Maximize Deals & Discounts On Cyber Monday
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MIAMI (CBSMiami) - With the long Black Friday weekend behind us, say hello to Cyber Monday.
But as you point, click and purchase, or even just surf social media, remember you may be letting marketers know more than what you bargained for.
Tara Dhar says she loves to let her fingers do the work.
"I do about 90% of my shopping for the family online; everything from clothing to household goods to vacuum cleaners and computers and everything," said Dhar.
While loyal to a handful of retailers, Dhar said she's always looking for a good deal. One thing that is not always on her mind, however, is the data that some companies collect while she shops.
"I don't really think about it, but obviously it does happen," said Dhar.
As online retail sales continue to climb, experts say the amount of consumer data retailers collect is also taking off. So what do they look for? Things like previous purchases, the shopper's web browsing history and their social media activity.
The information gathered could affect what a person pays for a particular item.
"Everyone wants to maximize the profit potential and price sensitivities are going to vary between individuals, but having access to all this data will really help to determine what sort of discount, if any, that individual will receive," said Mark Johnson of Loyalty360.
That's because the data can help companies differentiate between customers who are often willing to pay full price for merchandise versus those who will only shop if they get a discount.
So does being a loyal customer to a company pay off? Maybe, maybe not.
"Discounting, if you're a loyal customer may not be something they're going to offer. They know that they may not have to offer you that discount, so why should they," said Johnson.
Industry insiders say the data is also used to understand what individual consumers value and send them targeted messages and offers tailored to their individual priorities.
"In some instances a customer may be very price sensitive and looking for the best deal. Other customers are perfectly happy paying full price for an item if it means they can have it first," said Johnson.
If you're not happy paying full price, experts suggest looking for a retailer's promo codes. Using them will send the message that you want value deals. Also, avoid impule purchases. Sometimes keeping items in your online shopping cart will encourage retailers to send you a discount to complete the purchase.
If all else fails, hit the "Contact Us" page and just ask.
"There's still the human factor of simply asking someone if, if you can have that extra little something that might help close the deal for you," said Teradata Solutions strategist Jenne Barbour.
Johnson said right now the number of companies able to do detailed data analysis is limited but he predicts as data becomes less expensive, the unique pricing structure for individual consumers will become more and more common.
Experts say online retail sales are predicted to hit $414 billion by 2018.
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