Tuesday, January 9, 2018

Buying online rather than offline can make you richer on an overall basis even if you pay more money for your online purchases on, say, Amazon

The basic idea here is that if buying online - say on Amazon.in or Flipkart or Jabong - saves you time, then you can utilize the same time to earn more. The extra income [or profits] that you generate from this newly-released time will most likely compensate [many times over] for any [slightly] higher prices that you might have paid for making your purchases online. One of the questions to be asked is this - will you be able to invest the time saved into raising your income? This is related to the fantastic concept of opportunity cost. Another question to be asked is - [how] does buying online save you time? The answer to this question is a relatively straightforward yes - you don't have to drive to the market [or to different shops], you don't have to waste time finding parking spot for your car, you can do comparisons far more quickly online than offline, you won't get stuck in costly traffic jams, you can sort and filter as you like, and so on. Another thing, if you don't want to invest the newly-liberated time into increasing your income, you can always use this extra time for enjoyment and entertainment activities, say with family and/or friends. You'll certainly be happier even if not richer. And who knows, your extra happiness might by itself make you wealthier!

No comments:

Post a Comment