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

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Amazon.com’s foray into e-commerce rewrote the rules of the retail industry and ever since, more businesses are selling online than before. The retailers today face many different kinds of challenges and competitions. With customer loyalty on the wane,  pricing the products is now the most crucial decision a business has to make. This requires monitoring the prices of competitors on a regular basis.

By monitoring your competitor sites for prices and stocks you can

Boost Sales: Boost your sales with competition-based pricing. Discover the best price points by increasing / decreasing prices and monitoring the sales. If sales are steady on increasing prices, you can further increase or rollback to the price point at which sales peaked.

Increase Margins: Increase your margins by tracking prices and finding products for which you can raise prices competitively. For example, you can increase the price of an identical but out of stock item if it’s not available on your competitor’s site and thereby increase margins.

Optimize Product Catalog: Optimize your product catalog by monitoring your competitor’s stock availability during the day. You can accordingly optimize your inventory and stock items at a price point which are offered at competitive pricing.

Geographic Pricing: As a large e-store owner/manager, by web scraping the data to monitor prices, you can gain valuable insight into the product pricing across geographies and determine whether you can charge more based on distinguishing factors, such as specific neighborhoods or ZIP codes.

We at ITSYS Solutions specialize in web scraping and provide “hosted” price monitoring solution. Since 2006 have scraped thousands of websites providing our clients from North America and Europe with data in formats as per their requirement. Our “hosted” web scraping services will capture the data anonymously and non-intrusively. For more details on how we can help your business, please feel free to contact us with your web data extraction project requirement and our executives will revert back to you.

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