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Online retailers are about to drop some of their biggest deals of the year. Here are three costly errors you don’t want to make when they do.
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Cyber Monday has exploded in popularity in recent years, and it’s a nice alternative for those who aren’t able to shop on Black Friday or don’t want to. But if you’ve ever tried to buy anything on Cyber Monday, you know the deals go fast. And this can cause some people to make snap decisions that could come back to bite them. Here are three costly mistakes you want to avoid when shopping online on Cyber Monday.
1. Not comparing prices from multiple retailers
Sometimes, you can only buy a product from a single retailer, but this isn’t true of all items. If you can buy something from more than one store, then it’s a good practice to compare prices from several companies before buying. Otherwise, you risk overpaying.
You could compare prices yourself by manually going to the various stores’ websites and noting the price on each. But you can save yourself a lot of time by automating this process with a price-tracking app.
There are a bunch of them out there, including Google Shopping and Keepa. You add products you like to your account, and these apps will item prices over time. This can help you find the best deal, even if it’s not with the retailer you were initially considering. Check out a budgeting app too, while you’re at it — this will help you track how much you can spend on gifts and still afford bills and savings goals.
2. Not reviewing shipping or return terms
An item might look pretty affordable, but when you tack on a shipping charge, it could get pretty expensive. This is especially true if the item is large or heavy. Always be sure to evaluate not just the listed price, but the shipping and tax costs as well.
It’s also a good idea to check into the store’s return policy, especially if you’ve never shopped there before. Even if you have, it’s worth reviewing one more time. Many stores have different terms in place during the holiday shopping season since they know many items are being bought as gifts that won’t reach their recipients for a month.
If a store has a difficult return policy — for example, one that only gives you a short return window or requires you to pay for them — you might want to consider shopping at a different store, even if that means paying a little more. You could also look into whether any of your credit cards have return protection. This could give you additional time to return items you purchase with that card.
3. Not protecting your credit card information
It’s important to be careful about who you share your personal and financial information with when shopping online. Don’t access any financial accounts or enter your credit card number on a site when connected to a public wifi network. It’s possible that someone could hack into your device and gain access to your accounts this way.
You also shouldn’t give your contact information or credit card number to any unsecured site. Always check to make sure the checkout page for the site you’re on has a little lock icon in the URL bar and that the URL begins with “https” instead of “http.” This indicates that your information is encrypted so others cannot steal it and use it to impersonate you.
Cyber Monday can be a great time to find holiday deals, but it’s important not to rush into purchases. Create a plan for yourself right now and begin researching those store return policies in advance. This way, you’ll know exactly where to go and what you need when the Cyber Monday deals finally go live.
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The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Kailey Hagen has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet. The Motley Fool has a disclosure policy.
