Finance And Marketing Research

 

 

 

Web scraping is an efficient method for organizations to reduce the workload upon people involved in the analysis and study of data. It involves analysis, storage, and the organization of data regarding specific topics which is found by scanning through digital media and them downloading this information into directories that are stored on computers or in databases.

It is very useful for understanding and collecting financial data as this information would otherwise involve large amounts of research to identify. Financial activities include a number of avenues which can include large amounts of data, and a wide range of activities. Often, the financial activities of a single organization may be handled by a large number of people or units simultaneously. Data scraping makes it easier for the coordination and management of these activities, as well as to maintain clear and ordered records of all data.

Financial activities are one of the central processes which are associated with all organizations and are hence it is vital to have proper management. In terms of research, it is easy for organizations to gather relevant information using scraping. It can be used to understand current trends, reactions of consumers, and analyse what actions and decisions should be taken.

 

Marketing Practices

 

Marketing is another key area where organizations can benefit from data scraping. A lot of marketing practices are very dependent on how consumers react to certain actions and behaviors. Moreover, marketing practices are many and varied and there may be different activities which are appropriate for different groups of people. Data scraping can be used to consolidate information about various trends and demands which are found in the market and to use it to analyse how an organization should proceed with its marketing activities. It is even more important in the initial stages of the development of an organization because marketing plays a key role during launch periods. At such times, there is a large amount of research and data analysis which goes into planning their activities. These activities would be highly strenuous and time consuming If done manually. It can also help in greatly reducing the amount of time that must be put into consolidating and coordinating information between various sources. This is a key issue for a number of large organizations having numerous functions, and for organizations that are dependent on current market activities.

Research is in itself a very strenuous process which involves a large amount of attention and precision which is better achieved by using digital methods. Moreover, there are many sources and a large number of further links that may have relations to the same type of information. In these cases, financial and marketing related research can get very complicated and hard to keep track of for individual people. Scraping can greatly improve the quality and quantity of the research as well as help in the simultaneous categorizing and storing of this information. Finally, it is safe to say there is too much information and data relating to marketing and finance which may be needed for an organization and this research can be greatly simplified by using data scraping and related technology.

Data scraping: Jeopardy or bliss for compliance and risk management

 

 

 

Compliance and risk management

 

Compliance and risk management are closely associated with each other. To differentiate them there is a very thin borderline but, both the term protects the organisation from risk and helps to grow by guesti-mated risk to achieve the goal.” DATA scraping is the process of collecting data/ set of instruction from a website to your pc with a help of a local file. It widely also known as the web scraping OR screen scraping.  To associate compliance and risk management with screen scraping might be the jeopardy or bliss to a company.  The two sides of the coin can only be judged once you know the traits and objective of the company. How well research that web scraping is? Or how the source is reliable for that specific industry?  The biggest question which can come to anyone’s mind is that will taking a risk on this web scraping worth or not. Web scraping itself is already a long time taking the process to understand and learn.

In an organisation, risk factors work in every possible manner. Many big companies have different executive for study and research purpose for their market. Here, web scraping might be helpful to do research and collect the data from the various website. Data scraping will be very helpful to people or officials who can recognize the risk and its fragment for the market and an organisation

DATA scraping is an emerging technology which will help every industry inclined or dependent on data. Compliance and risk management is one of those fields where they have to depend on the data to stay in competition or to become a brand. And institutions need to be careful to not lump. However, understanding their similarities and realising how to align and allowing producing the gains from compliance and risk management being in sync. Compliance and risk management assist as a repository for all rules, regulations, and contracts with tracking and monitoring to study it market culture with help of data scraping. Estimating the truth of prospective data and market of an organisation helps to grow industry with a larger perimeter.  Data scraping with the authentication of data will help each and every industry. The analysis will be more easily executed and taken into consideration. Even the data security plays an important role in risk management and compliance.

Compliance and risk management is an important factor of a business to sustain it demands technology to increase operational values and trustworthy. Web scraping provides an intelligence eye to analysis in the field of compliance and risk management. This eye will help grow the business industry and get a better idea of tomorrow.

