Below are the 4 main reasons why it is essential to track competitor prices in this current e-commerce market.
Competitor price monitoring can help your business to sell more by adjusting the prices of your products. As soon as you discover the best prices, you can increase or lower your current rate and then monitor the sales for a period of time. You may witness a steady increase in sales when you increase the prices or lower your prices. You need to identify the point where your sales peaked and stick to that price.
Enhance profit margins
With web scraping, you can identify out of stock products which are on the competitor’s site and increase the prices of these items competitively especially if they are on demand. You get an opportunity to attract a new clientele and still increase your profit margins. Even though you don’t have the same exact product, you can offer clients a similar item at a competitive price. Bear in mind that data scraping is meant to help you identify what your competitor is doing to be better than you. That’s why you mostly need to target the best in the business.
Adjust your product catalog
Custom web scraping can give you critical details about what your competitors have in stock. If you have a large store, you cannot check all your competitor’s products manually as the site has many pages. Web scrapping provides a quick and effective solution to review your competitor’s product catalog and optimize your own inventory in order to attract a greater customer base. You will get valuable information regarding the stock items available as well as the price point in which they are offered.
Attract the right geographical audience
A store can have different pricing structures across geographies and competitor price attracting allows you to gain insight on the right pricing for each location. You can charge more based on where the store is located because certain neighborhoods attract a wealthier clientele. Before coming up with pricing structure, you can benefit from web scraping the data to monitor the prices.
Look for a company that can offer you a reliable data mining solution within a short time frame. If you think you need to adjust your product price, data scraping is very important.