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Pattie Lovett-Reid

Chief Financial Commentator, CTV

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One of the biggest shopping bonanzas will kick off for its third year on Monday as Amazon's Prime Day sale begins in 13 countries, including Canada. Amazon has employed a brilliant marketing strategy that has proven to be a recipe for success: Simply hold a one-day sale for members only. 

If you are part of the club, Amazon Prime is $79 per year in Canada and offers free two-day delivery, Prime Video and unlimited picture storage, to name a few things. Of course, there will be the blockbuster deals starting later today as well.

Amazon pours a lot of money into Prime, the video library is growing, streaming music and shipping, and with good cause. The Prime subscription revenue is what helped Amazon's operating profit flip into the black, with 66 million plus members strong. Prime members continue to be the company's most valuable customers, tending to spend more and shop longer on the site.  

This is a big day for the company and its members. Last year approximately 90,000 TV's were sold with a number of great brands but went quickly, while a lot of Amazon's own devices, such as Kindle e-readers​, sold in the  hundreds of thousands.

Deals can be found if you know what you are looking for and do a little comparison shopping first. 

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Amazon Prime Day gets underway at 9 p.m. ET Monday and runs through 3 a.m. ET on July 12, for a 30-hour sale. 

If you are worried about over-spending and might be shopping for ‘wants’ as opposed to ‘needs’, try the following steps: Don't save your credit card on your phone and leave items in your cart for 24 hours before you buy.

You may also want to be clear on the return policy. A lot of browsing goes on during event and temptations run high.

However, if you are looking for deals, have a plan, are willing to be patient and know your price point, today is the shopping day for you. Here are three tips to make the most out of Prime Day.

  1. Keep your options open: The exact model and make might not be for sale, but a similar device could well be.
  2. Watch for lightning alerts: In the past this is where you can get the biggest bang for your buck.
  3. Set up deal alerts: You will be notified if something you have your eye on becomes available.

It will be interesting to see if this turns out to be yet again another winner for the company. Research continues to show we are spending less on material items and more money on experiences, but at some point you have to decide what is more satisfying.

Here is one more piece of advice: Don't sip and click. Having a glass of wine isn't the end of the world, but could prove to be very expensive. Popular websites have reported business goes up 48 per cent after 2 a.m.