So today there is the Singles Day savings event on sites such as Aliexpress. This year I decided not to shop with them due to my past experience or to get anything for the day in general, but that didn’t stop me from looking at the prices. In many ways, I think you need to get into the habit of constantly being interested in finding low prices for items even if you have no interest in getting it right now. At the same time, understanding things such as the cost to produce a product and the price a person chooses to sell it at gives you valuable information to save money on purchases.
As a quick example, since Winter is coming soon I was debating about getting a pair of gloves that would also allow me to use the screen on my smartphone. So, I quickly searched on Aliexpress to see what I could find. These pairs of gloves came up which sounded pretty cheap at $1.94 US a pair with free shipping. Now I know for a fact business wise a lot of sellers on sites like Amazon purchase items from sites like Aliexpress just to resell it. So, upon searching I found pretty much the exact same glove on Amazon except this person was selling it for $7.89. If the “Regular price” is normally $19.95 too that is one heck of a markup huh?
With this knowledge, as a consumer I am not tempted if I saw a sale sign saying “50% off our regular price of $20” as an example. This kind of thing happens a lot too. So you don’t need to be a business in order to benefit from the behind the scenes business knowledge of things like this. It’s all related to becoming a more educated and savvy shopper so that you can have more money at the end of the day while still getting the things that you need at the best prices.