How to Track Prices for Smart Home Devices

How to Track Prices for Smart Home Devices: A Comprehensive Guide to Saving Money

The smart home revolution is upon us, transforming our living spaces into connected, automated havens. From smart thermostats and lighting to security systems and entertainment hubs, the options for upgrading your home are vast and ever-expanding. But with so many devices vying for your attention (and your wallet), it's crucial to be a savvy shopper. Tracking prices on smart home devices is no longer a luxury, but a necessity for securing the best deals and avoiding buyer's remorse. This comprehensive guide will equip you with the knowledge and tools you need to master the art of smart home price tracking.

Why Track Prices for Smart Home Devices?

Before diving into the "how," let's solidify the "why." Tracking prices offers several compelling benefits:

• Significant Cost Savings: The most obvious advantage is saving money. Smart home device prices fluctuate frequently due to sales, promotions, clearance events, and seasonal demand. By tracking prices, you can identify the optimal time to purchase and avoid paying full price. Even a small percentage discount on multiple devices can add up to substantial savings.
• Identifying True Deals vs. Marketing Hype: Retailers often employ marketing tactics to create a sense of urgency, even if the "sale" isn't actually a great deal. By tracking the historical price of a device, you can determine if the current "discount" is genuine or just clever marketing. You'll be able to differentiate between a legitimate price drop and a fabricated one.
• Budgeting and Planning: Smart home upgrades can be expensive. Tracking prices allows you to budget realistically and plan your purchases strategically. You can set price targets for specific devices and wait patiently until they reach your desired price point. This prevents impulse buys and ensures you stay within your financial limits.
• Understanding Market Trends: Monitoring price fluctuations provides insights into broader market trends. You can observe how new product releases, competitor actions, and seasonal events impact pricing. This knowledge allows you to anticipate future price changes and make informed purchasing decisions.
• Avoiding Buyer's Remorse: There's nothing worse than buying a smart home device only to see it go on sale a week later. Price tracking helps prevent this scenario by ensuring you purchase at the lowest possible price. This eliminates the feeling of overpaying and enhances your overall satisfaction with your purchase.

Strategies and Tools for Price Tracking:

Now, let's explore the various strategies and tools available for tracking smart home device prices:

1. Price Comparison Websites and Apps:

These platforms aggregate product listings from multiple retailers, making it easy to compare prices and identify the best deals. They often offer price history charts and email alerts to notify you when a device reaches your desired price.

• CamelCamelCamel (Amazon): Specifically focused on Amazon, CamelCamelCamel provides detailed price history charts and allows you to set up email alerts for price drops. You can track the prices of individual items or entire wishlists. It's a must-have for anyone who frequently shops on Amazon.
• Google Shopping: Google Shopping allows you to compare prices from a vast network of retailers, including major online stores and local shops. You can set up price alerts and receive notifications via email or the Google app. It's a convenient option for tracking prices across multiple retailers.
• PriceRunner: PriceRunner is a comprehensive price comparison website that covers a wide range of products, including smart home devices. It offers price history charts, email alerts, and product reviews to help you make informed purchasing decisions.
• ShopSavvy: ShopSavvy is a mobile app that allows you to scan barcodes and compare prices in real-time. It also offers price history charts and email alerts. It's a great option for comparing prices while shopping in physical stores.
• Honey: Honey is a browser extension that automatically finds and applies coupon codes and promo codes while you shop online. It also offers price tracking features, allowing you to monitor price changes and receive notifications when prices drop. Honey also offers "Droplist," allowing you to add items and receive notifications when they drop in price.

2. Retailer-Specific Price Tracking:

Many major retailers offer their own price tracking tools or features. These can be useful for tracking prices on products sold exclusively by that retailer.

• Amazon Price Tracker Extensions: Several browser extensions specifically designed for Amazon provide price history charts and price drop alerts directly on the Amazon product page. Examples include Keepa and The Camelizer (associated with CamelCamelCamel). These tools provide a seamless price tracking experience without leaving the Amazon website.
• Walmart Price Alerts: Walmart allows you to create a Walmart account and "track" items. You'll receive email notifications when the price drops.
• Best Buy Price Alerts: Similar to Walmart, Best Buy allows you to add items to your "My Best Buy" account and receive email notifications about price changes.
• Target Circle Offers: The Target Circle program offers personalized discounts and deals, some of which are exclusive to Circle members. By monitoring Target Circle offers regularly, you might snag a great deal on smart home devices.

