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How Price Optimization Benefits Retail Businesses

How Price Optimization Benefits Retail Businesses

Setting competitive pricing has become a major challenge for businesses. In the era of massive competition, it’s hard to come up with a price that will be effective both from the profit-making perspective and satisfactory for customers. That’s where price optimization comes into the game. Price optimization uses mathematical analysis to determine how customers would respond to different prices via different channels, as well as the price that would maximize the operating profit of the company. It’s not about price monitoring, but rather, it’s the process of using data to make analysis and determine the price based on the willingness to pay (WTP) of customers. Price Wars in E-commerce Nowadays, customers can easily go online and compare the prices of similar products with the help of search engines and online catalogs. So the tough competition definitely plays a major role in the process of setting a competitive price. Besides competition, retailers need to pay attention to factors such as product costs, distribution costs, and market positioning. All of the challenges for price setting bring to a situation called price war. A price war is a hard time for retailers. During the times of severe competition, companies start lowering prices to undercut competitors and find themselves in price wars. The purpose is to attract as many customers as possible to win the biggest market share. With the rise of the internet, it seemed that the price wars would diminish. However, managers have a different view of what’s happening. Price changes are seen as an easy, quick and reversible actions. In reality software, different tools, artificial intelligence, and big data offer...
Why the Automobile Industry Should Make Use of Data Extraction Services in 2019

Why the Automobile Industry Should Make Use of Data Extraction Services in 2019

The world economy suffers uncertainties and crises from time to time, however, there’s one industry that is constantly growing despite all the fluctuations: the automobile industry. The past decade was very successful for the automobile industry, and it’s been growing at rapid rates during the recent years as well. Let’s consider some stats from all over the world. Global sales are growing at around 2.8% worldwide per year. According to predictions, there will be over 100 million automobiles sold by 2020. Most of the growth will come from China, but North America and Europe are set to see significant growth rates too. And South America is set to outstrip North America and reach a consistent growth rate of 1.7%. According to NADA, since 2018, in the US only more than 8.6 million light-duty vehicles were sold by 16,704 franchised dealers. New vehicles’ sales have gone above $500 billion. But we need to consider that as the industry grows, so do the challenges it faces. The automobile sector is now facing new and pressing challenges in the face of globalization, digitization and increasing competition in the market. The size of the company is not a guarantee of success anymore. Only those companies that find new innovative techniques to create value can prosper in the future. Data scraping can help the automotive industry in finding new innovative solutions and also get ahead of the market trends. In this article, we’ll discuss the benefit of web scraping in the automobile industry and explain the importance of using data extraction services to get ahead of the competition. Importance of Data Collection in the...
How Restaurants Use Data Scraping to Create Unique Menus

How Restaurants Use Data Scraping to Create Unique Menus

One of the most competitive industries in the world is the restaurant industry. The competition is so intense, that it’s nearly impossible to create a truly amazing strategy which will differentiate your restaurant from the rest. If you’re not offering a completely new cuisine or a well-known chef, there are little chances of gaining a competitive edge. Offering a new cuisine is pretty hard in big cities because the competition in all industries is full. While hiring an exceptional chef can be extremely expensive, and not all new or old businesses can afford such a luxury. So how can a restaurant company beat its competition and get ahead of the industry? Here again, technology plays an important role. The web is a powerful source of unlimited data, and if used properly, data can help your business in many ways. More specifically, a good load of data can help restaurant win customers and become more competitive. But considering how much data is available all over the Internet, you need to find a way to collect this data in a meaningful way. Data scraping is the best solution for this. We will look at the ways data scraping can help your restaurant business to become more competitive. What is Web Data Scraping? First and foremost, let’s understand what data scraping is and how it can benefit any business. There is so much information available on the web that it’s simply mind-blowing if you think about. About 90% of data in the world has been created over the last two years. Every day, 2.5 quintillion bytes of data is created at the...
How is Data Scraping Used in Competitor Research?

How is Data Scraping Used in Competitor Research?

The highly-competitive business industry requires companies to keep working and not settle for a second. But how to be successful even in such competitive and tough times? You can use the best strategies, have the best marketing and sales team, but still not be efficient enough. One of the most important factors that will bring your company epic growth and will help stay on top of competition is a competitive analysis of the industry. It’s impossible to be successful if you don’t have insights into the competition. There are many ways how you can use competitors’ information for stimulating your own growth. Your competitors have their products, services, strategies, prices, and marketing, and all of these can be quite beneficial to you. Information is the most valuable intangible thing that can help you achieve immense growth and success. So why not to use it for the good? As Bill Gates once said, “The most meaningful way to differentiate your company from your competitors, the best way to put distance between you and the crowd is to do an outstanding job with information. How you gather, manage, and use information will determine whether you win or lose.” However, you need to know that there are some issues involved in the data collection process. Simply consider the amount of data available on the web and how fast this number is growing per second. It can be pretty time consuming to sit and gather all that data manually while making sure that the data collected is good quality and can be used. That’s where data scraping will help your business. What is...
Top 16 Most Asked Questions About Data Scraping Services with Answers

Top 16 Most Asked Questions About Data Scraping Services with Answers

Web data scraping is a new popular way of data collection nowadays. The web is full of all kinds of information. This information can benefit you in so many ways, but it can be hard to collect and organize it in a way that fits all your needs. That’s why there are currently many web crawling tools, as well as data scraping services that make the data extraction process easier. In this blog post, we will answer the most common questions about data scraping services. We have divided these questions into 4 main sections: general questions, questions about some limitations that data scraping might have, the legal side of web data scraping and what it can offer to your business. General Questions on Web Data Scraping 1. What kind of information can be scraped (text/images/video)? Web scraping is the process of extracting data from websites. The whole idea behind data crawling is that it copies all the information available on a web page so that you can use that raw data for your personal purposes. The process of web scraping is carried out by coding. That’s why it doesn’t matter if you need to scrape text or an image. Whatever data you need, you can easily crawl it by simply inputting correct coding. 2. What type of analyses or reports I can generate with scraping? If you work with a web data scraping service, then you will get raw data in an already formatted and structured way. There are too many ways to analyze the data and create projections and reports. For example, you can analyze competitor-related data to...
Why Data Scraping is Useful for a Targeted Lead Generation

Why Data Scraping is Useful for a Targeted Lead Generation

Leads are a necessity for all businesses. Leads lie in the core of the business success because they represent the first step of the sales process. Companies always strive to collect a lot of lead information, as this data is one of the most valuable information that the company can have. Evaluating such kind of data gives a company access to acquiring new prospects. Customer acquisition is a required step in business development, and this process is simply impossible without leads data. Considering how much people love hanging out on the web today, we can confidently state that all businesses can find their potential leads on the internet. But the amount of the information available on the web is simply enormous, so how are businesses supposed to use that information and find out the leads? That’s where data scraping from websites can help. Web scraping is the process of scanning and extracting data from web pages. It’s a super helpful method of collecting data from the websites and putting it all in one place for further usage. Thereby, web crawling can be a great way of extracting leads data from the internet for using the information in the lead generation process.   What are Leads in Sales? First thing first, we must understand what leads are in sales and the importance they carry to the company. A lead is a potential sales contact, an individual or an organization that shows some interest in your product or service. They are potential buyers that your company can profit from. When people refer to leads, they usually think of new customers with...