Competitive Pricing Intelligence

 

Competitive Pricing Intelligence Solutions recover product and pricing information from market leader websites including their competitors and change necessary details. It helps an E-commerce business remain one step ahead of the market competition. Pricing tools assemble and screen competitive data shifting it in to intelligence. They draw data at scheduled interval of time with automation – tracking competitor’s online presence. Pricing intelligence contains tracking, monitoring and analyzing pricing data to understand the market to make educated pricing changes at speed and scale. Since product pricing fluctuates randomly, retailers need to continually monitor their relative price position and include changes. However, this doesn’t mean dropping the price just because a competitor does.

 

Importance

Price Intelligence is necessary for retailers, for several key reasons:

  • Increased consumer price sensitivity.
  • Increased aggressiveness from competitors.
  • Increased price transparency.

 

Application

There are a few steps to apply Competitive Price Intelligence.

The old-style model of monitoring price changes manually is inefficient, time consuming and often inaccurate. The vast amount of existing data makes it more difficult to scale. So, data collection needs to be scalable. As a company grows, its number of SKUs, channels and competitors to monitor grows with it. This is where automation comes in convenient, as the retailer won’t have to repeat those time-consuming and inefficient processes over and over again.  By automating competitive pricing analysis, retailers can obtain exact pricing data in a timely manner. This frees up valuable time and resources, eradicates potential human error, and delivers relevant and accurate information. Data Scraping software help in automating also.

Retailers can make quicker response and decisions depending on the data and outperform their competitors based on market trends and behaviors. Say for an emerging clothing brand, competing with big, established brands, any bit of intel is a big deal. It wants to know which of its competitors sell basic shirts, when, and with what offers and shipping options. Seeing this, the emerging cloth brand can offer something similar, or be more creative to persuade the consumers to buy the brand or make a switch.

Pricing intelligence is nothing without immediate action. If a retailer collects a heap of data about the price of sweaters in December, but analysts review the data in May, it is way too late. On one hand the prices are irrelevant five months later, and on the other hand, no one is going to buy sweaters in the middle of summer. Retailers need to act on data as and when the market changes, not six months later. If a retailer notices a spike in sweater sales in December, it needs to react at that time. It does not matter if it’s creating its own sale or sending out promo deals and coupons. The benefits of acting on more accurate data faster can mean an increase in sales and getting new customers.

So, it’s necessary to implement a dynamic pricing strategy that can swing based on the latest and greatest competitor visions. Retailers should use pricing intelligence to manage its relative price position in the competitive market, anticipate margin pressures, and boost revenue at the same time. If it doesn’t, it’s certain that its competitor will.

Steps to open a CSV File in Excel without breaking it or formatting

 

1.  Open a blank workbook in Excel

2.  Chose “Data” -> “From Text”.

 

3.  Select the CSV file to open.

4.  In “Text Import Wizard – Step 1 of 3”, chose options “Delimited” and check the box “My data has headers.”

 

5.  In “Text Import Wizard – Step 2 of 3”, check “Comma” as Delimiter and select double quote symbol as Text qualifier.

 

6.  In “Text Import Wizard – Step 3 of 3”, with the first column in the “Data Preview” selected, scroll across to the last column and select it while holding the SHIFT key (all columns should now be selected). Then select “Text” as the Column Data Format and click “Finish”.

 

7.  In the final step under “Import Data”, select “Existing worksheet:” and click on “OK”.

 

You should now have a spreadsheet with the imported data but without Excel breaking the formatting required and all values as text. Remember to export the file from Excel to CSV again if you have made changes in the file.

Data Scraping – Make the Best of Data

 

 

Description

Data scraping or more preferably web scraping is extracting data from a website into a local file or spreadsheet on your computer. It is a method of importing information to a human-readable output. Data scraping also termed as Web Harvesting or Web Data Extraction is employed to extract a large chunk of data and save it to a database in spreadsheet format. It is most efficiently used to collect data from various websites. Even data scraping helps in channeling information from one website to another. Generally, data transfer from one program to another is totally computer-centric. No involvement of human interaction is required. Data scraping is generally considered, inelegant technique, often used only as a “last resort” when no other mechanism for data interchange is available. Data displayed by websites can only be seen using browsers. There are no functionality of the option for saving an offline version in your device. One has to manually copy and paste the data which is a very tedious and time-consuming job It can take days to extract data and import it to a local file in your device. To curb this problem and to make the process easier data scraping software is used. They perform the same task within a fraction of second. This web scraping software would automatically load and extract data from multiple sites depending upon your preference and requirements. Just one click away you can file and document the information directly from the websites. The basics for web scraping is relatively easy to master.

