Stores: Money Suckers or Business Enterprises?

Stores are key players in the business world, they are the sellers while the consumers are the buyers. As much as we need stores for our everyday purchases, stores also need us for their revenue. Just as it is for any business, stores have strategies in place to increase their profits. However, some of these strategies are overboard and can be considered as money suckers. Consumers can avoid these by being well-informed. In this article, we will explore 10 shopping tricks that stores hate.

1. Buying Loss Leaders and Leaving
Stores sometimes offer a few items at very low prices to lure buyers into their stores. These items are called loss leaders, and the aim is to get you to buy other items that have higher profit margins. As a consumer, you can beat them at their own game by purchasing only the loss leader and leaving.

2. Using Credit and Paying it Off on Time
Credit cards are great for building good credit. However, they can be a trap if you are not careful. Stores offer incentives such as cashback or points for using their store credit cards. While this might seem like a good deal, if you are not able to pay off your balance on time, the interest rates can quickly make your purchase much more expensive. As a consumer, you can use credit to your advantage by only purchasing what you can afford to pay off in full and on time.

3. Saying NO to the Extended Warranty
Extended warranties are great sources of revenue for stores. However, they come at a high cost to consumers. Most products already come with comprehensive warranties that cover defects and technical issues for a specified period. As a consumer, you can save money by declining the extended warranty and using the manufacturer’s warranty instead.

4. Activating Your Own Phone With A Cell Phone Company
Cell phone companies can be quite persuasive in selling you their devices. This often comes with activation fees that can be as high as $40. Instead of buying from the store, you can purchase unlocked phones and activate them yourself, saving you the activation fee.

5. Shopping in the Store But Buying Online
Online shopping has revolutionized the retail industry, and as a result, some stores have started to offer online shopping options. Prices for online items are often lower than those in the store. Consumers can take advantage of this by shopping in store to see the product and then purchasing it online for a lower price.

6. Buying 1 When it’s 2 for $5
Stores use tactics such as “buy one, get one free” or “buy two, get a discount” to increase sales. As a consumer, you can save money by purchasing only what you need. Buying 1 instead of 2 can save you money in the long run.

7. Opening A Store Credit Card To Get A Discount, Then Cutting It Up
Stores offer discounts to consumers who open store credit cards. While this might seem like a good deal, if you are not able to pay off your balance on time, the interest rates can quickly make your purchase much more expensive. As a consumer, you can use credit to your advantage by only purchasing what you can afford to pay off in full and on time and then cutting up the credit card.

8. Using Websites to Track 30 Day Price Guarantees
Price Guarantees are a way to ensure that you get the best price for your purchase. Some stores offer a 30-day price guarantee, where if the price of the product drops within 30 days of your purchase, you can get a refund of the price difference. As a consumer, you can use websites that track prices to ensure that you get the best deal.

9. Buying Seasonal Items at Clearance Prices (For Next Year)
Stores often have clearance sales for seasonal items such as Christmas decorations, summer clothes, and winter boots. As a consumer, you can save money by purchasing these items during the clearance sales and keeping them for the following year.

10. Buy “Accessories” on Ebay Rather Than Paying Huge Markups
Stores often markup the prices of accessories such as phone cases, chargers, and headphones. As a consumer, you can save money by purchasing these items on Ebay rather than paying the huge markups in the store.

Conclusion
In conclusion, stores are not solely money suckers but business enterprises with tactics in place to increase their profits. Consumers can save money by being well-informed and taking advantage of some of the tricks that stores hate. By doing so, consumers can get the best deals and save money in the long run.