How to Prepare for Cyber Monday Madness
By: Chad Hensley
Tags: Cyber Monday, Fintech, Personal Finance, Black Friday, Financial Planning

Black Friday and Cyber Monday are two of the biggest shopping events of the year. The National Retail Federation predicts that this November and December, holiday retail sales will increase between 4.3 and 4.8 percent from 2017 for a total of $717.45 billion to $720.89 billion. Each year, a greater number of consumers are opting out of Black Friday’s long lines, low temperatures, and insufferable crowds in favor of Cyber Monday.

But beware, finding the deals that are worth waking up early for, and those that you’re better off avoiding, will require preparation and strategy. Many businesses count on customers catching discount FOMO, using flashy marketing to convince shoppers that their deals are once-in-a-lifetime, and therefore, too good to pass up. Here are a few ways you can make the most of your Cyber Monday:

Don’t be fooled by a price tag

Before you decide to buy a product, do your research. Sneaky retailers may increase prices in the weeks before Black Friday and Cyber Monday just so they can avoid losing money on big holiday discounts. Also be mindful of shipping costs and other additional fees. What may seem like an unbeatable Cyber Monday deal can come to a screeching halt after considering the costs of shipping. When possible, shop at Amazon, Target, or other retailers that offer a wide variety of products. This will help minimize shipping costs, and in some cases, even avoid them all together. Many online retailers wave shipping fees when customers spend over a specified dollar amount.

Prioritize security

When it comes to Cyber Monday, it pays to be paranoid. If a deal appears too good to be true, it probably is. The most important aspect of safe online shopping is making sure you trust the website. As a rule of thumb, if you see a heavily-discounted product from a retailer you don’t recognize, perform a quick Google search to verify the website’s validity. Next, confirm that the URL begins with “https” rather than “http.” An “s” in a URL signifies that a site is secure.

97 percent of consumers were unable to correctly identify phishing emails.

Additionally, be on the lookout for suspicious email offers. Most consumers think they can spot a scam when it arrives in their inbox, but a McAfee survey found that 97 percent of consumers were unable to correctly identify phishing emails. Before opening a Cyber Monday-themed email, inspect the sender’s email address. If you spot any misspellings, digits, or other characters that aren’t part of the company’s name, delete it immediately.

Don’t overlook the logistics

How do retailers afford such significant discounts on Cyber Monday? By limiting their availability. When researching the best deals, be sure to read the fine print and understand how long offers are valid for. To ensure a seamless checkout experience, familiarize yourself with the websites you’ll be navigating. Many sites let you enter your billing information ahead of time so you can buy products instantly once a sale goes live.

Set price alarms

If you’re looking to make the most of Cyber Monday, you won’t have time to waste manually comparing prices and searching for coupon codes. Thankfully, there are many free tools and applications that will do the hard work for you. Use Google Alerts to be notified when products you’re watching go on sale. Whether you’re looking for deals on all Nike products or one specific running shoe, Google Alerts will send you live price updates. There are many other free tools that will do the hard work for you. Apps like Cuivo and browser add-ons like PriceBlink notify you of price drops on items you have your eyes on.

Check social media

Most companies use social media as a means to communicate with their customers, and Cyber Monday is no exception. In fact, some brands have started using Facebook, Twitter, and Instagram to announce extended offers or to provide additional discount codes. On Twitter, you can even create a list dedicated to the retailers you’re hoping to score deals from.

Are you holiday shopping this year? Share your tips and tricks with us on Facebook and Twitter.