- Creating Ideal pricing Strategies with Optimum Data Extraction
An industry so wide and competitive as the manufacturing industry may face multiple technical challenges which are in house. However, when it comes to beating the market in terms of fare pricing, strategy and constant analysis, expertise is required from outside of the company!
Client – Pharmaceutical manufacturer
- Challenge: Track Pricing Trends by monitoring prices across thousands of e-tailing websites
Our client – a leading pharmaceutical manufacturer, was going through an organizational restructuring to take a leap forward in the pharmaceutical market. They needed real time pricing trends of pharmaceutical drugs for a period of 2 months. They intended to devise an automated pricing strategy for their own products for the next financial year. This required continuous price monitoring of thousands of websites selling pharmaceutical drugs. The manual process was too hectic to almost impossible.
WebDataGuru met with the top managers of the pharmaceutical manufacturer to understand the needs of the customer and provide them with a suitable solution. We created customized crawlers which could extract data from thousands of pharmaceutical websites on real-time basis. This data was then automatically analyzed and a pricing trend was provided.
The extracted data was then analyzed and the output showed pricing trends product-wise, website-wise, product category-wise & overall online pharmaceutical market trend. The data collection was done for a period of over 3 months. WebDataGuru’s software was designed to adjust to the dynamic nature of the websites. A major challenge due to the duration of the project (3 months) was to incorporate the continuous change occurring in websites, but our software was made in a way that it continuously evolved and provided the required data accurately and in real time. The solution helped the pharmaceutical manufacturer in making a comprehensive yearly pricing strategy for their products.