Why is web scraping important?
Data scraping can be done to provide businesses with critical information they need to know regarding their competitors. Using the computer program, data is scraped off from competitor websites so that the business can use it to make important decisions when developing a marketing strategy. When pricing information is obtained from scraping, we call it competitor price monitoring. Price monitoring is important as it allows businesses to develop a pricing strategy based on their market/industry. There are dangers to pricing a product too low or too high. So it’s always important to strike a balance when it comes to pricing.
How is it done?
Data mining can be done in several ways. The traditional method of extracting data from competitor websites is by looking for it manually. This is a very tedious process especially if you have to look into many product pages. In fact, extracting data manually from competitor websites is sometimes impossible to do within a reasonable amount of time because some websites have thousands of product pages. Data that is obtained from traditional means of scraping is also very unreliable because the process is prone to human error especially due to fatigue.
When data scraping is done using computer software, it reduces the time, energy and promotes accuracy in this process. You can obtain information on thousands of product pages within just a few minutes. Furthermore, computer software is very reliable so your chances of getting unreliable data are slim to none. Data mining software allows you to obtain price shifts several times a week or even in a given day. It’s one of the most reliable methods used to obtain information on competitors.
You can only be able to implement rate parity if you constantly monitor your prices on different channels and then take the right actions. Tracking all the distribution channels is important because it helps you come up with a price that is right for your target market. Rate parity is used to get transparency in pricing. It helps boost customer loyalty and encourage clients to book through your site instead of using other third party sites that offer significantly low prices. As you obtain data through competitor price analysis, you need to consider elements like these.
You no longer need to spend time and money doing competitor price watch manually. Avoid incurring additional costs and losing out on customers because other distribution channels are offering them lower prices than you. Look for a way to strike a balance and give your customers a price that is competitive. Price monitoring will boost your company’s name and brand loyalty.
We at ITSYS Solutions specialize in web scraping & competitor price monitoring services since 2006, have scraped thousands of websites providing our clients from North America and Europe with data in formats as per their requirement.
For more information, please contact us on firstname.lastname@example.org or call us on any one of the following below
US & Canada: (518) 481-3433
UK: 020 3239 7570