Neale Prior: Don’t suffer buyer’s remorse! Here’s a few savvy shopping tricks to get what you want cheaper

A renaissance of newspaper advertising by household goods retailers and the growth of online shopping has made it easier to get the best deal when making big purchases.

And the willingness of most retailers to match the deals offered by genuine rivals means bargain prices should not be out of the reach of almost anyone living in or near a big city.

Yet new research has shown that only about one-quarter of us can be bothered shopping around for the best price — thereby making us involuntary contributors to the big profits of Australian retailers.

A recent Finder survey shows that only one-in-four Australians always hunts for sales and the best deals when shopping. The survey also found that more than 40 per cent of shoppers were aware they had bought items that then went on sale at a lower price.

Finder retail specialist Angus Kidman said buyer’s remorse was common, but shoppers should not just take the pain lying down.

Mr Kidman said some retailers offered price adjustments if an item went on sale after a purchase.

“If you notice a price drop, reaching out to customer service can score you some savings,” he said.

“Keeping a receipt on hand always makes the process easier, as does approaching a retailer appropriately – they might be more inclined to offer a refund, credit note or gift card.”

Research carried out for the benefit of the retail industry confirms some of the biggest scope for shopping around is likely outside the basic area of food and liquor, where retailers have an average margin of less than 5 per cent.

Research group MST Marquee estimated in a study published by the Australian Retailers Association that electronic goods operations enjoy a margin of almost 8 per cent.

While Bunnings might claim “lowest prices are just the beginning”, hardware and furniture retailers are up there with fashion and jewellery in enjoying margins of about 18 per cent.

Hardware, furniture and clothing retailers typically package and badge remarkably similar items differently to maintain their market position and bargaining advantage.

And then retailers often compare their purportedly bargain price with a recommended retail price, as opposed to comparing the advertised price with the common sale price. This makes doing research all the more important to understand what you are buying and a fair price before you head out armed with your credit card.

Finder says a common mistake is shopping with little preparation and not doing your research. It suggests that if you have a wish list, get an understanding of the regular prices so you can tell whether you’re really saving.

It says online sales offer broader choices than a physical store. Shopping online also gives you the advantage of being able to search the features and specifications of your various purchase options. Just remember that popular electrical brands regularly have a range of different model grades — all likely to confuse someone in the bang and clutter of a busy retail store.

An example is the jargon-riddled Samsung television range which stretches from its entry level Crystal UHD models to the 4K and 8K versions of Neo QLEDs; and its The Frame televisions that look almost like a picture frame.

It takes time to understand the pros and cons of such items — and that’s before you check to see how they stack up against rival products.

Electronic and furniture retailers are often willing and able to offer discounts when you produce evidence that you can readily get the goods for a better price online or from a rival store. It is essential to have a record of where the item is sold cheaper before trying to get your local store or online seller to offer a knocked-down price.

The retailers also have jargon-riddled policies when it comes to allowing discounts on comparable prices, such as Harvey Norman offering to match the “genuine advertised prices of leading Australian in-store and online retailers” through its Shop With Confidence Price Guarantee.

As research group Choice points out, this ambiguous definition give Harvey Norman discretion of whether it chooses to price match your product.

Retravision’s lowest price guarantee only applies to Harvey Norman, JB Hi Fi, the Good Guys and Appliances Online. This type of restrictions give the retail stores the option to say no to unreasonable requests.

But such retailers still leave plenty of scope for genuine bargain hunters, including those who have spotted an excellent deal online by an online provider.

Regardless of official policy, any half-decent sales rep on the shop floor will tell you soon enough whether to just go and grab it online.

It pays to ask.