As an industry that has seen rapid growth over the past few years, e-commerce will only continue to grow in the future. Across the globe, there are estimated to be between 12 million and 24 million e-commerce sites, and new ones are being created every day. For startups in the e-commerce space, one of the most important things is to make sure that they have a full understanding of the marketplace, and price scraping makes this possible.
Essentially, price scraping is the process of extracting information about prices by using a bot or a web crawler in order to scrape the website. With web scraping tools, it is possible to search for, find, and copy data from a website for further analysis. This process is useful for gathering information on competitive product pricing and product data from websites.
Price scraping software mimics the behavior of a real-life web user who navigates a target competitor’s website and extracts data from it by mimicking the behavior of the real-life user. As a result, price scraping has become a very important way for online retailers to compete successfully in the market by being able to have real-time transparency into their prices and stock availability in near real-time.
Using price scrapers for e-commerce profit increases
Find Out Who Your Competitors Are
The first step in using a price scraper is to identify competitors, which is the first step in getting information from it. You should start by identifying other e-commerce sites or brands that are directly competing with your own and that are selling similar or the same products that you do. Secondly, take a look at companies that offer substitute products, those products that, while they may be different, can replace your own if buying patterns change, such as butter and margarine. After identifying the competitors, the domains of those competitors will be introduced into the tracking software so that data can be extracted.
Collect Relevant Information
With today’s price scrapers, you are able to automatically obtain daily information on price, promotions, and stock levels of your competitors, from any country in the world. On the other hand, they not only analyze the e-commerce site of the competitor in question, but they also gather information about their prices on marketplaces, such as Amazon or eBay, business-to-business websites, or price comparison websites such as Google Shopping. In addition, each competitor has the ability to extract shipping costs as well as lead times from each of these sales channels.
With the most powerful price scrapers businesses can generate a price history which will provide insight into how their competitors respond to changes in demand and user trends, and how they adjust prices according to the seasons.
Data Analysis And Export
The value of the tools is evident in the last step of the process. The data collected will be presented to the e-commerce business in a simple and straightforward manner, so that it can be used to accelerate and optimise decision-making. In addition, through an interactive graph, any data relevant to strategic decision-making can be quickly assessed, starting with competitors’ gross margins, to how they apply dynamic pricing to their products and services.
Additionally, some more advanced price scrapers include the functionality of exporting data in various formats, which is useful to include in presentations or studies, both internally within the company as well as externally.
Price scraping is the process by which Minderest obtains information about products, prices and stock availability. Incorporating this resource into the day-to-day e-commerce business can greatly improve the management of the pricing strategy as well as the ability to adapt to changes in the market at any time. There are so many new online stores opening every day as a result of the increasing speed with which the online market is expanding. To achieve a successful e-commerce business, it is essential that you hire a team of price experts who can help you find ways to monitor your competitors based on your company’s characteristics and objectives.
Why Are E-Commerce Startups Required to Scrape Prices?
E-commerce startups that are eager to boost their development can benefit greatly from being embraced by sufficient information. Information that is helpful and not misleading is one of the most vital premises required to advance further in their development.
Where should the priority be placed among massive amounts of information? It is obvious that the price of the products should be the priority. In order for an e-commerce startup to determine the perfect price, it is crucial that it considers the competition when making this decision. You will likely be able to leap ahead of your main competitors if you are able to provide them with a lower price than they are.
By using price scraping, startups in the e-commerce space can establish a price that covers their costs without being excluded from the competition. It is possible to keep e-commerce startups away from some serious challenges like losing customers in today’s increasingly digital-first world.
Price Scraping: How Does it Help E-Commerce Startups?
Monitoring of Price
For e-commerce sites to retain their existing customers over time, the user experience is extremely important, whereas price is the deciding factor, particularly for first-time buyers. If you have a lot of competition for your products, price scraping will help you find the perfect price that will attract customers and make you a profit. As the market rapidly changes, it is obvious that the perfect price point is not likely to be fixed, which emphasizes the importance of price monitoring.
Using price scraping is a great way for e-commerce startups to track and monitor prices from retailers, third-party vendors, and competitors. A price monitoring process enables startups to take measures in order to keep the prices of their brands competitive, stable, and avoid price wars by monitoring the prices of their brands. Additionally, the scraped prices help startups to devise a pricing strategy based on the scraped prices at any given moment and adjust it accordingly.
For an e-commerce site to survive the fierce competition, it needs to conduct market research. In addition to constructing large, customized datasets, the startups can create them at a low cost, which provides a foundation for their subsequent analysis.
Entrepreneurs who conduct market research understand what their customers want from e-commerce websites. This provides the sellers with a full selection of quantitative and qualitative information about why the ideal customer would want to purchase the product. Pricing is crucial in determining whether the ideal customer will purchase. The advantages of price scraping for startups are that they are more likely to understand why some prices are more acceptable than others.
Market research blends both science and intuition. The data may be telling you one thing, but your gut might be telling you something entirely different. You need to synthesize all the current useful information in order to make an informed decision. When it comes to pricing decisions, since the price scraping is ongoing, the sellers will always have first-hand information to influence their final decision.
Forecasting Demand and Trends
In the wake of market research, what can e-commerce startups do to stand out from many of their competitors? By predicting the upcoming trends and demands before they happen. The price scraping also plays a very important role in predicting the upcoming trends and demands.
According to a survey by Global Web Index, 48% of consumers said they would shop more online in the future. The market research company Euromonitor International estimates that 21% of all retail sales will be carried out online by 2025. Marketplaces are becoming an increasingly popular method of purchasing for customers. Half of all global eCommerce happens on a marketplace, and more than 63% of product searches online in the US start at Amazon. Retailers have to tailor their service to improve brand loyalty as more and more product searches are made on marketplaces and brand loyalty shrinks.
In order for e-commerce startups to succeed, they must also be able to retain customers and increase customer loyalty. A discount on subscriptions can be a good way to do this. New entrants like startups can take advantage of the discounted prices when they scrape. Several e-commerce stores are already taking this step as part of the omnichannel strategy.
E-commerce startups can take advantage of price scraping in order to gain insights into how their competitors are promoting their products by focusing on the price. These data acquisition methods can be used to take e-commerce stores into the future. Furthermore, using an artificial intelligence-powered tool such as ProxyCrawl with human intelligence to scrape prices is a win-win way to drive efficiency and profitability.
When you want to create your own automatic price scraper and devote more time to your key areas of business, we have you covered with ProxyCrawl. Get in touch with us right now to start scraping today!