Popular uses of data scraping

Data scraping is used popularly to channel constructive data from website to another or from multiple websites to your local file on computer. Data scraping Popular uses of web data scraping includes

  • Research purposes- Generally when we intend to do research on a particular topic, this technology comes handy in analyzing and channeling data directly between various websites offering you the information as per requirement.
  • Comparing cost and price change monitoring – It is also used for travel booking of tickets in various price comparing sites.
  • Contact scraping- It is used to obtain access to customer’s email account for marketing purposes.
  • Sending product details from an e-commerce site to another online vendor.
  • Weather data comparison.
  • Gathering real estate listings.
  • Web data integration and web mashup.

 

Technique

Web scraping is process of automatically mining and extracting information from internet and document it. The field is actively developing. It ranges from fully automatic computerized programs to programs requiring human-computer interaction. Data scraping are structured on basis of- Human manual copy-and-paste, Text pattern matching, HTTP programming and parsing, computer vision webpage analysis and so on.

 

Dark side of Data Scraping

Despite having the positive views, data scraping technology gets abused by a small proportion. The most prevalent misuse being email harvesting leading to scamming and spamming of email addresses of the customers. There is an ongoing legal battle prevalent between the data scrappers and website developers.

Conclusion

Data scraping in modern times has advanced the internet usage, marketing and management to a whole new dimension. The job which demanded days can be finished within few seconds. Extensively used in marketing and artificial intelligence analysis it’s importance cannot be ignored.

Website Scraping – Extract Your Data

 

Website scraping, also known as Web Data Extraction, Web harvesting or Screen Scraping is the process of extracting large amounts of data from any given website, which is then stored locally in the local disk of the computer or in the form of a spreadsheet format. Data that is displayed by most websites can mainly be used for the purpose of viewing by consumers. These data are not open for copying on a large scale process locally. In such cases, one might be forced to copy the relevant data and simply paste in the computer file location. However, this is a tedious job as it takes up hours, days and even months, depending on the size of the date needed to be downloaded. This is where website scraping comes into the picture. Website scraping helps to automate this process of copying and pasting by loading and extracting the relevant data from many website pages at a single time, thereby saving man-hours and manpower.

The various techniques of Web Scraping

  1. Human copy paste – Some websites set up intricate barriers that do not allow Web Scraping to mine data from those websites. In such cases, human copy-pasting is the only method that comes in handy to get the desired data.
  2. Text Pattern Matching – The UNIX grep command or regular expression-matching facilities like Python offer simple methods of matching texts that have been set to be mined from the data, thereby facilitating easy web scraping.
  3. HTTP programming – In the case of static and dynamic websites, socket programming is used to post HTTP requests to the remote web servers to allow seamless data mining.

Benefits of Web Scraping

  1. Businesses require data on e-commerce websites to learn about the prices, discounts, and quality of products provided by them to get a better idea about their rivals and improve their own situation in the business market.
  2. Data mined regarding an individual or a company can be later used for statistical processes like analytics, comparisons and even investment decisions in the future.
  3. All websites depend on the choice of the consumers. The reputations of the websites depend on the liking of its users. So, by scraping data from the social media pages, the online website company can get a clear picture about its position in the market, what changes it must accomplish in order to satisfy customers and draw in new customers into the website.
  4. Online shopping mainly depends on past reviews. In order to catch fraudulent fake reviews that may affect the business in an adverse manner, web scraping comes into play to detect and locate such fake reviews.

Competitive And Pricing Intelligence

Pricing intelligence using data scraping

Price intelligence is also known as competitive price monitoring. It is the awareness about the market price and how it impacts the business. Modern techniques like data mining and data scraping are used to analyze the information. Price intelligence is useful as it gives information on increased consumer price sensitivity, increased competition among the competitors, and increased price transparency. Price scrapers or price bots provide pricing intelligence solutions. Price scraping is a technique used to lift off the pricing data from the e-commerce websites. Competitors use this data scraping technique to steal the dynamic data regarding the pricing. Many tools and technologies like cURL, HTTrack, Scrappy, Selenium, Wget, PhantonJS, and so on. The scrapers can also use third-party scrapers to target the data. They target multiple websites, pull the pricing, and catalog information and sell it to the competitors. Price intelligence has various advantages like optimization of pricing strategy, improvement of the in-store experience, boost pay-per-click, repricing etc. Scraping is done to analyze the website value of target and competitors and competitive edge.

