Ever since the implementation of the community quarantine, nearly all of us have become dependent on online services for everyday needs. From our necessities such as groceries and clothes to everything else in our Shopee and Lazada carts, online shopping seems unavoidable for the coming months. However, with a new way of shopping comes a new set of challenges—one of those being how we spend our money on these platforms.
In the old normal, we would have to go out to purchase something we needed. Now, with many having direct access to online shopping services, we can buy whatever we want, whenever we want in the comfort of our homes. With e-cash platforms and cash-on-delivery services, shopping has never been so convenient. We can order anything from around the world, and almost instantly, it arrives at our doorstep. Though it is convenient and saves time, is it entirely beneficial?
According to a study done by Bazaarvoice, an American digital marketing company, someone would spend five dollars online for every dollar spent in-store. This trend is also picking up in the Philippines as a study by the iPrice Group revealed increased spending in Philippine online sales over the past years. With the accessibility to buy anything online, many students spend more even if they do not benefit from these purchases in the long-term. Many of us are also enabled and encouraged to overspend on things we barely use with enticing ads and frequent sales.
The prevalence of careless spending habits online may further corrupt the youth's perception of the value of money. The convenience and marketing tactics of online shopping are detrimental to learning the practicality of spending. As services, necessities, and property are getting more expensive by the day due to this current economic downturn, budgeting skills are more essential than ever.
Though frequent online purchasing may have clear disadvantages, online shopping platforms aren’t the entire problem. Self-control is a skill that only we need to develop individually. Without proper self-control and essential frugality when handling money, it would not matter much whether you shop online or in-store. To prevent an overspending habit, we have to control ourselves and learn the actual value of money. Before you buy something, ask yourself: Is this worth my money? Despite its flaws, we can still enjoy the benefits of shopping online; however, we have to be smart and control our urges before it becomes a habit.
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