I’m about to drop some mind bombs. I’m sure you’re aware that some pricing is dynamic, especially travel. But are you also aware that pricing on Amazon for TVs, electronics, furniture, books, and basically everything uses dynamic pricing?! You’re probably thinking… well, I don’t care about a few cents or a few dollars, but we’re talking significant amounts of money.
What is dynamic pricing?
Dynamic pricing is just like it sounds… based on real-time supply and demand. You know how Uber has surge pricing? This is no different – except that you can get ahead if you’re armed with the info I’m about to lay down.
What’s the answer to dynamic pricing on Amazon?
Enter Camel Camel Camel (long and odd name, but excellent tool). With this website and app, you can track whatever you intend to buy and when the price goes down significantly, you’ll get an alert.
Shall we also mention that you can look up the price of anything on Amazon, looking at price trending graph for the last few years?!
Now might be a good time to mention that if you don’t have Amazon Prime, you should get it. You can get 30 days free as an individual or 6 months free if you’re a student and/or have an .edu email address.
Ok, back to this crazy pricing scheme that seems like some sort of magical secret.
Another tool is Invisible Hand, which will track what you’re looking at and search 11,000 different stores for that same item to get you the best price, including coupons. So this is a great tool to use in addition to Camel, Camel, Camel.
So, let’s give you a few examples so that this whole dynamic pricing thing is clear and the advantage of this information is something you’ll want to brag to your friends about.
How to Get the Best Price on Amazon
1. Make sure you have a Prime membership so that you can score free, fast shipping on most items as well as other discounts. If you don’t want to pay for the membership, put a calendar item remind you to cancel 25 days from now.
2. Login to Camel Camel Camel and search for what’s on your wish list or the things you’re thinking of buying, especially the ones that cost $50 or more. Create a list to track.
3. As a backup, get the Invisible Hand chrome extension to make sure that Amazon is the best place to buy it – might be somewhere else way cheaper anyway. Plus, this will be on while you’re shopping online and will suggest less expensive items, including shipping all over the web – plus promo codes and coupons specific to the store you’re shopping in so that you don’t have to hunt all over the web for coupons every time you shop.
4. If you dare, check out the Top Price Drops section on Camel Camel Camel. Though, I found myself yearning for deals and things I don’t need just because they’re a good deal. So, there’s that to be on the look for.
Here’s an example of something I bought recently *an Alexa wifi outlet* for around $40, when I could have gotten it for $21, had I been patient (see below).
There you have it. I taught you everything I currently know about dynamic pricing.
Which items did you find a price difference on? And how big was difference?
Dynamic, eh? Gotta know the rules of the game to play.