AI reveals five money saving hacks to cut costs this Christmas
- Meghan Blumsum
- Nov 17, 2023
- 3 min read
With Christmas being just a few short weeks away, half of UK shoppers (51%) say value for money will be their top priority when searching for Christmas presents this festive season. According to recent data,a whopping £84.9 billion* is expected to be spent online and in-store, the largest spending year yet, despite the ongoing cost-of-living crisis.
The UK is at the fore-front of AI advancement and with that, retailers are using generative and predictive AI to improve efficiency and provide individualised shopping experiences, but what many may not realise, is that consumers can also use AI to their advantage when it comes to getting their shopping done.
With this in mind, AIPRM shared their insight on how consumers can save money this Christmas season by utilising artificial intelligence.
Christoph Cemper, on behalf of AIPRM, provides five tips on how to utilise artificial intelligence to save money this Christmas.
Five ways AI can save you money this Christmas:
Price Comparison
Utilising AI-powered tools and similar browser extensions can be a great way to help you compare prices across retailers to find the best deals on gifts. The algorithms within the technology are able to analyse large amounts of data and conclude pricing decisions to find out the most optimal price for certain products or services desired. The tool can also track prices, notify of any discounts available and suggest the most cost-effective and money saving options.
Coupons & Deals
A simple search of a query can unleash a world of savings, with AI algorithms capable of scouring the internet to uncover the most useful and beneficials coupons, discounts and special deals on retailers and items. Browser extensions, like Orbita, can transform online shopping experiences to maximise savings whilst still purchasing what you may want or need.
Craig Anderson, on behalf of Coupon Snake commented: “While using coupons will maximise your savings, it will also force you to shop more deliberately and pay closer attention to what you are adding to your cart.
“By figuring out how much you want to save and planning ahead, you can reduce the likelihood of impulsive purchases, therefore doubling and making your savings more valuable. However, saving your coupons until the Christmas season can help with gift-giving on a budget.”
Budget Trackers
Budget tracking is one of the best ways to manage your finances, and whilst there are apps out there who can do this for you, using specific AI-powered budgeting apps can document bills and allocate spending allowances to meet your financial needs. With Christmas right around the corner, you are able to track all aspects of your spending, enabling you to stay within a realistic budget.
Predicting Analytics
The power of the technology in AI can help predict the future of itemised costs through analysing market trends and identifying when prices may drop or rise. This can help you make decisions on when to make purchases around the Christmas period, or when is best to begin your seasonal shopping.
Cashback & Reward Schemes
Using reward and cashback programmes is one way to help maximise your savings while still making a profit on your purchases. Platforms with AI capabilities can determine which programmes are best for customers based on their shopping habits and individual requirements. This then allows customers to either collect points for future purchases, save money via discount codes, or receive cashback or vouchers from their purchase - all beneficial to someone looking to cut down on costs.
Methodology:
AIPRM wanted to find out how using artificial intelligence can help save money at Christmas.
All data was collected November 2023, and is accurate as of then.
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Opmerkingen