Table of Contents:
1. Leverage AI-Powered Budgeting Apps for Financial Planning
2. Use Cashback and Rewards Programs to Maximize Savings
3. Utilize BNPL (Buy Now, Pay Later) Options Wisely
4. Explore Personalized Deal Alerts and Price Trackers
5. Consider Digital Wallets for Secure and Streamlined Payments
Final Thoughts
With Black Friday on the horizon, both customers who have that desire to save money and retailers who are interested in selling their goods are getting ready for one of the biggest shopping days. Nevertheless, it is essential to prepare for inflationary pressures and high demand in the future to capitalize on Black Friday promotions. Financial technology, or Fintech, includes using advanced technology to create applications that help in planning and organizing finances through budgeting applications that use artificial intelligence to manage expenses to opt for online payment methods on credit cards. Below are some trends that will likely shape Black Friday in the year 2024 and some tips that Fintech users can take advantage of.
1. Leverage AI-Powered Budgeting Apps for Financial Planning
Mobile apps are no longer simple tools for tracking expenses; today, many incorporate AI for predicting the spending behavior of their users. Mobile applications such as YNAB, Mint, and PocketGuard let you set personal budgets and give you reports on where you may be overspending. This technology is useful in providing a guideline on how much should be spent on Black Friday so that unreasonable and unnecessary purchases are avoided.
They also enable the classification of costs and provide you with information on where to allocate the necessary funds for celebrating Black Friday. There are applications that include reminders and push notifications to help avoid spending more than planned if the Black Friday shopping should be done with the help of an application. For those who are planning on spending significantly or purchasing items in large quantities or expensive items, there are AI-based budgeting applications that can help you monitor your overall spending and make changes to your budget if required.
2. Use Cashback and Rewards Programs to Maximize Savings
Fintech has made it almost effortless to earn as one spends. Digital wallets and payment apps allow consumers to earn rewards through cash back and similar schemes. Others, such as Rakuten, a well-known cashback site, Dosh, and Honey, connect with merchants, allowing one to get a proportion of the money spent back during Black Friday sales. With these programs, part of the expenses can be covered and, therefore, bring the maximum amount of savings.
Some credit cards also provide enhanced cashback on other kinds of shopping, such as retail shopping during other festive seasons, and this can be very helpful during Black Friday. While shopping, analyze the rewards rate for each card or application for purchases, and choose the method of payment that gives the most cash back or other rewards for each category of goods and services, including electronics, clothing, and household items.
3. Utilize BNPL (Buy Now, Pay Later) Options Wisely
Online payment services like the Buy Now, Pay Later services are common, especially during Black Friday, as they afford customers a chance to buy goods and pay in installments for a certain period without charge. Some companies like Klarna, Afterpay, and Affirm work with different retailers, meaning that customers can purchase goods now and pay in portions, which is useful when purchasing items that cost more.
However, consumers should exercise a certain level of awareness when it comes to BNPL services. Some of the fintech platforms include interest-free payment methods; however, defaults on repayments attract fees and adversely affect credit scores. An appropriate professional decision is to utilize BNPL only for necessary and expensive purchases and ensure that payments should be affordable.
4. Explore Personalized Deal Alerts and Price Trackers
The web scraping technologies for providing the alerts on deals and setting up price drop alerts have proved themselves to be useful fintech utilities for achieving the best savings. Other applications include Honey, CamelCamelCamel, and PriceBlink, which tracks price changes across different websites and provides coupons to help the consumer get the best bargain. Regarding Black Friday, creating notifications for individual items would make you able to get the stocks by offering the lowest price without necessity to track it all the time.
Some of these tools employ predictive analysis to inform users when the price of a certain product is expected to go down. This idea can be particularly beneficial when it comes to big-ticket items such as electronics or appliances, as waiting for that moment can save money.
5. Consider Digital Wallets for Secure and Streamlined Payments
Digital wallets like Apple Pay, Google wallet, and PayPal are some of the convenient and secure approaches towards managing Black Friday transactions. Digital wallets use increased levels of security, such as encryption and biometrics, to authenticate users, hence shielding you from possible scams during the Black Friday sales. Further, many retailers also give early bird offers or cash back offers, which are associated with digital wallets for customers, which makes it a protective smart financial technique too.
Digital wallets also improve convenience at the point of payment, as checkout processes are more rapid and efficient. During Black Friday, when time-sensitive offers and promotions exist, it can be helpful to have a digital wallet on hand to complete a purchase before stocks run out.
Final Thoughts
With the increasing rivalry in Black Friday shopping, relevant resources such as fintech-driven tools are helpful for planning and buying. These are applications, services, and accounts that assist individuals in organizing their budgets, receiving cashbacks, and, ultimately, applying for or using BNPL services; they can also provide individuals with unique discounts or send notifications about particular offers. That is why, with the help of fintech, you can approach Black Friday as you have a strategic plan for every future purchase that will be effective and helpful in achieving the goals, as well as receiving more benefits and saving more money. By utilizing and incorporating the proper fintech resources in 2024, you will be ready to take the best of Black Friday in terms of opportunity.
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