It is indeed possible to negotiate and save money when shopping. Most people think that the retail price is the final price when it is just the suggested price and hence the starting point for negotiation. Here are 5 ways to negotiate better and save money when shopping:
This is the prerequisite to effective negotiation. You should have a fair idea about the product and the prevailing market price. You can especially use competitor’s price as a benchmark to negotiate because the sellers are generally willing to charge lower prices than competitors in order to build goodwill.
An informed customer can confidently let the seller know that he/she is interested in buying the product but will not buy at the current price. Don’t make the mistake of being rude because it will close the doors for all further negotiations. Be respectful and negotiate in a rational way citing the prices of competitor’s when appropriate.
Stores will be happy to give you a discount or throw in other freebies in order to close the sale.
Learn to Flinch
Flinching can be an effective tactic in negotiation. You should clearly express your disappointment at the offer price in order to make this tactic work. Again, I must add that don’t make the mistake of being rude, you just have to show that you are disappointed or surprised.
This will make the seller uncomfortable especially if know that there is room for negotiation in the current price of the item. The seller will as a result try to justify the price or offer a discount to you.
Buy in Bulk
The rule of thumb for shopping is that the more you will buy the higher discounts you can get. This is a strategy commonly seen in super-stores, which bundled together items and sell them at a discount.
You can also use this strategy to your advantage by shopping together with your friends. Your combined shopping will enable you to be in a better position to negotiate a discount. After all, losing one customer may be bad but losing multiple customers is certainly worse.
Don’t Bargain For “Hot Items”
It is generally a futile activity to bargain for hot items. When an item is high in demand, suppliers know that they have considerable power of negotiation over customers. They stick to their prices because they know that even if the current customer will walk away, there are others willing to buy the product at the current price.
Therefore, your chances for bargaining will be increased tremendously if you negotiating for regular items. Also, if you are bargaining for items that you see are in excess inventory, stores will be more likely to sell them off at a lower price.
Threaten to Walk Away
This should be your last resort. If you are not satisfied with the current price and the seller is not budging from the price, threaten that this price is too much for you to buy and that you have no other option but to walk away.
This works wonder especially if you pretend to walk away for added effect. Sellers hate to lose a sale and will be willing to compromise to close the deal.
Allan has a strong interest in money saving strategies. He is regularly contributing to blogs on savings accounts and frugal topics.