Today’s consumer has become more aware as he know how to compare prices of products he wishes to purchase, say, the newest phone or an soft toothbrush across websites. About 80% of the consumers visit different websites for comparing product prices. So, it makes sense for all businesses, particularly those which cope with customers directly like e-commerce or a travel sector for monitoring prices of the services and products they offer across all the relevant sites. Therefore, let us understand how extracting e-commerce sites is used to do Price Matching.
A small reduction in pricing might indicate the bestseller for a website, whereas for other, it might become products accumulating dust within a warehouse. Online businesses provide few options except extracting websites to collect pricing data. It also assists in tracking the market standards like margins on different product categories as well as subcategories. Let’s see how we extract e-commerce sites to assist using price matching.
Why Extract Prices Data?
Extracting e-commerce sites for prices from different competitors is one more example of data scraping. This involves extracting prices of services and products from different websites of immediate competitors as well as keep track of pricing strategies.
Extracted pricing data over a longer period of time might reveal different strategies like exceptional offers on a holiday season, low prices (that might even need engrossing losses) on most general products to get more customers, as well as dynamic price algorithms, which set prices depending on whenever an item was sold last.
Extracting price data to lead the competition utilized to be a specialty of e-commerce however, today this is also getting used by different industries like finance and hospitality. With price extraction, a business can lead the competition as well as make more revenue through strategic price methods, which can get customers whereas keep average product margins on same.
Worldwide, the e-commerce marketplace has seen a boom in the recent years having hundreds of stores getting active with every passing day. The pandemic has backed to the growth particularly in the sectors like online-grocery-deliveries, which hit 5-year targets within 5 months!
As governments across the world have announced nationwide lockdowns as well as people have become too scared for stepping out of houses because of the COVID-19 virus, online shopping has got popularity because of its easy-to-use nature. Together with it, the competition has increased many times. In this market, extracting prices from various sites has helped businesses in understanding price strategies as well as scrape price-sensitive buyers’ data.
Advantages of Extracting E-Commerce Sites for Price Data
As a pricing comparison & tracking system might be hard to implement primarily, it comes with different advantages:
Lead the Competition
Staying ahead in the competition in industries, which reward a winner immensely means analyzing as well as monitoring the competitors has become a vital factor. The e-commerce business relies on its customer base as well as to make sure its growth, this needs to give optimum services. Through extracting product pricing from various websites and decide the prices on your site. That’s how you make sure that there are improvements in sales.
Decide the Pricing Strategy
Before finishing the purchase, one customer searches thousands of products. For making a customer for doing a purchase, you would require a good price strategy. By providing the right pricing, you can get more buyers. For instance, suppose a customer is looking for olive oil. Though you will search for some good brands, which provide good product reviews. You would also compare product prices across well-known sites. After doing that, you would choose the one at cheapest price whereas simultaneously making sure good quality. Therefore, for an e-commerce site, this consumer approach will increase your business.
Analyze the Extracted Data
Getting the right customer preference always takes time. This can’t be done by sitting in the boardroom as well as deciding the likings for them. This is only using data analytics, which companies could stay connected using their customers. Integrating analytics with web extracted data would help you implement data-supported decisions. Having data at disposal. You would start understanding customers’ preferences as well as quality demanded at every price point.
Practices like posting them while something they want becomes inexpensive can make sure a purchase. However, such practices would require tracking conversion rates as well as compare with profit or loss, which you end making with aggressive price strategies. With historical price data for analyzing and forecasting future trends and then collect accordingly could also result in more business.
Price data scraping is a definite tool for upcoming and new businesses. To scrape pricing data, you could either set a team or select Retailgators. At Retailgators, we offer custom web crawlers to extract the necessary data. Then, we arrange data as per your specifications as well as deliver that in the required format like JSON, CSV, or XML. The crawling frequency will meet all your specifications. You just need to send us your scraping requirements and we will do the rest!