The competitor can completely analyze the data provided by the data scraping technique and override the pricing strategy by undercutting the prices. An entrepreneur can achieve success by using the data scraping tool. The company can also many customers by reducing the price of their products or services, compared to the competitors.

But price scraping has its disadvantage. There is a huge drain of information from the websites. The companies that use data scraping techniques illegally must also deal with scrapers and competitors in the court.

Competitive intelligence using data scraping

Competitive intelligence is the process of defining, forming, analyzing, and distributing data and information about the products, customers, demand, competitors, and competition. This data would help the executives and managers in taking a strategic decision for the company. It is a legal business practice so, you need to worry about court and privacy case.

With the increase in technology and advancements, many companies have been established. Many budding start-ups are also coming into the play. If a company wants to stay on the top of the leader board, then it must use the technology. Data scraping is the latest technique used to extract data on and about different companies.  Web scraping is done to gain information on the competitors. Having data about your competitors would serve as a huge advantage.

Data scraping would give you all the information about the market and competitors.

Assessing the Data like a Data Scientist

 

What is data mining?

Today everyone is behind data; whoever has big data rules the world. Companies pay a hefty amount to data mining firms and data scientists to gain hold of data.

Like the name suggest this means digging of data, the process of extracting usable data from a large set of any raw data, it means analyzing a large chunk of data with the help of one or more software. The application of data mining can be executed in multiple fields, such as research and science.

Businesses can learn more about their customers and develop effective strategies to leverage resources in a more optimized manner. Data mining uses sophisticated algorithms to evaluate the probability of future events.

What data can do?

Since last decade there have been advances in the speed that enables us to move beyond the traditional and time-consuming practices to automate data

analysis. Complicated data have the potential to unravel relevant insights. The major consumers of these data are banks, manufacturers, retailers, and telecommunications providers.

The techniques to mine the data have become more sophisticated, because of data we’ve been looking ahead by mapping out patterns into the future. Data mining does not work by itself; it discovers hidden information in gathered data.

Data mining won’t give out all the Information; it discovers predictive relationships which are not necessarily causes of behavior. For example; data mining will determine that males with income of 30000-60000 who have certain subscriptions will buy a given product. This information will help companies to develop a targeted marketing strategy; however, data only will give the leads that a consumer might be interested in the product but it doesn’t say that they will buy the product because they belong to this population.

Which tools can be used to mine data?

There are several tools to mine data, some of them are open sourced and some are paid. Here are a few tools which can help in mining the necessary data.

  • Rapid Miner is one of the best and open source tools to predictive analysis, this tool can be used for a various range of applications including for business applications, research, machine learning, and commercial application.
  • Weka also known as Waikato Environment, this software is based on the freemium model. This can be used for data analysis and predictive modeling, this software contains algorithms which supports machine learning.
  • Sisense is licensed software. This is extremely useful and suited when it comes to internal reporting within the organization. This software helps in generating highly visual reports; these are specially designed for non-technical users.

Data mining solves few problems and will lead companies to their customers by analyzing data which are already in the database, but this also takes the right skills and tools to execute and get desired results.

The scope for finding the necessary findings will be ever greater, companies as long as they can figure out how to mine and execute it effectively. Businesses will be able to learn about their consumers, the tools will help to make business decisions with the gathered data.

Web Scraping the Easy Way – Know the Basics

Web Scraping is also known as Screen Scraping, Web Data Extraction, Web Harvesting etc. is a technique that is used to extract large amounts of data from websites the data is extracted and saved to a local file in your computer or to a database in a spreadsheet format. Web Scraping is the technique of automating this process in which the Web Scraping software will perform the same task within a fraction of the time instead of manually copying the data from websites.  The act of data extraction which is done manually, automated and gives the higher quality output.


Web Scraper

 

Web scraping is done with a software that simulates human Web surfing in order to collect specified bits of information from different websites and helps to collect certain data to sell to other users, or to use for promotional purposes on a website. Website scraper is the software that extract the data from multiple number of pages as per our requirements. Web scraper automatically identifies and fetches the patterns of data and scraps or reformat the data whenever repeated. It automatically extracts the data from multiple data. The web scraper downloads the image for the automated processes.  A web scraper can even ban the computer from accessing the data. This scraper helps to collect the data and create our own data.

Work

The work of web scrapping is done with the webs scraper bot for which the operators invest in serveries for the data being extracted. A web scraper  bot is the software program that typically runs automated tasks with unattainable great speed.


