5 Reasons Why You Should Scrape Competitor Prices
Promoting your products, generating sales and increasing revenues are some of the most vital tasks for any organization.For all these activities, it is essential to develop and plot intelligent pricing strategies as price plays a crucial role in the purchasing process. You need to follow market trends, and more specifically, what’s going on in your competitors’ mind to build robust pricing strategies.
Web scraping is important
Do you track or try scraping competitor prices? If the answer is ‘no,’ you are surely losing out on a good avenue for boosting business bottom-lines. If we take a look at the report by Digiday, it is not surprising 42% of the consumers choose online shopping because of better pricing. Consumers will always like to shop from a company that offers high-quality products at right price point. Hence, You will need to determine a pricing strategy that captivates your prospects and customers. Price scraping can be an integral part of product promotions and sales — quite naturally, you will have to follow a smart pricing strategy in this context. Let’s find out what some of the leading retailers have to say about price monitoring.
- Nearly 24% of product developers devise price monitoring strategies every day. They track product prices offered by their competitors.
- 30% of companies perform this price monitoring process at least once in a week.
- Another statistical figure shows that 18% of individuals track prices once a month.
It is right here that you need to up your game and create a smart pricing strategy for your products. That’s the key to promoting them and finding the right set of consumers.
What leaders have to say?
Some of the market biggies have a lot to say in this regard. They completely support the idea of scraping competitor prices for quite a few reasons. Here are some of them:
- Understanding market dynamics: Price will always be the most important factor in a purchase process. The cost of an item will determine its sales to a great extent. Most importantly, you will come to know about market prices and dynamics.
- Price determination: When you know about the prices existing in the market, it becomes easier to determine a price for your brand. Check out how your competitors are pricing their products, and you can set prices accordingly.
- Strategic planning: Price scraping also helps in strategic price planning. After knowing the market prices of similar products, it will become easier for you to determine the right price for your offerings. However, there’s one thing you should keep in mind. Your prices shouldn’t stoop so low that it affects your profit margins. It is imperative to determine favorable prices that improve sales but not at the cost of your profit margins.
With these few things in mind, you can plan, plot, and prepare a great pricing strategy for your business.
Benefits of price scraping
When you develop a product, you will have certain factors in mind. These aspects will influence the price determination process, and product developers will set prices accordingly. So, what has competitor prices got to do in the entire process? Since price is one of the significant parameter in purchase, it is essential to quote your products and services at the best rates. Low costs attract consumers, and there’s no denying this fact. If you get into the skin of a customer, you will understand what we are talking about.
As a consumer, you will always like to invest in a product that comes with high quality and utility, but at right price. Let’s now list out the importance of price scraping:
i. Participate in real-time competition
Certain sectors experience price changes quite often. If you are a part of those industrial sectors, you will experience the same phenomenon. Quite naturally, scraping competitor sites will give you an idea of market prices. If you don’t get knowledgeable on the costs offered by them, you will surely lose out on sales and profits. The competition throughout the digital landscape is in real-time. So, you should stay informed to participate in it.
ii. Knowing price dynamics
While tracking and monitoring prices, you develop ideas and concepts about price dynamics. What we mean is you start understanding market forces and how they work towards changing consumer attitudes.
Say, for instance, you want to monitor the price of a particular product. In-depth knowledge of market dynamics will help you identify price changes over a certain period, how your target consumers are reacting to that item, or how the demand is changing. That will also help you develop a comprehensive idea of pricing trends. Without web scraping, you will stay unaware of these crucial aspects.
iii. Proactive approaches
When you know which prices and costs can fetch you the highest returns, you will surely want to offer them to your clients. Ecommerce owners and businesses strive hard to keep their customers informed about the latest price drops and profitable deals. Such proactive approaches compel buyers to make quick purchase decisions.
iv. Dealing with automated systems
Some of the ventures like Amazon introduce an innovative automated pricing system. If you have to keep track of the prices offered by them, it will be imperative to scrape competitor prices. You should not let automated pricing harm your business goals. Know what Amazon is offering and also gather complete information on competitor pricing. It will help you set the right price for your products alongside devising robust strategies to deal with automated prices. Our low latency crawlers can do a great job of extracting live data.
v. Staying ahead of competition
Don’t wait for your competitors and try to gain a competitive edge in the market. If you are monitoring their prices on a daily basis, you are a step ahead in the professional arena. Regular price monitoring will lead to a strong, market-relevant, and efficient pricing strategy.
Following the right strategies and incorporating them will be highly crucial in business growth. Once you know about the prices offered by competitors, it will be easier to determine the right price for your products. Scraping competitor prices can be beneficial in ways more than one. You not only get the opportunity to develop a strong pricing strategy for your business but also get knowledgeable on quite a few significant factors. Competitor prices help you comprehend:
- Market dynamics
- Real-time landscape
- Market forces that play the key role in the retail world
These are the additional takeaways that make your experience even better than ever! With web scraping technologies for competitor prices, you surely have the best opportunities to accelerate your business goals.