Global e-commerce giant Amazon kicked off the New Year with a big bang ‘Great Republic Day Sale’ from January 15 to 20, offering attractive discounts and deals themed “blockbuster,” “grand opening,” “budget bazaar,” and “8 PM” on a range of products across categories.
Flipkart’s Big Saving Days Sale also happened around the same time with similar deals and offers. The end-of-season sale too, which started at December-end and continued until the first week of January, has seen roaring success with blockbuster sales, according to experts.
Then, there are other offline sales, such as Bajaj Mall Grand Republic Day Sale from January 16 to 26, Vijay Sales’ Mega Republic Day Sale from January 22, offering as much as 65 per cent discount on products at its stores; and Croma Republic Day Sale, from January 19 to 29. Interestingly, retailers are optimistic about sales volumes this year, raising the possibility of similar sales events in the coming months.
While it's absolutely natural to be drawn to any such shopping extravaganza, there's a word of caution- think before you click that buy button. Here are five ways to shop smart in the sale season.
Says Shalini Dhawan, co-founder of Plan Ahead Wealth Advisors, a Sebi-registered investment advisor: "Is this an item that's nice to have or a must-have - If nice to have, close the shopping site. If it's a must-have - check more than one site for item prices and discounts (guess that goes without saying)." You must shop around to check whether you are getting the best price or if other retailers are offering extra perks with their deals. For example, many retailers may be offering the product at the same price, but some retailers may offer coupons, discounts, or credit options to help you save more.
Look For Additional Benefits
Find out if any of the credit cards you hold give additional benefits - some may provide an extra discount to promote their cards. Remember to set a reminder to pay off the credit card purchases before the due date.
"Do not fall for the BNPL (buy now pay later) schemes - ideally only buy what you can buy outright or use a credit card with a clear intention to use the credit - pay the credit card bill before the due date. BNPL schemes seem easy to get credit as a buyer, but watch out as these can levy huge penalties and charges if you don't pay up in time, so stay sharp and aware," adds Dhawan.
Check whether the product you buy has a consumer finance scheme option. You could obtain a consumer durable loan from financiers to fund all your purchases and pay back in flexible tenures as per your convenience. You could avail of them easily on zero or low-interest rates and get financing for up to 100 per cent of your purchases.
Lastly, stay aware so as not to overspend, lest you repent, as the enjoyment of a new purchase is for a few minutes or days, but paying off credit could be a long-drawn process.