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Why Using ShopSavvy Might Not Be So Savvy

Why Using ShopSavvy Might Not Be So Savvy

Reading this morning’s New York Times story, Mobile Phones Become Essential Tools for Holiday Shopping, I was reminded again of the fundamental shortsightedness of so many of our economic decisions, that flaw in human nature that makes us seize on temporary advantage without thinking of the long-term consequences. The article focuses on the use of applications like ShopSavvy and RedLaser to do comparison price checking while in the store. On the surface, these are great tools for consumers (and there are other applications besides price comparison.) But remember, cutthroat pursuit of the lowest price will hasten the demise of many retailers, while strengthening others (usually, the biggest and most efficient, who can make money on the slenderest margins.) But what happens once those mega-retailers are the last one standing? Prices are likely to go up.

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