Why Shopping Online Is Better For Your Budget

In a world connected and integrated with technology, online shopping is driving consumerism higher across the globe. A survey by data analytics firms’, comsSore and UPS, reveals that consumers are now purchasing more through online channels than brick-and-mortar stores or malls. And the reason is, the host of advantages online shopping offers…

• Convenience
  These days, men and women lead busier lives juggling household chores, full time careers, businesses, family responsibilities and hence, face major time constraints. After a tiring day, the thought of venturing out to shop, navigating through heavy traffic is a major deterrent. And recognising this, online shopping has made their space where convenience and quality co-exist.
  For starters, there isn’t any waiting time spent in serpentine queues at cash counters to settle your bills; secondly, you can shop at any time of the day from anywhere, be it your home, on break at a coffee shop, and even while commuting from work to home and back.
  Plus, online shopping has everything you want from designer to unbranded goods and apparels, thereby circumventing the ordeal of hopping from one place to another. This saves a considerable amount of your precious time, energy, and fuel. The time you save, could be spent on life’s qualitative activities: attending a yoga camp, book reading sessions, a picnic with your family, among other things, instead of in malls/shops.
• Exciting offers
  Competitive pricing on online shopping portals allows you to get the best deal. And if there are flash discounts, the bargain is even better. All you need to do is, swipe your debit card or credit card to avail the offer. These days, there are some fabulous offers on credit cards, which serve as the icing on the cake. So, thoughtfully use your credit card to get the best deal.
  Axis Bank’s, Grab Deals section, for instance, has some exciting offers on a variety of things from sipping coffee at your favourite café, to dining, movies, clothing, travel packages, electronics and much much more! These offers are so attractively priced, you can’t let them slip.
• A variety of options
  You have practically countless choices with online shopping, while shops or malls tend to stack a limited selection owing to realty space constraints, you get multiple options online!
  It’s possible to look up the model number, price, size, colour, by correctly using the filter option. Moreover, you can zoom in and look at photographs of the product carefully before adding it to your shopping cart.
  Certain online shopping sites also facilitate the purchase of old or used refurbished items at tempting prices. Online shopping can keep you updated on the latest fashion trend. Even when gifting, there are a variety of options for every occasion: birthdays, anniversaries, Valentine’s Day, Raksha Bandhan, Diwali, Mother’s Day, Father’s Day and so on. Plus, you can have the item/s delivered to the desired address.
  Also, you can experience shopping like never before with Axis Bank's Grab Deals!Book hotels, buy groceries, send gifts or shop online, all under one roof. Visit www.axis.bank.in and witness a complete shopping experience. Great discounts and deals up for grabs every single day.
• No product pushing
  Unlike the brick-and-mortar stores or malls, where sometimes the sales staff nudge or coerce you to buy things that aren’t necessary or on your list, online shopping gives you the freedom to purchase exactly what you want. And if there are exciting offers or festive/seasonal sales doing the rounds, it is a worthwhile deal. In the long run, this can potentially contribute to your long-term financial health.
• Consumer Reviews
  Before you decide and add the product to your shopping cart, reading up on a few consumer reviews can prove useful. The reviews are available for practically most products, which could quell your doubts/worries, if any. So, look at the reviews to take an informed decision.

Largely, online shopping makes your life easier and gives you more quantitative and qualitative options.

But here are some points to keep in mind while shopping online…

• Ensure your privacy
  When you shop online, read the privacy policy terms available to safeguard your data. Check if the online store values the confidentiality of all the data shared.
  Preferably, transact credit/debit card payments through online portals that use HTTPS (Hyper Text Transfer Protocol Secure) which is a secure version of HTTP——the protocol over which data is sent between your browser and the website that it’s connected to. Additionally, ensure that your system is protected with anti-virus software, so that nasty virus and phishing issues are managed.
  Also, for any emergency, check if the online shopping portal has a customer care helpline to address concerns and queries. Remember, vendors do not have the right to ask certain information such as password, credit card details, bank details, etc., so please do not share it.Plus, keep your web usage private. All this will avert the possibility of fraud.
• Check for shipping and refund possibility
  When purchasing, make sure to check the shipping policy of the online shopping site. Moreover, enter your shipping address details correctly so that the purchased merchandise can reach you on time. In case, you wish to return the item/s for a reason and want a refund, make sure to read the return and refund policy very carefully to avoid being shell-shocked later.
• Use your credit card with care
  Credit cards give you the power to spend money and repay it at a later time. These days, there are some really enticing discounts on them. However, in the interest of your long-term financial wellbeing, use your credit card thoughtfully. To avoid reckless usage of your credit card, determine the amount that you could spend every month, plan your family’s personal expenses (such as apparels, accessories, etc.) in advance, draw up a budget, and ensure that your family sticks to it.
  To quote the legendary investor, Mr Warren Buffett, has beautifully said - “Don't save what is left after spending; spend what is left after saving”. Follow this religiously and deploy your hard earned money in productive investment avenues, such as mutual funds, recurring deposits of banks, and a lump sum in term deposits (also known as fixed deposits that can be linked with a savings account). Also, add gold to your investment portfolio, as the precious yellow metal is not merely a commodity, but an effective portfolio diversifier that can hedge your portfolio. Gold illustrates traits of being a safe haven in times of economic crisis. These investments can add to your financial security, and become a source of income. But, be mindful of the tax implication while investing your hard-earned money.
• Assess what you need
  Don’t buy an additional jacket and boots just because there’s an attractive combo price available. Ask yourself: “Do I need this if it was not on sale or offer?” If you buy something just for the sake of it, without assessing your needs, there are slim chances that you will actually use it later, resulting in a complete waste of money. Hence, be watchful the item/s you add to shopping bag/cart, so it does not pinch your wallet at the payment counter. The money saved, as mentioned earlier, can be utilised or invested in mutual funds, recurring deposits, and term deposits to achieve your long-term financial goals.
• Avail of loyalty points and cashbacks
  Don’t forget to use your existing loyalty points on your credit cards while shopping or paying utility bills and/or on travel and hotel bookings. Likewise, avail of cashback offers on credit cards, to save more money.

To sum-up…

The advantages of online shopping outweigh the disadvantages. This is exactly why online shopping has become very popular across income and age groups. If proper care is taken, online shopping can be a rewarding experience. Similarly, saving and investing wisely by engaging in financial planning can help you lead a healthy financial life, achieve your goals, and enjoy a comfortable standard of living.

Happy shopping!

Disclaimer: This article has been authored by PersonalFN, a Mumbai based Financial Planning and Mutual Fund research firm known for offering unbiased and honest opinion on investing. Axis bank doesn't influence any views of the author in any way. Axis Bank & PersonalFN shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.