shopping season for more significant savings.
By following these steps, you'll be able to find the best Prime Day deals while avoiding impulse purchases and maximizing your savings.
