What is comparison shopping and what does it imply?
Fortunately, in today’s world, we are spoiled for choice. We have the opportunity to choose where to buy our groceries, home goods, electronics, and practically everything else we need or want. This abundance of options is the foundation of comparison shopping, a powerful strategy that is incredibly beneficial for your wallet! In these harsh times of rising inflation, where the cost of living seems to be climbing every month, it’s more important than ever to not only buy what we need but also to be smart about how we do it. Saving even a little bit on each purchase can add up to a significant amount over time, freeing up cash for other important goals.
Comparison shopping is the practice of comparing the price, quality, and features of a product from multiple retailers before making a purchase. It’s about finding the best possible value, which doesn’t always mean the absolute lowest price. It’s an active, conscious approach to spending money. In this process, however, there is one small downside that often discourages people: it can be time-consuming. But as a person who does this regularly, I can tell you with confidence that the effort is totally worth it. Think of it not as a chore, but as developing a skill that puts you in control of your finances. Get ready to find the finest bargains online and in-store by following this fantastic guide.
Use the right apps
One of the first golden rules in savvy comparison shopping is to leverage the power of technology by using the appropriate search tools. I always suggest doing a Google search first as your baseline. It’s a simple yet powerful first step. Thousands of items from a multitude of suppliers are available for purchase when you click on the “Shopping” page. You can filter by brand, features, and even specific retailers. To find the best deals, immediately use the pricing tool to sort the products by price (from the lowest to the most expensive). Don’t forget this crucial step: remember that delivery costs or shipment fees may add to the final order price, so always factor those in before you make a decision.
For doing comparison shopping like a pro and getting the most out of your favorite items, you can also install extensions for your web browser that automatically search for and apply coupon codes at checkout. One of my absolute favorites is Honey, which has saved me countless dollars over the years. Other great options include Rakuten, which offers cashback on purchases from thousands of stores, and Capital One Shopping, which also finds coupons and better prices. For Amazon-specific shopping, an extension like CamelCamelCamel is a lifesaver, as it tracks the price history of items so you know if you’re truly getting a good deal or if the price was lower last week.
Besides the almighty Google and browser extensions, you can also use a lot of dedicated mobile apps to do comparison shopping, especially when you’re physically in a store. Some of them, like Ibotta or Fetch Rewards, even reward you with cashback or points for scanning your receipts and finding savings. I personally like using ShopSavvy and ScanLife. They are incredibly user-friendly; these apps allow you to scan a product’s barcode right in the aisle and instantly see its price at other local and online retailers. This puts the power right in your hands to either ask for a price match or simply buy it elsewhere. Another thing that’s good about these apps is that if you turn on the notifications, they’ll let you know when a certain favorite product goes on sale. Neat, right?
Opt for generic products
There is no surprise that generic or store-brand products are almost always less expensive than the widely known name brands. While you may be tempted to automatically say that you want the “better” quality of the name brand, I will stop you right there to tell you that generic brands are not only a bargain, but many of them are functionally identical to their more expensive counterparts. The reason they’re cheaper isn’t due to lower quality, but because they don’t have the massive marketing and advertising budgets that national brands do. They pass those savings on to you!
Some of the most popular and reliable generic items are pantry staples like paper towels, salt and sugar, rice, flour, canned vegetables, and cereals. However, the savings extend far beyond the kitchen. Consider over-the-counter medications, where the generic version is required by the FDA to have the same active ingredients, strength, and dosage form as the name-brand drug. Cleaning supplies, batteries, and basic toiletries are also fantastic candidates for going generic. I’d recommend you carefully inspect the labels and ingredient lists to see if there are any significant differences or if you’re just paying extra for a fancy name and packaging.
Always keep an eye on Amazon
Yes, this advice might have been included in the app proposal section, but given how powerful a tool Amazon is for a comparison shopper, I believe it merits its own dedicated mention. It has become a reflex for me. Every time I go to buy something other than my weekly fresh groceries (though I am finding that I use it for pantry items, too!), I instinctively take out my phone and check the pricing on Amazon beforehand. There are times when the price difference for the exact same item is truly amazing, and for me, honestly, nothing can beat the convenience and value of free Prime shipping.
If you’re an Amazon fan, then you probably already know that the app is incredibly user-friendly, so you don’t need to worry about a steep learning curve! The app also makes it simple to quickly check prices while you’re in a physical store. You can use the search bar or, even better, the built-in barcode scanner to find the exact product page in seconds and find out whether anything is less expensive online. Don’t forget to check out Amazon Warehouse for deals on open-box and used items, or the Subscribe & Save program for discounts on items you buy regularly. Just be mindful of third-party sellers; always check their ratings and shipping times to ensure a smooth transaction.
When you do comparison shopping don’t neglect the quality of the products
Most people start comparison shopping in an attempt to find the best “deal” and the absolute lowest price. However, the old expression “you get what you pay for” may not be unfamiliar to you, and it can be rather accurate when it comes to browsing around for deals. The goal is to find the best value, not just the cheapest option. Almost anything that is currently on the market has several less expensive alternatives, but some of them might end up costing you more in the long run due to poor durability, inefficiency, or the need for frequent replacements. A cheap pair of shoes that falls apart after a month is no bargain at all.
