Can online shopping be imagined without price comparisons? If the answer is no, it leads to another question. Can retail business be imagined without an effective real time competitor price monitoring? The answer remains the same, ‘No’. That explains how important web data scraping is and why it must be leveraged to have an effective competitor price monitoring strategy.
In this post, we will shed light on how you can make the most of web data scraping and why you must have an effective competitor price strategy in place.
- Find your competitors
First things first! You must identify your competitors first. It is quite obvious that there are countless retailers on the internet, but they all cannot be your competitors. As a retailer with amazing business sense, you must identify your competitors on the basis of niche products and similar customer base as yours. There are website analysis tools which can be made the most of. Search engines can also be leveraged for the same. In-fact when you hire a good real time competitor price monitoring service provider to get the job done for you.
- Identifying key products
You got to identify the main products that run your business. Do you know 20 percent of your products fetch 80 percent of your sales? You can identify your key products by checking out bestselling status. You can filter out this key piece of information by finding out the best performing products and their demand.
- Web data scraping frequency
The big fish of the retailer market rely on competitor pricing in real time. This is so that they can adjust their pricing according to the trends. Web data scraping frequency must be set as daily, weekly or monthly on the basis of key factors such as demand, competition and market trends etc.
- Relevant product URLs
If you haven’t yet considered gathering relevant product URLs from competitor websites then it is a big mistake you may want to rectify. Depending on your needs you can either scrape the entire website or just a product segment. Data input can be controlled quite easily.
Hope the post made for a good read. If you need more information pertaining to web data scraping or real time competitor price monitoring, feel free to touch base with us. WebDataGuru is a celebrated web data scraping company with a phenomenal track record.