How Price Monitoring Can Benefit Your Online Store

 

Competitor price monitoring can help you react quickly to shifts in pricing and prevent losses. It can help you drive more sales to your online store since you are able to avoid overpricing products. But a few online store owners are taking advantage of price monitoring. What they don’t know is that they may be selling their products too cheaply and getting a narrower margin that their market allows. So if you just set up an online store, the first thing you need to consider is to track competitor prices. Here’s why.

Take advantage of opportunities

Take the right action to maximize margin Some of the most successful online stores are using competitor price monitoring to spot opportunities and take advantage of them to boost sales. When you collect the data and analyze it, you’ll be able to identify certain trends and get points across your market which you didn’t know existed. Tracking competitor prices also allows you to know exactly where your business is positioned and make measures to move a step ahead.

The process of price monitoring gives you data you can rely on to make very important decisions that influence the success of your online store. You can act knowing that you have credible data to support your decisions. In fact, it reduces the risks your business is taking because you are relying on information that is credible to try and maximize margins and expand your offers.

Monitor markets

How else would you know what’s going on in your industry if you don’t monitor your competitors? You need to be alerted on the trends as they happen. Sometimes this information is no longer useful if it is not known immediately. You’ll need a service that can monitor competitor pricing, products and perceptions online round the clock so you don’t miss out on anything.

Spend less time watching your competitors

When you have a system that tracks competitor prices all through, you don’t need to spend time watching their websites manually. It’s impossible to go through hundreds of product pages looking for promotions and discounts offered by your competitors. You can get it done within a few minutes and spend the rest of your time devising a pricing strategy that will work for your business.

Maximize profit margins

Most online stores that fail to reach the desired level of success failed to come up with a suitable pricing strategy. You need tangible information to develop a pricing model that works for your industry and brand. If you go so high, you risk becoming uncommunicative and losing out on customers who simply can’t afford your product or service. On the other hand, if you go too low to the extent that you become unprofitable, your online store can face serious losses that lead to closure. To avoid all these, monitor competitor prices round the clock and always know what’s happening in your industry. Get reports on latest price changes and trends so you know exactly what your competitor is doing and react accordingly.

ITSYS Solutions, has scraped over thousands of websites providing our clients from North America and Europe with data in formats as per their requirement, providing web scraping, business intelligence information, competitive price intelligence, retail business outlet locations, product catalogs, etc.

Know More on Custom Data Scraping

 

Data scraping is an indispensable part of the business strategy, virtually every decision or conclusion took is based upon data. The ways to obtain data can either be manual or by using technology. The age-old methods of word-of-mouth advertising, distribution of pamphlets and use of loudspeakers to draw attention towards a brand is just simply passé. Businesses are looking into the diverse yet effective field of data scraping for their added benefits. Data scraping is used by all companies but there is a need for custom data scraping for extending our search parameters to only our business, making it efficient enough to run the brand in cooperation with the people.

Why custom data scraping?

Now we have understood the uses, potential, and benefits of data scraping, so the question arises that why custom data scraping is essential?

The reasons are laid out in plain sight which is elaborated below for a clear understanding-

Real-time data monitoring

Any organization whether small or big needs to keep abreast of any information changes on its websites. Custom data scraping can be used to personalize the search results. Combined with intelligent scraping, new avenues of data can be collected without extracting the unnecessary links present. One is able to monitor several websites/web pages simultaneously with keeping updates on them.


Alerts on web data changes

Planning forms a crucial part for data scraping. It is imperative that data flow within a website is never constant, and it is always dynamic. When any particular data set changes, customs data scraping can identify them by the issue of an alert to the administrator. A list of opportunities and involved issues can be analyzed to make a permanent solution from them.

Data quality ensured

Data quality needs to be high to efficiently keep track of changes within a website. It is astonishing that about 40% of data within a webpage gets altered within the timeframe of a month, which can clearly make tracking or monitoring their activities almost impossible. Customised options help to broaden the perspectives yet revolving around the very goals of the brand.

Great speed

Huge data sets are collected every day and manually analyzing them is a tiresome task. It will take manpower, time dedication and also a possibility of any inept errors. Custom web scraping takes care of these issues, by converting the data into analytics at record speed with action from multiple resources. They can be preserved in many formats like HTML, Text, script, SQL script.

Avoidance of possible human errors

Interaction of humans with data can lead to the loss of sensitive data, with lesser chances of recovering them back. Soon use of custom scraping, the possibility of errors is made null.

Security- 

Consumers all over the world are vocal over their privacy rights. Information thefts have led to huge losses for brands, much similar to the recent case with Facebook where it was accused of influencing election results in Britain and the United States of America. Custom data scraping helps in advanced security.

In this article, we have discussed the benefits of custom data scraping. Though the custom data scraping is a bit expensive, it does come with several offers in its back. Custom data web scraping services are easily available over the Web. The parameters can be personalized according to the interests of the brand.