Competitor monitoring can be done in so many ways. Previously, businesses used to collect their competitor’s data manually and compare it, but this method became too time consuming and tiresome. For instance, an eCommerce business that wants to monitor price shifts in a variety of platforms online that sell similar products or services would require so much time to extract this data from one site to the other manually. With hundreds, and sometimes even thousands of product pages, price monitoring cannot be done without use of software that extracts data from multiple sites automatically.
Competitor price analysis software allows businesses to keep track of shifts in pricing without wasting time. These tools also assure eCommerce businesses that the resulting data is accurate and current. You don’t have to make critical pricing decisions based on information that’s not even reliable because computer software has been used to get credible information.
Depending on how you use this data, your business is going to improve significantly. Price monitoring can be done several times a month or even daily depending on the nature of your business. There are certain businesses that need to track price shifts on a daily basis because their products and services are sold by so many online retailers who change prices every hour. Sometimes missing out on important price shifts can translate in losses. You need to know what’s going on in your industry and make changes accordingly.
Monitoring competitor prices is important but knowing how to use the data is even more critical. The data you obtain regarding your competition may vary. It doesn't have to be about pricing alone since some web scraping tools can give data about product ranges and other information about your competition. So first, you need to determine what kind of data you need to obtain regarding your competition and the information you wish to attain from it.
It is also important to use these tools to know if your competition is responding to your pricing shifts. If you happened to increase or lower the prices of your products, how does your competition react? Remember that online consumers are making buying decisions based on pricing. So if you set your prices wrong (either too low or too high) you’ll be losing out on most sales. Study your industry by using data acquired from competitor monitoring and then develop a strategy that is best suited for your business. This will help you to remain ahead in the verge of tough competition.
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 email@example.com or call us on any one of the following below
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