3. Manual Price Tracking (Spreadsheets and Watchlists):

While automated tools are convenient, manual price tracking can be a viable option, especially if you're only tracking a few devices.

• Spreadsheets: Create a spreadsheet with columns for the device name, retailer, current price, desired price, and date checked. Manually update the spreadsheet regularly and highlight any price drops. This requires consistent effort but allows for complete control and customization.
• Watchlists: Many online retailers allow you to create watchlists or wishlists. While they might not provide detailed price history charts, you can manually check these lists regularly for price changes.

4. Social Media and Deal Websites:

Social media and deal websites can be valuable sources for finding discounted smart home devices.

• Deal Websites: Websites like Slickdeals, TechBargains, and DealNews aggregate deals and discounts from various retailers. These websites often feature user-submitted deals, providing a comprehensive overview of the best prices available.
• Social Media Groups: Join Facebook groups, Reddit communities, or other social media groups dedicated to smart home technology or deals. Members often share information about sales, promotions, and price drops.
• Manufacturer Websites and Newsletters: Subscribe to email newsletters and follow social media accounts of smart home device manufacturers. They often announce exclusive deals and promotions directly to their subscribers and followers.

Tips for Effective Price Tracking:

• Define Your Needs and Prioritize: Before you start tracking prices, identify the specific smart home devices you need and prioritize your purchases based on your budget and requirements.
• Set Realistic Price Targets: Research the average price range for each device and set realistic price targets based on your budget and the historical price data.
• Be Patient: Price tracking requires patience. Don't rush into a purchase just because a device is on sale. Wait for the price to reach your desired level before making a decision.
• Consider Refurbished or Open-Box Options: Refurbished or open-box devices can be a great way to save money. However, make sure to purchase from reputable retailers and check the warranty before buying.
• Factor in Shipping Costs and Taxes: Don't forget to factor in shipping costs and taxes when comparing prices. These additional expenses can significantly impact the overall cost of the device.
• Read Reviews Before Buying: Before making a purchase, read reviews from other users to get an idea of the device's performance, reliability, and ease of use.
• Check for Coupon Codes and Promo Codes: Always search for coupon codes and promo codes before completing your purchase. Honey and other browser extensions can automatically find and apply these codes for you.
• Don't Forget Black Friday, Cyber Monday, and Prime Day: These major shopping events typically offer significant discounts on smart home devices. Plan your purchases accordingly and be prepared to act quickly, as deals often sell out quickly.
• Be Aware of Return Policies: Before purchasing, familiarize yourself with the retailer's return policy. Ensure you have adequate time to return the device if it doesn't meet your expectations.
• Monitor Price History for Multiple Retailers: Don't limit your price tracking to just one retailer. Compare prices across multiple retailers to ensure you're getting the best possible deal.

Examples of Price Tracking in Action:

• Scenario 1: Smart Thermostat: You want to buy a Nest Learning Thermostat. You use CamelCamelCamel to track the price on Amazon and set a price alert for $179.99. After a few weeks, you receive an email notification that the price has dropped to $175. You immediately purchase the thermostat, saving $24.99 compared to the original MSRP of $199.99.
• Scenario 2: Smart Lighting: You're interested in purchasing a Philips Hue Starter Kit. You use Google Shopping to compare prices across multiple retailers. You discover that Best Buy is offering a special bundle that includes the starter kit and an additional smart bulb for the same price as the starter kit alone at other retailers. You take advantage of the bundle, saving money on the additional bulb.
• Scenario 3: Smart Security System: You're looking to upgrade your home security system with a Ring Alarm system. You join a Facebook group dedicated to smart home technology and discover that a member has shared a coupon code for 20% off Ring products. You apply the coupon code to your purchase, saving a significant amount of money.

Conclusion:

Tracking prices for smart home devices is an essential skill for any budget-conscious consumer. By utilizing the strategies and tools outlined in this guide, you can save significant money, identify true deals, budget effectively, and avoid buyer's remorse. Embrace the power of price tracking and transform your smart home dreams into reality without breaking the bank. Remember to be patient, persistent, and informed, and you'll be well on your way to building the smart home of your dreams at a price you can afford. The key is to be proactive and take advantage of the wealth of resources available to you. Happy smart home hunting!