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Never Shop in October and Other Secrets From a Retail Guru

By    |   Tuesday, 22 October 2013 02:29 PM

With the holidays quickly approaching, retailers are coming out in full force, armed with psychological tactics and sophisticated strategies. Retailers are also marketing experts with one thing in mind — driving sales.

Mark Ellwood, author of Bargain Fever: How to Shop in a Discounted World, has a shopping mandate: Never pay full price. "There's simply no need," Businessweek reports.

To shop with confidence this season and make smart-buying decisions, Ellwood offers the following tips on how to outsmart the retailers with your own style of shopping savvy know-how:

Editor’s Note:
Retired Americans Slammed by Obama’s Redistribution Plans

1. Never shop in April or October. With tax refunds burning a hole in your pocket, April is a prime selling month for retailers. Meanwhile, retailers are trying to increase sales in October as back-to-school sales have dropped off and holiday shopping hasn't started.

2. Watch out for "threes." Don't be fooled by choices. Retailers stock displays in a way that manipulates purchases by arranging products by price point, usually in groups of threes. The item on the left is usually the least expensive, the item on the right is usually the most expensive; thus consumers are more likely to buy the one in the middle. Ellwood's advice is to always choose the one on the left.

3. Beware of "fake" markdowns. Red-lined price tags are a retailer's ace in the hole. Clothing rarely sells for full price and the eye-catching red line creates the illusion of a deeper discount, when it is not known if the clothing actually ever sold for the original price.

4. Drop the "anchor." Consider two fairly similar garments, one is selling for $140 and the other for $400, Ellwood explains. The garments are similar, but the pricing is at opposite ends of the spectrum. The pricing disparity creates a perceived value, known as an anchor, and entices the buyer not to leave empty handed.

5. Ask nicely. Simply ask about current sales or deeper discounts. Ask with a smile and you might get an extra 15 percent off in your shopping cart.

Retailers are now actually hiring retail researchers as a way to analyze consumers' buying behaviors, according to Fox Business Network.

"The stores have a plan, so you should, too," says Dave Ramsey, best-selling author of "The Total Money Makeover" and host of a syndicated financial talk show on the radio.

Editor’s Note: Retired Americans Slammed by Obama’s Redistribution Plans

Related Stories:

Retail Group Expects Slightly Brighter Holiday Season Sales

Wal-Mart: Government Shutdown on Customers' Minds

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With the holidays quickly approaching, retailers are coming out in full force, armed with psychological tactics and sophisticated strategies. Retailers are also marketing experts with one thing in mind — driving sales.
shopping,retailers,purchase,buy
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2013-29-22
Tuesday, 22 October 2013 02:29 PM
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