Techniques

 

There are many techniques of web scrapping.

  • Text pattern matching

Text pattern matching is basically the checking the sequences of data among the raw data, to extract the exact match.

  • HTTP programming

HTTP is the Hypertext transfer protocol that is the protocol that transfers the information between the computers and encrypt and decrypt their data according to the requests.

  • HTML parsing

HTML parsing is the software used for Hypertext Markup Language. HTML is the process for the analysing of data for storing.

  • DOM parsing

The Document Object Model (DOM) is the interface that allows to access and update the information used in the XML documents and with up-to-date style, text and pictures.

  • Computer vision web

Computer vision web is the ability to understand visual data, and interdisciplinary field. It seeks to acquire, process, analyse, and understand images.


Benefits

 

  1. Its enables to scrap product details. Boost analytics to extract all the data.
  2. Nothing can be hidden. The data can be scrapped which is further used in investment companies, analyzing companies, etc.,
  3. In helps in shilling. Shilling is an activity that aims to detect the fraudulent activities for the betterment of the company. Therefore, it enables the company to reduce the spamming so that no fake comments or data is present on the online portal of the company.
  4. It enables to update the portals of the company so businesses are able to update the data instantly with the help of data scraping.
  5. The extraction of data that is the data scrapping helps to save the data into a single location.

Data Mining – Extract Useful Data

 

Data. It’s something that everybody has and everybody wants more of.

 

 

Over time, the amount of data in the universe has piled up in huge amounts, with more and more being added to the pile every day. Now, the term Big Data is being used to describe data that is extremely vast and cannot be easily measured.

Every company needs data to function- whether it’s based on customer reception to a product or service, or client-based information or data within your own system. Sometimes it is freely available and easy to get, but sometimes you have to dig a little deeper. Usually, a data scientist or analyst is hired to do the job of digging up data.

But the truth is anybody can do it. You don’t necessarily have to be a data scientist to do the job. This is where the concept of data mining steps in.

What is Data Mining?

In simple terms, data mining is a way to extract useful data from a large pile of raw data. It also involves checking or analyzing patterns in the data you’re collecting, using various kinds of tools and software.

You could use a tool like a web crawler software, for example, to extract the data you’re looking for.

Let’s take a look at the various other tools you could use to mine data.

Tools Used to my Data

Data mining software can either be an open source or a paid mining tool. Now, an open source tool is freely available, sure, but you might need to have the good coding knowledge to use it. The paid tools are a lot easier to use and give you immediate results. There several out there to choose from, but it’s important to choose one that meets your needs.

Understand what kind of data you need before you move ahead. If you’re going to go for data from your own system, then you can probably go ahead without expecting trouble. But if you need to go for data outside, then you might have to use a proxy server to cover up your footprints.

Now that you’ve chosen a tool and understood what kind of data you need, it’s time to take a look into the actual mining process.

Mining for Patterns

As mentioned before, the most important part of mining data is looking for a set of patterns.

There are various kinds of pattern. Some common ones are Association Learning Patterns, Anomaly, and Cluster Detection.

Association Learning consists of looking for patterns where you find items that are often bought together. Let’s say a man wants to buy a mobile phone, he might also want to buy a phone cover or a memory card. You find out which items customers usually buy together and then offer it next time a customer chooses the item.

Anomaly pattern is when there is a complete deviation from the usual selections. A Cluster pattern is when you categorize a customer under one cluster that has the same buying patterns. This helps predict what they usually buy and offer something along the same line.

Importance of Data Mining

Hence Data Mining is an important tool for businesses to understand their customers and for several other measures like database marketing and upselling their products.

Competitor Price Monitoring – Get an Edge in the Market

 

Competitive pricing

It’s the process of selecting strategic price points to take better advantage of the market than your competition. This pricing method is used by businesses which sell the same products, though their services may be different. This type of strategy is used for products which have been on the market for so long that their alternatives are also available. There are usually only three choices present in front of the businesses in terms of pricing, either sell their products at lower cost than competition, at equal cost or at higher cost than the competition. When your business is online, people get easy option to compare online your competitors prices. And if they find your competitors selling the same products that you are selling but at cheaper cost, they are going to opt for your competition and sooner or later you may end up losing your business. Online business is all about pricing and better the price, better the business.

