The content of this article is provided for informational purposes only. You should always obtain your own independent, tax, financial, and legal advice before making any material decision.
Waiting in line is so old school. Nowadays, you can go straight to a retailer’s website — or even their app — and skip the waiting, with the ability to find the product you want and order it right away. No longer do you have to walk through the aisles of your favorite store, scour the shelves, wait in checkout lines, or ask an employee to check for your size — you can do all that shopping right from your couch.
In the U.S. alone, online shopping revenue is expected to surpass 1.7 trillion dollars by 2027, up from approximately 905 billion dollars in 2022.1 But are you getting the most from your money when you shop online?
Whether you're a seasoned online shopper or just getting started, there are many ways to shop online and save money. From coupons to shopping tips, keep reading to discover potential ways to buy what you need while saving money.
Before shopping online, it can be helpful to compare product prices between different retailers. Simply search for the product name and style number to quickly find a list of online stores selling the same product. Alternatively, browser extensions like the PayPal Honey shopping extension can do the heavy lifting and search for and automatically apply the best price it finds for a specific item.
By comparing prices, it’s possible to take advantage of discounts, promotions, and other limited time deals — if available — for the product you want to buy.
Not sure if you’re getting the best deal? Check the price history. By using price tracking tools or websites when you shop online, you can see how the price of a product has changed over time and whether the current price is higher or lower than usual.
Tracking the price history can also identify patterns in price fluctuations, such as seasonal sales or clearance events, helping you plan your purchases and potentially save money in the long run.
Setting up sales alerts can be a great way to get notified when the item you want goes on sale, giving you confidence that you're getting the best deal possible. There are different ways to set up sales alerts. A few examples include:
Another helpful way to save money when you shop online is by using coupons, retroactive discounts, and deals and cash back rewards.
Many retailers offer coupons or promo codes that can be applied at checkout to get a discount on your purchase. By using apps or online tools, such as PayPal Honey, you could find coupons or promo codes to help you save money.
Some retailers also offer retroactive discounts or price adjustments if the price of a product drops within a certain period after your purchase.
Using a cashback credit card can potentially help you boost savings when shopping online. Cashback credit cards, such as the PayPal Cashback Mastercard®, offer a percentage of your purchase back as cash rewards, which can add up over time.
To maximize your savings, you could look for a cashback credit card that offers a high cashback rate on the categories you frequently spend in. For example, if you frequently shop for groceries or gas, you could look for a card that offers a high cashback rate on these categories.
Some cashback credit cards even offer sign-up bonuses or introductory offers, helping customers to earn more cashback rewards over time.
It’s important to remember to still spend within one’s means when using a credit card. When utilizing a cashback card for specific purchases to maximize money back, it’s key to make sure you’re not spending outside of your budget and are able to pay your credit bill. Carrying a balance on a cashback credit card that you can’t fully pay off could mean you end up having to pay more interest than the amount of cash back you received by using the card for your purchases.
There are different payment methods that can help you manage your money while shopping online, too. For instance, using gift cards or buy now, pay later options can help shoppers stay within a budget and make the most out of an online shopping experience.
While these options don’t necessarily save you money, they may help you manage your cash flow and spread out the cost of your purchases over time. As always, however, it’s important to spend within your means and budget when using any payment option.
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