Top Things To Consider When Buying New Technology
With the rapid rate of development in new technology there is no surprise that this is the fastest growing sector of the market. Whether it is the latest smartphone, or a digital camera that also makes toast, pretty much everybody has enjoyed the guilty pleasure of indulging in a new gadget of some kind, shape, or description.
As a result of the high levels of productivity this is a very crowded market place, which really plays into the hands of the shopper. If you are planning to invest in some new technology in the not-too-distant future there are a few things you should keep in mind before you splash out.
Be the not-so-early adopter.
When it comes to technology you may be an early adopter, in other words, the type of person who anticipates the release of new tech earlier than the average customer. If this is you, you are probably inclined to buy right on the release date. This is not a good way of getting the best deals with new technology.
Many companies rely on the hype around a new product to give the sales a real boost. If you can hold off on a purchase, even for a short amount of time, there are some real savings to be made. After the initial glut of purchases there is often a second wave of sales, in which you are likely to see a marked reduction in prices. Due to the pace of technological development a couple of months can represent a sizable percentage dip in prices, and if the product is ‘that good’ it will be worth the extra wait.
Compare, compare, compare.
When buying new technology it is all too easy to get drawn in by the hype surrounding an individual product and forget that there other similar items out there. Even if you find yourself fixated by a particular gadget it is a valuable exercise to size up what the competition have to offer. In this thriving marketplace companies will strain every technological sinew to out-do their rivals in terms of product specifications. Although a product might not carry the logo that you are looking for, it may actually offer a higher level of functionality than the leading market brand, and therefore offer you much greater value for money.
Look for deals.
If you are going to buy in the first wave of sales for a new product you can get some superb reductions in costs by using voucher websites such as Groupon. These are an excellent way of taking the sting out of the initial, hype-inflated, prices of brand new tech gadgets. The coupons they offer can get you up to 70% off some items, and even if you get a 20% reduction it is still a great saving to make. A word of warning though, these discounts tend to be regional, such as shopping vouchers in Singapore, so make sure you choose the right ones before you try to buy anything!
Shopping around is an essential part of getting a good deal. Prices for new technology can differ greatly between outlets so it is good advice to look at several sites before you buy. The costs can fluctuate on a daily, or even hourly, basis so it is a good idea to revisit places regularly and see if prices have changed. Comparison websites can sometimes miss out on changes, so it is good practice to go directly to a vendor’s website and get the exact price that they are charging.
Check for quality – read reviews.
New technology is a global market and it is possible to find deals in locations far away from where you live. If you are buying from abroad you need to check the postage costs and calculate this in to the overall price. You must also make sure that you are not going to be liable for additional costs like import tax. Some locations are notorious for poor production quality so if you are buying from an overseas retailer make sure you thoroughly vet the service they offer for reliability. You should be able read customer reviews for their products and services. If this information is difficult to access then you should treat any offers with caution.
Daniel Goh is the founder and chief editor of Young | Upstarts, as well as an F&B entrepreneur. Daniel has a background in public relations, and is interested in issues in entrepreneurship, small business, marketing, public relations and the online space. He can be reached at daniel [at] youngupstarts [dot] com.