In a recession, everyone's a bargain hunter.
This would explain the crush of traffic on a website called RedFlagDeals.com, which is all about smart shopping. In the month of January, for example, traffic on the site was up 60 per cent from the same period a year earlier.
"One of the best ways to save money without spending a lot of time is to go online and do your research online," explains Derek Szeto, president of Clear Sky Media, the parent of RedFlagDeals.com. "You don't have to waste gas money, you don't have to waste time."
RedFlagDeals is one of several websites that are must viewing for people who want to squeeze the most value out of the money they spend amid these dismal days for the economy. Want to read some experts' reviews of big-screen TVs, cars or other big-ticket items? Try Edmunds.com for cars, CNET.com for electronics and the Consumer Reports website for pretty much anything.
Want to see what people who already own a particular product think of it? Try Epinions.com for general merchandise, Edmunds again for cars and TripAdvisor for travel-related stuff.
RedFlag bills itself as "Canada's bargain-hunting community," which tells you how it differs from these other websites. All the special promotions, freebies, coupons and chatter between bargain hunters reflect what's going on in the Canadian market.
A sampling of the deals found recently on RedFlag:
A $10 off coupon for purchases of $100 more at Sears.ca.
Select Lego sets at 25 per cent off at ToysRUs.ca if you buy two or more.
A family pack of four tickets to see a theatre production of The Sound of Music in Toronto for $199.
Various offers on Dell computers.
The deals on RedFlag are gathered by editors at the site who scour company newsletters, flyers and ads, and from tips contributed by a community of 200,000 registered users. There are also sponsored deals, which means a company has paid to list on the site.
Mr. Szeto said all bargains are tested to make sure they're actually available, and any promotional codes required to get a deal when buying online are validated.
Online bargain hunting is especially productive these days, as a result of the recession. "It's a great time for it because some retailers are having these amazing promotions," Mr. Szeto said. "There's discounting all over the place, even stores that don't traditionally have sales, or very limited sales."
There's value in RedFlag even if the deals on the site leave you unimpressed. Just head over to the Forums area of the site and check out the wide range of discussions on ways to save and spend money.
Topics include the top five companies you should avoid at all costs (watch out for the names of certain companies that come up repeatedly), and whether or not you can bargain over the price of goods at Costco. (Funny comment: "Good luck even finding someone to bargain with ... maybe the checkout girl?")
RedFlag's personal finance discussion area is a virtual community where you can ask questions and receive answers from other users based on their personal experiences. Right now, the most active conversation by far is the one about the Tax-Free Savings Account, or TFSA, which was introduced Jan. 1.
Staff at RedFlag have added to this coverage by providing a useful comparison of fees for TFSA accounts at various banks and brokerage firms. There are also comparisons of low-fee credit cards and high-interest savings accounts (look in the Features area of the website).
If you're willing and able to shop in the United States, there's a whole whack of online bargain-hunting sites you can check out for deals, coupons and promotional codes that can be used for discounts or free shipping when buying online. Start with superslick BizRate and then try FatWallet and Promotionalcodes.com.
The next big thing in product review websites could be ConsumerSearch, which aggregates reviews on all kinds of products, analyzes them and then makes recommendations on what to buy. Looking for a cheap laptop computer? ConsumerSearch shows you the options (in the U.S. market, alas), explains the tradeoffs versus higher-priced models and then names names in telling you the best brands.
RedFlag has been trying to expand its franchise in Canada with websites called PriceCanada.com, which right now offers comparative price data mainly on electronics sold by a few online retailers, and Scarlett Lounge, a deals-focused site specifically for women.
Now's the time to get started as a bargain hunter, regardless of how urgent it is for you to watch your spending. Says RedFlag's Mr. Szeto: "There are just so many good offers out there right now."
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Web bargain hunting
For deals and coupons:
RedFlagDeals.com
BizRate.com
FatWallet.com
Promotionalcodes.com
For reviews and advice:
ConsumerSearch.com
ConsumerReports.org
Epinions.com
Edmunds.com (cars)
TripAdvisor.com (travel)
CNET.com (electronics)
