You can  follow us at
  Web Scraping | Competitor Price Monitoring | Competitor Monitoring
  • Website Scraping Blog

Competitor Price Monitoring for Ecommerce Success

8/3/2014

0 Comments

 
Picture
One of the most important factors which can make or break an eCommerce business is price. Set the wrong price and the product or service on offer will perform terribly in the market. Take time to research on the best possible price and you will witness significant success online. That’s why systems like competitor price monitoring are important in online retailing.

A lot of online retailers don’t even know the amount of sales they are missing out on by using the wrong pricing structure. Many research studies have indicated that consumers are making buying decisions online based on price. You’ll need to use web scraping to know if your products are priced higher or lower. You need to understand what a difference in your product pricing can do to win sales. For instance, some businesses have used competitor price tracking to identify the amount of adjustments that can make significance in sales. A one percent difference in pricing may not yield any difference in terms of sales like a 10 percent increase or decrease.

By monitoring competitor prices, you can trigger precise adjustments in your own prices in order to increase sales. As an eCommerce business, you can’t focus on a single competitor. You need to look at many competitors across the board so that you can understand what the real market looks like. Most of these competitors are also using custom web scraping to look into your prices just as you are. You may have to follow certain major competitors in your industry in order to be on the right track when it comes to product pricing.

Competitor price monitoring is important even if you already have an effective pricing strategy. When you are developing your eCommerce site, you need to ensure your business strategy is based on a proper pricing model. Thus, pricing goes hand in hand with an effective business strategy. One cannot do without the other. If you are going up against giant leaders in your industry, you need to know what everyone else is doing and then come up with a different model that is better than what is already being implemented.

After competitor price tracking you may have to lower your product prices in order to attract new buyers. Giving your products low prices doesn’t instantly translate to a low value. Remember that consumers are using factors such as pricing, brand and credibility in order to make a buying decision. However, price is one of the top factors that make consumers decide on whether they’ll consider your product. If you don’t offer the low prices that retail giants are giving online, your products will not sell.

The bottom line is eCommerce businesses which don’t take time to monitor competitor prices and use proper pricing will find it increasingly difficult to sell online. Web scraping makes the difference between selling and getting an opportunity to present your products to new consumers every day. The good thing is that, it’s never late to consider custom web scraping. It’s a process that takes just a few seconds and will ultimately help you to stay ahead of your competitors.

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 info@itsyssolutions.com or call us on any one of the following below

India: +91-9654653433
US & Canada: (518) 481-3433
UK: 020 3239 7570
Web: http://www.website-scraping.com


0 Comments



Leave a Reply.

    Author

    Web Scraping is a technique that involves retrieving unstructured data from web pages and converting it into structured data.

    Archives

    November 2018
    August 2018
    June 2018
    May 2018
    December 2017
    September 2017
    July 2017
    March 2017
    February 2017
    January 2017
    November 2016
    October 2016
    June 2016
    May 2016
    April 2016
    March 2016
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    December 2014
    November 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014
    February 2014

    Categories

    All
    Internet
    Web Design
    Web Scraping

    RSS Feed

Powered by Create your own unique website with customizable templates.