Profitt Report: Here's how to save money and make the most of Amazon Prime Day

Photo credit: MGN

Internet giant Amazon is planning one of their biggest sales of the year: Amazon Prime Day. The first Prime Day was three years ago but it’s already become something of a staple in the online retail world.

“It’s definitely kind of created this new shopping holiday that a lot of retailers will call Black Friday in July or Cyber Monday in July,” said Michelle Skupin, senior director of research at the money-saving website, RetailMeNot.

Prime Day starts 3 p.m., July 16. and lasts through July 17. It’s the longest Prime Day to date. You must be a Prime member to shop the sales, though free trial memberships do count.

Part of the excitement is the suspense, because we don’t know what will be on sale.

“We do expect that they will once again discount their own devices, so the Kindles, the Echoes,” Skupin said.

Since Toys R Us stores just closed, RetailMeNot expects toys to be on sale. Last year, more than 3.5 million toys were purchased on Prime Day.

“Have a game plan when you go in so you don’t make too many impulse purchases or spend too much money,” Skupin said.

Here are some smart strategies to make the most of Prime Day:

-Go to your Amazon account and create a wish list. Amazon will notify you if there are sales on those items.

-Next, price compare on other websites. Other retailers are competing with their own sales, such as Best Buy, Target and Macy’s.

“There’s a wide variety of deep discounts that will be available over the next week or so, everything from shoes and clothing, back-to-school supplies, definitely electronics and even jewelry and home goods,” Skupin said.

Some of those sales have already started and are worth keeping an eye on if you plan to shop this weekend. RetailMeNot will be compiling a list of all the sales, please click here to learn more.

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