Pricing Strategy is the king of e-commerce. Online shopping is essentially comparison shopping. E-retailers monitor the prices of their competitors and adjust their pricing accordingly to stay on top.
Although many retailers place great emphasis on product quality and provide a pleasant user experience, good pricing strategies are the best. Customers are looking for lower prices, frequent discounts, and the ability to compare prices across multiple sites in order to find the best price. Slickdeals and Google Shopping allow you to compare prices and find the best deal. Amazon takes just 10 seconds to adjust its pricing when prices of competitors change. Check out the best Peace of mind web scraping service for competitor price monitoring.
This makes digital retail highly competitive. To outdo their competition, e-retailers resort to scraping pricing data in real-time to keep up to date about price fluctuations.
Price monitoring of competitors for price optimization
Statistics show that only 25% of businesses compare their competitors before setting their own pricing strategy. You can make your business stand out from 75% of other businesses by creating a pricing strategy.
Your business’s growth depends on your pricing strategy. Your strategy should consider many factors, including your current costs, product value, market demand, cash requirements, and pricing of your competitors.
Competitor price monitoring is a great tool for tech-oriented online businesses.
Price monitoring allows you to monitor the 3 Ps: Price, Product and Promos. This will help you decide your prices. It also gives valuable information about product assortment, stock additions and discounts.
Customers love to compare shop to find the best deal. An estimated 60% of online buyers consider price a key factor in making a purchase decision. You can monitor the price of your competitors and identify businesses that don’t advertise at the minimum price (MAP). This will allow you to identify your position in the niche hierarchy, and determine the best customer base to target.
You’ll be competing with many people when you work in e-commerce.
E-retailers. Not all of your immediate competition are you. Your immediate competitors are those
Others who are in the same niche as you and have a similar customer base.
To establish a pricing strategy, the first step is to identify your competition. These competitors can be found by:
Use search engines such as Google and Bing to find retailers that sell similar products to yours.
Use website analysis tools to identify the top competitors competing for your audience’s money. These information can be found on sites such as Buzzsumo or SEMrush.
Follow your competitor’s website and social media accounts to confirm your findings.
Identify the products that will make you stand out
The Pareto Principle states that 20% of your sales are derived from 20% of your products.
Next, identify the 20% products that will help you create a winning pricing strategy.
The ones that make you stand out from your competitors.
You can use data points to your advantage in deciding the pricing strategy.
You can determine your most competitive products by analyzing their bestselling status, current demand, and keyword search volume. Ficstar allows companies to use Web Scraping to extract this information and identify their top-performing products in terms sales and demand.
Amazon takes less than 10 seconds for its products to be adjusted dynamically. Amazon constantly monitors competitor data.
Before you decide on a pricing strategy, determine how often you will monitor the prices of your competitors. You can set this frequency in Web Scraping software, which will then scrape the web data every day, weekly, and monthly. The frequency that you choose would depend on the market, your products and other factors.
It is crucial to collect relevant URLs from competitor sites and use them for inputs into your scraping tools. For pricing strategies, you can either scrape whole sites or a specific product segment. You have control over the data you input to your scraping tool.
How web scraping can be used to monitor competitive prices
Scraping pricing data is the first step in monitoring competitor prices.
It is crucial to choose the right software for your business. The best web scraping software will improve your productivity and reduce the possibility of human error, thereby reducing your workload.
A scheduler that automatically monitors multiple businesses can be used to compare prices and data such as product data, specifications, pricing, availability, and reviews. You can also look at past trends for competitor products to help you detect when there are changes.
This data set can be run through BigML analytics platform to quickly identify trends, make calculated predictions, compare and evaluate current prices with your competitor.
Ficstar’s web scraping tool automates the extraction of real-time pricing information from large sites. This is done in fractions of the time that it takes to do so manually. Ficstar’s web scraping software is cloud-based and easy to use. You can then use scraped data to make better pricing decisions.
Ficstar’s Data as a Service (DaaS), solution provides the following functions:
Regular updates on any changes to the market.