Competitive pricing

 

Monitoring the competitors pricing

Competitor’s price monitoring is crucial strategy for the business. It’s the strategy that helps in finding the perfect pricing at the perfect time. Monitoring the competitor shouldn’t be the only criteria to set the prices but it’s an important one. Not only the pricing of your customers, but you should also be looking at your log and figure the trends of your buyers and your products perceived value. It’s the best way to stay ahead of the competition. You can also find out where you stand with respect to your competition.

For all this to happen conveniently, web scraping is a powerful tool that can act like a canon and give you an advantage over others. With web scraping, you can easily find out the pricing data whenever you want to.

To create your own competitor price monitoring strategy, just follow these simple steps:-

  • Competition identification- the first and foremost you should identify your competition. It’s only after you know who you are competing against that you can get a hold over them. Use Google or social media websites to find out your competition.
  • Identification of competitive assortment- you should have knowledge of which of your products are being sold more than or less than your competitors. Web scraping helps you to find it out and hence increases your chances of selling more than your competition.
  • Analysis of data- run the data which you have collected through scraping through an analytics platform and you will quickly identify the trends and compare the prices.

 

Importance of competitor price monitoring

Competitor price monitoring can be used to determine what competitors influence the sales of your business. It’s very beneficial if you know what your competitors are selling and at what price. Knowing this would help you to set up a better price which can increase your sales and get ahead of the competition. If your competitors are selling products at lower cost than you, you will definitely lose to your competition. It will help in avoiding in making pricing mistakes. Pricing has an obvious impact on your sales. If they are too high, consumers will obviously run away from you. Too low and you’re basically keeping the money on the table. The modern business world waits for none and you must always be ahead of your competition. Monitoring your competitors prices is like having a cheat sheet in your exam. That’s how much advantage you have when you monitor your competitors prices.

Multitudes of Web Scraping

 

 

Web scraping, also often know as web harvesting or web data extraction, primarily, is a technique used for extracting data from the websites. It uses the world wide web directory to access the huge database through hypertext transfer protocol and compare and analyse the desired content. Though, it can be done manually too, but an automated process is hassle free, can handle larger data and provided higher accuracy of results.

 

Web Scraping is done extensively with the help of Python. Reason being that Python is superfast for this job. Python has a library called “Beautiful soup” which is required for extracting the data out of the HTML and XML files. It works with one’s favorite parser to provide idiomatic ways of navigating, searching and modifying the parse tree. It makes the job much more easier and saves the time. “Beautiful soup” can do a variety of things but it has its own limitation. It cannot send a request on to the web page. So for making the requests, requests are used and then further Beautiful soup can be used. Another python module which is used for getting the URLs is Urllib2 is also used.

By why is Web Scraping used? The answer to this lies in the fact that, web scraping:-

 

  • Boosts Employment as there are various processes which come under the umbrella of web scraping where manpower in required to be engaged.
  • Optimizes resources as it helps in developing strategic plans and creating modules which could be profitable in short and long run for the respective company
  • Boosts profits as once the well planned strategies are executed, they are sure to reap amazing results in terms of company profits as well as in terms of helping the respective company to create a niche in the modern day competitive market arena.

 

In this context, companies such as ITSYS Solution is a name to place one’s trust with. Its efficient management of data, proper maintenance of databases – big or small, detailed analysis, precise results and, all over cost, effective services make it very dependable and a company to go for.

 

Web scraping, though considered by many, as a grey area, is such an area that despite of being cited as illegal proves to be a domain which helps in reaping quite handsome profits. From its very inception, it has grown and expanded its reach and still on a rapid rise in terms of its use by many eminent companies.

Advantages of Rate Parity

 

A customer plans a trip to Goa and wants to stay there for a comfortable weekend getaway. He reaches your website after receiving a recommendation from a friend and proceeds to book a room. Just as he is about to pay with his credit card, his wife walks in and asks him to check out the rates on Ibibo, claiming the rates there are lower. Your customer proceeds to book a room and you end up with a much lower profit margin and have to pay a commission to the OTA as well.

Most hoteliers are no strangers to such stories. In fact, such stories are the reason why Rate Parity was introduced.

 

What is Rate Parity

Rate Parity requires you to maintain the same rates on every distribution channel you currently employ. So, with Rate Parity, the rates you currently display on your website need to be the same as that displayed on Ibibo or Makemytrip’s website.

