MANILA, Philippines – Online shopping has made it more convenient for consumers to purchase items with a single click.
According to Jenny del Mundo, agency fundamentals head at Sun Life, the digital marketplace has also changed consumer habits.
Del Mundo said shoppers looking for products online have also become keen on researching before purchasing.
“The way I see digital buyers is they are more prone to research. They really do a lot of checking with the end view of getting the best deal and making sure that the product is the best in its class,” she said on ANC’s “On The Money.”
Digital buyers also have a tendency to post their purchases on social media.
“When they make a good purchase, they share it with the rest of the world,” said del Mundo.
However, del Mundo said that because of the convenience of online shopping, it has also spawned impulsive and non-purposive buying, which can be burn a hole in the wallet if not controlled.
She suggested setting aside a fixed amount to buy certain items or setting a cap on your credit card so you cannot bypass its limit.
“You have to counteract the overspending. The best way to do it is to simply avoid the temptation,” she said.
Del Mundo also stressed that the internet can also be used to attain finance goals, not just for spending.
“Subscribe to sites that feed you very easy tips on how you can invest, save, set up a business, or reach your financial goals early,” she said.
“There are a lot of sites that can give you answers to your usual questions. You can also watch videos on how it works,” she added.
Del Mundo advised online shoppers to remember the ABC of digital shopping:
Avoid certain sites that tempt you
Back test - Find out how you used previous online purchases
Commit - It helps you to curb overspending if you focused on something else like a project
“Always remember to balance everything, don’t just concentrate on the present, there’s always tomorrow and a long-term future, so don’t try to use it all up in just one click,” she said.
A quick poll made by del Mundo showed that the top online purchase for Filipinos are for plane tickets, followed by hotel bookings; clothes; books; and vouchers.
She noted that travel and entertainment products, like concert tickets, are the most sought after in online platforms because of the convenience to purchase them.