Download Our Latest Case Study

Explore how we helped India's leading lifestyle retailer use Big data solutions to track online presence and run competition analysis!!!

Contact information

PromptCloud Inc, 16192 Coastal Highway, Lewes De 19958, Delaware USA 19958

We are available 24/ 7. Call Now. marketing@promptcloud.com
price tracking
Abhisek Roy

Price tracking has become an essential feature of new-age companies that sell products online. This is applicable for both eCommerce marketplaces as well as those that sell products of their own. However, the competition to have a lower price is much higher among marketplaces since individuals would almost always prefer to pay less for the same product. Companies often peg their prices against market leaders like Amazon to ensure that customers don’t leave due to high prices.

Focus on competitors

Price tracking is a resource-intensive task. Also tracking prices on too many websites, and trying to match your prices to all of them may result in heavy losses. You need to figure out the niche in which you operate and which companies are your direct competitors. In case you are selling skin care products, it may not be wise to compare your prices with Walmart or other big retailers. Instead, you can limit yourselves to online stores that only focus on cosmetics or skin care products. Once you have a list, you can check which of these websites have a high overlap of brands that you cover. After this, you will be left with a very short list. You can then do a price comparison with only these websites. Once you have the data collated, you can figure out if price adjustments can attract more customers and help you take on the direct competition that you have identified.

So why target only competitors and not big retailers? Big retailers don’t focus on a specific category and may not house specialty brands. Competing with them over prices for the items they do sell may be foolish. Due to their massive sales figures, they may be able to sell products at wafer-thin margins or often, even at losses. Instead, focusing on similar websites would give you an insight into which brands and product lines they are focusing on, and which products might need more aggressive pricing strategies.

Automation is the key

A manual or semi-automated process may not work for you if you are tracking prices for thousands of products across hundreds of categories, on tens of websites. The reason behind this are multiple challenges–

  • Prices get updated in real time, thousands of times a day. You need to have an intelligent fully automated system in place to capture every single price change.
  • The price mentioned on the product page, may often not be the final price. There are other pieces of information hidden on the same page– shipping charges, taxes, card discounts and more. An automated system would be able to capture all such data points and handle each accordingly.
  • Once the pricing data is fetched decisions cannot be taken for each item individually. Machines need to have an inbuilt decision engine with a certain degree of flexibility to update prices on your website based on the data collected.

Tracking Prices does not always mean Matching Them

Price tracking is not always performed with the intention of matching the lowest price available. In case a product is priced lower on almost all other websites, and the difference with your price is low, you can automatically match the price. However in case, there is a large difference in price for some products, you may need to look at other factors like–

  1. Is the price difference high on all competitor websites?
  2. On pages where the prices are very low, are there only a few remaining pieces?
  3. Does the product have an expiry date mentioned? If so, is it more than halfway through its best before the timeline?
  4. In case the item is a garment or a shoe, are only a few sizes or colors of the item left in stock?

The answers to these questions will enable you to not always aim for the minimum prices across websites. Instead, you can focus on having a competitive price that customers are likely to buy products for.

Target different Products in different areas

When covering a large geographical area, you might not be able to match prices for all products in every city or state. Instead, you should try to target products that are most likely to be in demand in a particular area. Customers often check the prices of a few items when ordering and not the whole cart. Also finding better prices for some common items create a sense of satisfaction among customers and provide a belief that a particular website has reasonable prices.

You could even go for a more aggressive strategy and have a dynamic pricing policy across regions. Income data can be evaluated for deciding whether you want to have the best prices for the cheaper brands or the more expensive ones for similar products. Other data points can also be evaluated to create a comprehensive pricing strategy across locations. This would give your website a name for having the best prices despite not having the lowest price tags for every single item.

New entrants in the market often go for aggressive price wars. They track the most selling products and set the lowest prices for all of them. They also offer coupon discounts, free deliveries and freebies. All this is done by burning investor money, in the name of customer acquisition. However, once investor money dries up, these companies start lowering their discount rates and raising their prices. Immediately customers leave the platform to move to the next new and booming website.

This is why companies should try to focus on other areas as well, along with price matching. These can be–

  • Having an effective customer care service– something that has been lacking in the retail sector in recent years.
  • Smoothening the shopping experience, making it easy to search for items, showing regularly bought items at the top or allowing customers to create repeat orders for items like milk and bread.

Such innovations and customer-centric features would help you keep your customers and attract new ones even if you don’t sell products at the lowest prices.

Sharing is caring!

Are you looking for a custom data extraction service?

Contact Us

Competitor Price Tracking

Struggling with tracking and monitoring yours and your competitors’s offerings in the vast sea of eCommerce platforms? PromptCloud’s web scraping solution gets you competitor pricing data, fuelling your price intelligence engine for better competitor price tracking and monitoring.
E-mail: sales@promptcloud.com

Consider this. One simple solution to build competitor pricing intelligence, feeding real time product and pricing data to your internal engines, for efficient competitor price tracking. Price scraping is one of the most viable options, extracting required data from your competitors’ catalogue, listed across multiple sites, as and when you required. Here is how scraping competitor pricing data can help your business.

competitor price tracking

How to Scrape Pricing Data for Competition Price Tracking?

To get started with a competitor price monitoring set up, you only have to share the competitor catalogue URLs and the data points you need to extract with PromptCloud. For instance, data points can include product name, product ID, product variant information and price.

How Price Scraping Works

Data Requirements: Competitor pricing data is extracted by setting up web scrapers to fetch data from product pages at a predefined frequency. Programming the web crawler is a technically demanding task that requires coding skills and continuous monitoring (as websites can change their structures).

Web Crawlers Set Up: The source pages are first examined to find the html tags that enclose the required data points. Once identified, these tags are coded into the crawling setup. When the web crawling setup is deployed, it starts extracting and saving the data into a dump file.

Data Normalisation and Data Delivery: This dump file is then processed using a cleansing and structuring setup to produce clean data. This processing will remove the unnecessary html tags and text that got scraped along with the required data.It also gives the data a proper structure so that it can be used for further analysis and storage in database systems. After complete configuration, the crawling setup can give pricing data feeds at specified intervals.

Related Use Cases

Use Case
Location based Data Mining

Location based Data Mining for Cataloging

Read More

Use Case

Scrape Hotel Listings Hotel Prices

Read More

Use Case

Scraping Product Prices and Reviews

Read More

Building Competitor Price Intelligence with Web Scraping

Correct pricing structure is pivotal in the midst of ever-increasing competition, as it can significantly boost sales. Web crawling and data extraction service helps you efficiently monitor your competitors’ pricing model and intelligently price your products. Real-time and quality pricing data to a successful competitor pricing intelligence, and PromptCloud’s price scraping is the key to it.