Why it pays to Use a Price Tracker to Monitor Competitor Prices

One of the toughest decisions a brand has to make whenever they release new products is identifying the right pricing. Pricing your products properly is important in any business and so is competitor price tracking. The right pricing can enhance sales. On the other hand, a poor pricing strategy can create significant problems that your brand may never be able to overcome.

There is no single formula for product pricing that suits all types of business or all markets. However, there are certain factors that remain consistent regardless of the type of product you are selling, the business and market. For instance, monitoring competitor prices is crucial because you must keep track of what your competitors are charging. You can also use a price tracker to understand the relationship that exists between quality and price.

What most businesses do nowadays is they use computer software that is designed to track prices that are offered by their competition. This process is known as web scraping. In addition to the obvious, there are many other reasons why monitoring competitor prices can make your business meet its goals in pricing products.

To begin with, a price tracker can help you to stay on top of pricing trends. The online market is evolving and price drops can occur when you least expect them to. If you have a system in place to keep track of the price drops, it will prevent your brand from falling behind in this competitive online market. When the prices have dropped and all your target customers are rushing for the best deals, you will lose so much potential business if you fail to adjust your prices. These price adjustments need to be made often if you want to remain competitive in your industry.

Secondly, custom web scraping can also help a business to understand its customers better. It is important to explore your market and segment. Understand what your customers buy, their demographics and if they are price sensitive. You will only be able to price accordingly if you figure out the kind of segment you are targeting. If your customers are price sensitive it means that they will conduct a great deal of price comparing before buying any product.

Most importantly, competitor price tracking when done using software is a time saving and reliable approach. The software tracks trends in sales and pricing over time so that your business doesn't lag behind in the industry. It also allows you to focus on your core business which is being a success rather than wasting time tracking competitor prices manually.

The data you obtain from web scraping needs to be used properly in order to help you price right. Make sure you listen to your customers by obtaining feedback about your pricing regularly. Hire a market research team that will use custom web scraping to monitor what your competitors are doing. Most importantly, have a pricing plan in place that guides you on proper product pricing so that you don’t end up diverting from your original goals completely.

How to Determine If Data Scraping is Essential for You

Obtaining critical data is important if you want to be competitive online. However, collecting massive amounts of data on the web has never been easy. One of the most popular methods that have been used to gather essential information is data scraping. This method has made competitor price monitoring easier for many online businesses. Businesses have managed to keep track of the pricing structures used by their competition in order to remain relevant in the industry. But is web scraping right for your online business?

The first thing that will help you to determine if it is worth investing in data mining is the size of data that you want to obtain. If you want to gather a huge amount of data then this is the most cost effective approach to

do so. You may want to obtain data for an online catalog with more than a thousand categories. Doing this manually will end up wasting so much time and there is a possibility of errors which compromise the whole process.

Secondly, do you require detailed content? If you do then custom web scraping is the most effective way to obtain it. If you need to obtain any data regarding not only the pricing of your competition but also the detailed specifications of their products, screen scraping technology can help you to do this accurately and effectively. Always consider the type of content that you want to obtain from this process to determine whether this is the right approach for you or not.

Thirdly, how often does the data change? There are cases whereby you need to monitor your competitor’s prices frequently because of the continuous data refreshes. You need a reliable system that will give you accurate real time data so that you do not end up relying on outdated information to structure your pricing.

What is your budget? Today, there are many companies that offer web scraping which is why the service is offered at a very reasonable rate. In fact, this is one of the most cost effective approaches to obtain accurate competitor data within a very short time. If you are a small business investing in competitor price monitoring then this is a feasible approach for you to take.

Custom web scraping can turn your business around if you make good use of the collected information. For instance, you can use the information to predict the market changes and make certain moves before your competition. You can notice market trends that will give you a competitive advantage. In fact, you can perform all the necessary market research from the collected information.

Early data collection methods were ineffective, inaccurate, costly and time consuming, but data mining companies have changed all this. There is software which scrapes web data automatically and records them in different formats. You can get the data in graphical representation or tabled data for easy analysis. Good thing is custom web scraping allows you to personalize the service to meet your unique business needs.

Is Web Page Scraping the Most Ideal Method to Learn About Your Competitors?

The importance of competitor price monitoring can never be emphasized enough. Researching on the pricing structure your competition is using online is very critical to the success of your business. But how do you go about it? There are a number of ways to get these figures. Unfortunately, most of the traditional methods are time consuming and inefficient. Let’s look at why web page scraping is the most productive, efficient and reliable method to find out more about your competitor’s prices.

How much time would you require to check your competitor’s websites manually one after the other? Web scraping utilizes a different approach. Websites nowadays have a plethora of information and this makes it difficult, if not impossible, to analyze thousands of products on a single site. Furthermore, the prices change continuously and it can be difficult to keep track if you are doing this manually.

