Daily deal sites are a hot trend for online merchants and a fun way for shoppers to save money. Each day, companies such as Groupon and LivingSocial offer a new deal available for a limited time. After purchasing from these sites, I wondered how much the ticking clock influenced my purchase decisions.
I reviewed my recent purchases and realized that, despite being a careful shopper, I managed to make a few regrettable purchases thanks to impulse shopping. Try these four tips to escape the countdown clock and decide if a daily deal is right for you.
1. Consider the real savings.
Buying a $10 voucher or giftcard for $5 appears to offer a savings of 50%, but $10 does not go very far in the real world. Since I end up spending additional money when redeeming the voucher, the savings go down. Offers for specialty shops and some online retailers are not worth buying because the final cost is more than I typically spend shopping for comparable products and services.
2. Set a limit.
Discounted restaurant offers are one of my favorite finds, especially giftcards. They fit into my budget because I save money by using them for celebrations or as convenient pit stops during errands. The great bargains are rare and I sometimes end up buying less practical offers while searching for the gems.
I decided to set a firm monthly spending limit, forcing me to consider which offers are worth buying.
3. Check for other discounts.
Ongoing specials and local coupons sometimes offer the same savings as a daily deal site. I have found some companies offering the variations of the same promotion through multiple sources. I check the company’s website and other coupon sources, such as the Entertainment Book, Sunday newspaper and junk mail, for current offers instead of making an impulse buy.
4. Search for reviews from other voucher shoppers.
I window shopped at a certain online store and confidently bought a discount voucher when it went on sale. When I went to redeem the offer, everything I wanted was out of stock. A quick online search revealed others had the same problem with previous discount offers for that retailer. I would not have bought the offer had I seen the numerous complaints. I let the daily deal site know and, thankfully, they promptly issued a refund.
Applicable reviews are usually available when companies stagger offers for different cities or repeat promotions. I also check the daily deal site’s forum and comments section for any red flags.