Want to Save Money? Here Are the Best Times to Shop Online, According to a New Survey
Plus, learn more about dynamic pricing and why item costs change regularly
While the hustle and bustle of holiday shopping is in the rearview mirror, people are still looking for ways to get the best deals on the latest items. And that also applies to online shopping. Whether you’re using leftover gift cards, scouring for coupons or applying specialty discount codes, it’s not surprising that you’ll want the lowest price. But did you know the days and times you shop can also contribute to your savings? That’s right, a new study from Smartproxy revealed the best times to shop online. Curious when to click add to cart? Keep reading to discover which days and times are best for online shopping and how they arrived at these findings.
What are the best times to shop online?
To compile the best times and days to shop, researchers at Smartproxy looked at more than 30 products from major retailers, including Amazon, Best Buy and Wayfair. They examined 3,716 price changes over six weeks to determine the best time to buy products based on pricing trends, which helped them create a dynamic pricing index.
The findings in the U.S. revealed that the best time to shop online is between 6 a.m. and 12 p.m., with Tuesday morning being the most affordable, with an average price of $261.02. If possible, avoid shopping on Friday mornings, as prices rise and the overall cost of items averages $313.
Interestingly, even though Tuesday stood out as one of the most affordable times to shop for the morning, it is also the most expensive during the early morning hours between 12 a.m. and 6 a.m.
What is dynamic pricing?
SmartProxy states, “Dynamic pricing means that the price of something can change depending on things like how many people want to buy it, what other stores are charging, or even how many times you’ve looked at it online.” If you buy something and notice that the price drops soon after or a new discount is added, it’s because of dynamic pricing.
“Dynamic pricing, when utilized properly, can create a win-win scenario for businesses and consumers alike,” says Vaidotas Juknys, head of commerce at Smartproxy. “For companies, it offers the flexibility to adjust to real-time market demands, thus maximizing revenue while keeping a competitive edge. For consumers, dynamic pricing means access to products at a variety of price points, often leading to great deals during low-demand periods. As more and more businesses embrace this pricing model, it’s essential to find a balance— leveraging technology to provide transparency and fairness while driving profitability.”
Why do prices fluctuate?
The research from SmartProxy indicates that the cost of products is constantly changing. They point to three main reasons for this:
- Demand and supply: During high-shopping times, such as the holidays, prices often increase because retailers know consumers are looking to buy gifts. Trending items also cost more at this time.
- Browsing behavior: Retailers examine consumer habits, such as how often you view an item or add items to your cart. If there’s a lot of traffic for an item, it signals high interest and may cause a spike in price.
- Competitor influence: Dynamic pricing is important because online stores use it to monitor competitors’ prices and adjust their own accordingly. If one store slashes prices, others may follow suit to ensure consumers spend money.
Tips for saving money while shopping online
SmartProxy experts want to ensure consumers are getting the most for their money. Here, a few tips to save money when shopping online.
- Shop strategically: Items are often cheaper in the early mornings during the middle of the week. Plan your shopping around those days and times to redeem extra savings.
- Use incognito mode on your browser: Looking anonymously can prevent retailers from using your history to raise prices.
- Compare prices: One of the best things you can do is compare prices across online retailers. This will help you find the best deals.
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