 

What Are The Advantages of Rate Parity

In today’s world, OTAs are a necessary evil; they have the marketing manpower and the social outreach that no individual hotelier can manage. Rate Parity, however, brings you and the OTA back on a level playing field. With Rate Parity, both you and the OTA need to charge the exact same price for the same rooms.

  • Rate Parity allows you to leverage your own marketing and social media efforts without having to lose out on a lot of traffic to your OTA’s.
  • Rate parity lets you dictate the price your rooms sell for, irrespective of the platform your customers come through.
  • Rate Parity also boosts your brand image; there is a reason why Apple is such a trusted and well respected brand. Consumers who see that the price you are charging is uniform across all platforms, they will begin to see you as a much more dependable brand.
  • By maintaining rate parity, you also are able to preserve your relationship with the several different OTAs you employ.
  • You significantly boost the number of hits and bookings you get on your own website. You also do not need to pay absurd amounts in commission to the OTAs.

 

How can you maintain Rate Parity

Sure, you can sign agreements with your OTAs to maintain the prices at the rates you predecide. But your own prices will rarely be constant; it’s pretty for the OTA to argue that it simply was not aware of rate hike.

You can work your way around this tiny loophole by applying a Price Monitoring Technique known as Web scraping. Web Scraping allows you to maintain in price monitoring by constantly ‘scraping’ the rates OTAs are charging for your rooms on their platforms automatically, rather than you needing to keep monitoring their websites.

You can keep track of OTAs who are defaulting on your agreements and take action against them. ITSys solutions provides Web Scraping solutions to hotels to ensure Rate Parity across all their channels

Schedule a free consult to discuss how Web Scraping Rate Parity Solution can help your hotel (Add CTA)

 

Connected Pages Dashboard on Bing Webmaster

Microsoft in November 2013 added a nice little feature to their Bing webmaster toolbox – Connected Pages Dashboard that allows you to tell them what pages you own under your social network. Once verified these social profiles, Bing connects the dots and you’ll be able to see all kinds of information from inbound links to search terms for those Connected Pages.

bing-connected-pages-dashboard

To connect a page:

  • Sign into Bing Webmaster Tools and select Connected Pages from the Configure My Site section.
  • Complete the URL path for the various media networks associated with your page on that network.
  • Click Verify.

This usually takes a few minutes, if you are filling out multiple networks at the same time. Make sure your connected page profile has a link to your site’s URL or it won’t be verified and you will see an exclamation mark. If everything is successful, you won’t receive feedback and data will start showing up, within 72 hours or less.

Currently Connected Pages allows you to connect with Facebook, Twitter, LinkedIn, Google+, Windows Store, Google Play, Apple Store, Pinterest, Windows Phone Store, YouTube, Instagram, and MySpace. For more details, refer to the Bing Help for Connected Pages

With this latest add-on to the webmaster tools, Bing not only provides traffic data from your website, but nearly from all your owned media. If you aren’t using Bing Webmaster Tools, this makes for a compelling reason to start.

Why you need Competitor price monitoring service?

Competitor Price Monitoring has become an indispensable service for taking strategic decisions on product pricing in today’s highly competitive e-commerce market. With standard services and product specifications, product price is the key difference between making a sale and just having a visit to a website. Therefore monitoring the prices of competitor has become the key to survival.

Some of the other reasons why monitoring your competitor is essential in current market scenario are

  1. Most prospective consumers start their search on price comparison engines. If your price is higher than your competitors, your chances of making the sale are bleak. A difference of 100 to 200 basis points doesn’t really matter much but a bigger difference will push your listing down and thereby ruin the chance of a sale.
  2. You need to study the prices and understand the market before pricing the product. Almost all retailers are tech-savvy and more competitive than before and just as you, are probably monitoring prices. Thus it becomes imperative for you to actively monitor a larger base to find the right price point that will make that elusive sale.
  3. Competitor price monitoring also allows you to identify the special promotions, shipping charges, additional attractions like same day shipping, price on delivery, etc. that may have been strategized by your competitor to make more sales. This would better allow you to strategize your business plan and improve sales.

Bottom Line For Your Bottom Line

Focusing on monitoring competitors for prices will allow you to make those extra sales and stay ahead of your competitors. ITSYS Solutions offers affordable, expandable and hosted web scraping services that will provide you with all the information you need in an easily-usable form. To identify and discover on ways web scraping can help your business grow, visit our  website http://www.website-scraping.com