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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...
What Exactly Can You Get From Amazon Data Scraping

What Exactly Can You Get From Amazon Data Scraping

Back in 1995, the world’s leading online retail store was launched. Amazon started as an online book selling store, however, from the very beginning, it’s founders knew that they want to create a huge online empire. The company went from being a store selling books to a huge online retailer in just several years. Today, when consumers are ready to buy a specific product, nearly 74% of them go straight to Amazon to do it. By the end of this year, Amazon is expected to account for more than 52% of the e-commerce market in the US. In 2018, the retailer accounted for 48% of the market. This information must sound threatening to other retailers in the country. Shoppers increasingly feel more comfortable buying online from their laptops or smartphones. Although there are other big retailers in the US, such as Macy’s, Target, or Walmart, these companies are lagging behind the retail giant Amazon, when it comes to online retailing. These companies are currently trying to grow their business online but they can hardly compete with Amazon. Unfortunately, to its competitors, Amazon has become integrated into its consumers’ daily life. Today, a lot of shoppers start their search on the internet on Amazon, skipping search engines like Google or Yahoo. The loyal base of paying Prime members is priceless to Amazon, as they are the key to the retailer’s huge success. Last year, the number of customers having a prime membership surpassed more than 100 million people. So Why Would You Need Amazon Scraping? As a retailer, you can imagine how much valuable information and data Amazon carries: products,...
Scraping Prices From Websites: Top 5 Amazing Benefits

Scraping Prices From Websites: Top 5 Amazing Benefits

In this era of technology, times are changing. People want to be their own bosses and be in charge of their own future. The online platform opens up huge opportunities for this. Starting an e-commerce business has become more accessible than ever before. And people are taking advantage of this. Each year the e-commerce industry grows at an unbelievable speed. The online stores face severe competition not only in popular product markets but also in niche markets. That’s why more and more entrepreneurs turn to fresh idea generation to boost their competitiveness in a rapidly expanding market. However, it can be difficult to figure out how to start an e-commerce. You need to have a certain plan and strategy, in order to start a competitive business. Considering the amount of information available, it can be pretty hard to analyze all the data and create a plan of action. This is why data harvesting and web scraping services are crucial for the successful launch and operation of your business. There are quite a few benefits for web crawling and specifically price scraping. Why Pricing Strategy Matters Creating a strategic pricing strategy will increase profits and put your company in a more competitive position. Strategic pricing is all about establishing the company’s price levels, understanding its competitive edge and value creation. In general, strategic pricing combines the best pricing strategies that will compliment your overall business strategy and the industry in which you operate. And of course, determining a good pricing strategy is also a practical decision, as your business can’t succeed if you don’t earn enough to cover costs. See...
Brick-and-Mortar in 2019: Price Scraping Helps

Brick-and-Mortar in 2019: Price Scraping Helps

Whether as a brick-and-mortar store or as an online Shopify store – if you run a business that sells products, you need data. This is especially true if you run a brick-and-mortar store. You won’t be able to get ahead from your competitors if you do not have an online presence and don’t collect data that’s on the internet. In the 21st century, data is your biggest weapon that will make your business successful. The internet is a data gold mine which can give you the information you need to make smart business decisions. Using data scraping services, you can find out: What are the best products to stock in your store The ideal price points for your products What potential customers are demanding from stores like yours. In addition, regular data crawling and price scraping will help you identify important trends in your market. In this article, we’ll show you exactly how price and product scraping, through web scraping, will help your brick-and-mortar (or online store) succeed. 1. Know The Difference Anticipating and reacting to your competitors is the only way to get ahead of them. The reason this is important is that you and many others are competing in the same market, going after the same customers. And without outsmarting your competitors, you risk losing customers. So, what can you do? With a web crawling service, you can scrape websites online and get information on what your competitors are doing. You can find out what products they are stocking, how much are they charging for each individual product, what discounts they’re giving and more… With this data...
Scraping Prices:Great Tool for Wildly Successful Ecommerces

Scraping Prices:Great Tool for Wildly Successful Ecommerces

If you sell products and services, you know just how many competitors you have. Customers, thanks to the internet, have a limitless choice in regards to what they can buy (and from whom they can buy). They are always looking for better deals, better prices, and better products. That’s why, if you have an online store, you can’t afford to make decisions about your business without knowing what the rest of the industry is doing. And that’s where ‘e-commerce scraping’ can help you. With eCommerce scraping, you can get real-time data on things such as pricing, inventory lists and other data in your market. Web crawling services get this data for you by scraping prices and product names from the competing online stores. Equipped with this data, you will gain valuable insight into how your competitors operate their online stores. You’ll know which products you need to stock, how to strategically price your inventory and how to improve your supply chain management. You will be able to make decisions that will help you outsmart your competition and make more sales. Ready to see exactly how web crawling services can help your online business? Let’s get started. Product Scraping to Find New Ideas The fastest way to lose customers is by not having the products they want to buy. Your online store must always be stocked with the latest and most relevant items to them. Researching for new items that are trending in the market manually can be an extremely time-consuming process. But here’s where web scraping comes in. You can use this service to scrape the product inventory lists from...
Scraping Retail Websites: Boost Your Market Awareness Faster

Scraping Retail Websites: Boost Your Market Awareness Faster

Web data scraping is a process of extracting data from various websites with the aim of collecting information for market research, analysis, and other purposes. It gives an opportunity to extract contact information, get acquainted with customer profiles, analyze market trends and vendors and track prices from various markets. What else does your retail business need to go ahead and grow?! The information is extracted directly from the web and stored internally. Later on, the data is delivered to the end user who can freely access it anytime and turn raw data into a structured and meaningful one. Scraping web data is an important step towards achieving your business goals; it allows to improve your company’s efficiency and increase market awareness, which is of paramount importance on the way to success. Choosing a Powerful Scraping Service is Crucial The market is full of various web data scraping systems, however, not all of them provide professional services. Choosing a powerful and qualified scraping service provider is crucial for your retail business because if you don’t receive reliable data it will simply be a waste of time and money. The best part of working with a trustworthy company is that you don’t have to deal with anything in the whole process. The service provider just needs to know your exact requirements. You provide the list of websites, tell what kind of information you need to be collected and what file type you prefer most. After the needed information is gathered and the crawling process is effectively implemented, the data is assembled in the desired format and delivered to you. With the information...