Always, but always, make sure you compare reviews from other customers of the two products you are debating between. I am not joking! This is your best source of real-world information. Look for patterns in both positive and negative reviews. Do multiple people mention the same flaw? Are customers praising its durability? Online retailers and third-party sellers often mishandle or fail to fulfill orders correctly, so be cautious and check seller feedback as well. A product with 4.5 stars from 10,000 reviews is usually a much safer bet than one with 5 stars from just 10 reviews.
Furthermore, an essential part of assessing quality is checking the warranty and return policy. A reputable company that stands behind its product with a solid warranty and a hassle-free return process offers immense value and peace of mind. A slightly more expensive product with a two-year warranty is often a better deal than the cheapest option with a 30-day return window.
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Double-check the unit price
In the process of doing comparison shopping, especially for groceries and household goods, make sure you are using the same measurement when you compare the prices from two or three different retailers. This is the secret to becoming a true master of savings. Don’t just look at the sticker price; look for the unit price.
This mostly applies to grocery shopping because, let’s face it, it’s never easy to find the lowest price in the stores. And I think that’s the catch! They have a ton of products available on the shelves, with different sizes, “family packs,” and sale signs designed to make quick comparisons difficult. It’s easy to get distracted and just grab the one that seems like a good deal at first glance.
Even though many boxes and packages appear larger in the store, they might hold less merchandise because they are packed with air (the classic Lays potato chip example). Price alone might not be sufficient to guide your choice. It is highly recommended to consider the cost per ounce, price per unit, or price per pound, which is often listed in smaller print on the shelf tag. For instance, a 10-ounce jar of coffee for $5 is $0.50 per ounce. A larger 15-ounce jar for $6 seems more expensive, but its unit price is only $0.40 per ounce, making it the better value. The amount you pay for each item or ounce is displayed here, and it’s the only way to make a true apples-to-apples comparison.
Use coupons wisely!
Another valuable hack while you’re doing comparison shopping is using the holy grail of savings: coupons. But that doesn’t mean you have to become a tad obsessed with collecting them and hunting them online like on those extreme reality shows. The key is to take it easy and coupon wisely; that’s the best way to do it. The biggest mistake people make is buying something they don’t actually need just because they have a coupon for it. A coupon only saves you money if it’s for an item you were already planning to buy.
Before you even think about using one, make sure the products you want to buy are actually going to save you money and not just tempt you into extra spending. A great strategy is to combine a manufacturer’s coupon with a store sale or coupon, a practice known as “stacking,” which can lead to massive discounts. Also, embrace digital coupons, which you can often “clip” directly to your store’s loyalty card through their app, saving you the hassle of carrying around paper clippings. Then, make a plan and stick to your list!
If you’re new to this coupon thing, you may be interested in reading Amazing 9 coupon websites that will save you hundreds.
Prioritize only the things that are a must for you
With so many options available just a click away from us, it’s incredibly easy to fall into the trap of over-researching or, even worse, becoming a shopaholic. But in these harsh times, you don’t want to get there; trust me! Before you even begin comparing prices, you must first compare features against your own needs. It’s crucial to comprehend the main features offered and how they affect the pricing if you’re not shopping for a specific item but rather for a more general necessity like a new TV, a new automobile, a new streaming service, and so on. Make a list of your “must-have” features versus your “nice-to-have” features.
Let’s take this as an example: when searching for a new winter coat, it’s important to determine what you consider most valuable. Is your top priority extreme warmth for a harsh climate? Then you should focus your search on materials like down or high-tech insulation and look at temperature ratings. Or is style and fit for a milder climate more important? Then you can focus on different brands and materials. Define what you consider most valuable to you, such as warmth, materials, style, color, etc., and use that information to direct your search. This prevents you from being swayed by a “great deal” on a coat that doesn’t actually meet your primary need.
When doing comparison shopping, you must try to focus on what you truly need at this moment, no matter if it’s on a major sales day like Black Friday, Cyber Monday, or any other discount day. Sales are designed to create a sense of urgency and encourage impulse buying. Never settle for less just because it’s “cheaper,” because, in the end, you can end up paying more if you buy something that’s of poor quality or doesn’t do what you need it to do. Always shop wisely and with a clear purpose!
In the end, you must stick to your financial goals
If you got to this point of the article, you probably understood the fundamental truth that you can stretch your budget and save a significant amount of money on goods by diligently doing comparison shopping. But here’s the final, most important step: give those savings a purpose. Think about allocating the money you saved toward your financial objectives to get the most out of your efforts. For instance, you can open a high-yield savings account and transfer everything you saved on purchases into it, creating a tangible reward for your smart shopping. Or you can use that extra cash to pay down high-interest debt, add the money to your retirement savings, or finally start saving for that particular destination you have dreamed about for years now.
By connecting your daily shopping habits to your long-term dreams, you transform a simple chore into a powerful act of financial empowerment. The friendliest advice I can give you is to save your money only for the things that matter and stop overspending on things that don’t. It’s about being intentional with every dollar. I hope you will use my advice from this article whenever you’re about to start comparison shopping and see a real difference in your bank account.
Until next time!
Are you looking for more shopping advice? We’ve got you covered! Here at The Price Makers, we’re the masters of wise shopping. That’s why today’s recommendation is 6 Amazing Online Shopping Hacks to Save Hundreds of Dollars.
