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Beware of these sales traps during the festive season

IamCheated.com Research Team | October 15, 2019  10:15:am

Beware of these sales traps during the festive season

It is the festive season and this is the time when a lot of people make purchases. The reason why many people make purchases during the festive season is because they seek discounts and it is considered auspicious. As a lot of people make purchases, sellers try to lure buyers with various tricks and gimmicks. In this blog, we will discuss the various sales tricks used by sellers during the festive season.

Sales traps used by sellers during the festive season

 1. No cost EMIs

Buyers are now crazy about no cost EMIs as many e-commerce companies and retailers are offering this while customers make purchases like mobile phones and high end electronic goods. With no cost EMIs you can buy a Rs 1 Lakh worth mobile phone paying just Rs 10,000 EMIs in 10 equal installments. This scheme does not involve processing fees, down payment or interest payouts. But, one thing you must keep in mind is nothing comes free. The EMI cost is incorporated in the sales price. In case you are buying a product by making an upfront payment, you might be given a discount which is not offered when you opt for EMIs.

See Also: Is No-cost EMI a Marketing Gimmick?

2. Low cost loans

Now retailers and lenders also offer loans with interest-free periods. This option is useful if you do not want to lock in your money. Usually, this kind of loan involves a processing fee which is around 2%. You must identify if this interest-free period comes with an expiry date. Normally, the interest-free period will be for 15 days in the case of low-value purchases and after that, you will be charged interest.

3. Cashback offers

Cashback is a reward given to customers to make purchases from retailers. People normally fall for these cashbacks and buy things. There are certain things which you need to consider while availing cashbacks. These are the maximum cap, minimum spend, and an effective date. To understand how minimum spent is computed, go through the fine print. If the minimum spend is Rs 3,000, sometimes the offer is applicable, only if you make three purchases aggregating Rs 3,000.  Sometimes a one-time purchase worth Rs 3,000 is enough to avail an offer.

 A 15% cashback might appear attractive, but it may come with a ceiling of say Rs 1,000. In such cases, you will get only a Rs 1000 cashback, even if you make purchases worth Rs 50,000. In some cases, if you use a credit card to make purchases, your cashback gets canceled if you do not pay your credit card bills on time.

4. Freebies for home purchases

Homebuyers will be offered freebies like air-conditioners, modular kitchens, and semi-furnished apartments during the festive season. This is done with the intention of attracting buyers.

See Also: Online Shopping: Beware of these scams during the festive season

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