If you are checking your competitor’s pricing manually, the information you obtain can be easily lost or

misplaced. This method may be inexpensive but the time and effort you will spend getting this data is not worth it. The other main challenge with checking your competitor’s prices online manually is that, you may not get information on all the sellers. Even if you do, the data will be very limited so it will not be of great help to your company.

Custom web scraping provides a much better solution to learning about your competition and their prices online. To begin with, the method is not time consuming. At just a touch of a button, you can obtain accurate and reliable data regarding your competition. An online pricing intelligence tool is used to scan thousands of pages across the web and give you data you can rely on to drive your bottom-line.

In addition to that, data scraping that is done using these pricing intelligence tools can offer you very detailed information. The information can be presented in different formats depending on what you prefer best. Whether you want graphs, charts or tabled data that analyses your competitor’s prices, these tools can deliver.

Custom web scraping solutions are designed to suit your specific needs. It’s never a one size but suits all kind of approach. The results that you want to obtain from your competition will determine the kind of pricing intelligence tool that will be used in the process. These computer programs will scan different websites instantly to give you real time data which applies to the current economic situation. You would not have to rely on data that is already outdated.

Before you even invest in web scraping, know the kind of information you need in order to beat your competitors. You need to figure out the kind of data you will need to analyze from your competition in order to restructure your prices. Remember that your competition is also doing the same - monitoring your price rates. You need to do it as well and take the best approach to beat the rest.

4 Rewards of Web Scraping Solutions Your Business Could Use

If you ever question the need for competitor price tracking, take a look at the number of businesses trying to sell their products online now. The e-commerce market is super competitive and a smart business person should use the right product price to make a kill. Web scraping applications have been used to monitor competitor prices for those who want to survive in this tough eCommerce market.

Below are the 4 main reasons why it is essential to track competitor prices in this current e-commerce market.

Increase Sales

Competitor price monitoring can help your business to sell more by adjusting the prices of your products

. As soon as you discover the best prices, you can increase or lower your current rate and then monitor the sales for a period of time. You may witness a steady increase in sales when you increase the prices or lower your prices. You need to identify the point where your sales peaked and stick to that price.

Enhance Profit Margins

With web scraping, you can identify out of stock products which are on the competitor’s site and increase the prices of these items competitively especially if they are on demand. You get an opportunity to attract a new clientele and still increase your profit margins. Even though you don’t have the same exact product, you can offer clients a similar item at a competitive price. Bear in mind that data scraping is meant to help you identify what your competitor is doing to be better than you. That’s why you mostly need to target the best in the business.

Adjust Your Product Catalog

Custom web scraping can give you critical details about what your competitors have in stock. If you have a large store, you cannot check all your competitor’s products manually as the site has many pages. Web scrapping provides a quick and effective solution to review your competitor’s product catalog and optimize your own inventory in order to attract a greater customer base. You will get valuable information regarding the stock items available as well as the price point in which they are offered.

Attract The Right Geographical Audience

A store can have different pricing structures across geographies and competitor price attracting allows you to gain insight on the right pricing for each location. You can charge more based on where the store is located because certain neighborhoods attract a wealthier clientele. Before coming up with pricing structure, you can benefit from web scraping the data to monitor the prices.

Look for a company that can offer you a reliable data mining solution within a short time frame. If you think you need to adjust your product price, data scraping is very important.

Is Data Scraping Useful for You?

As a business, it is important to always have relevant and useful information on hand for when you might need it. It can however be difficult to acquire all this information and especially to sort it out so that you only store the important information. This is why there exists data scraping services to make this process easier for you.

Data scraping works in three processes so as to be effective. The first step will be pre-processing where a large amount of the required data is collected. The second step is the mining process whereby the data is cleaned up. Errors are corrected and the information is sorted into relevant sections at this stage. The final step is referred to as validation whereby the information is authenticated to make sure that it is indeed information your business can use successfully.

There are many reasons you should go for web scraping services. For a start, it helps you to make fast and viable decisions. This is because you have all the relevant information at your finger tips. There is little time wasted in searching for the information since this will have been classified for you to refer to. It will also be possible for you to explore various options from the information you have before settling on the best course of action.

Because the information is packaged in formats that are easy to understand, you can make strategies that are precise and easy to implement. The decision making bodies will analyze the information from various perspectives and therefore get an idea of the strategies that would be successful for your business. Web scraping services will therefore have helped you make plans on how to grow and expand your business.

Web scraping also helps you to gain a competitive edge over your business rivals. You have access to information that can help you launch strategies that will make you successful in your field. It is also important to get information about your competitors so that you know what they are doing. You can compare the strategies of both your business and those of your rivals. This way you can identify the strengths and weaknesses of both parties and then take the appropriate steps. One of the ways you can get hold of information from your rivals is through competitor price monitoring. This way you know how your rivals are pricing their products and whether there are steps you can take in order to get ahead.

While this information is very important for your business, the best way to acquire it is through outsourcing. There are various web scraping firms that can offer these services for you at affordable rates. Since no business needs are the same, you should choose the firm that can offer custom web scraping so that techniques are tailored specifically for your business.