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Pricing is among the most substantial factors for clients while doing online shopping. That is where changes in your or your competitor’s price can directly affect your business outcomes.
Companies must track product pricing and relate it with competitors’ pricing multiple times daily to update their pricing strategy. Fortunately, collecting price intelligence data has become more accessible. We can automate price intelligence using logically designed web crawlers.
Price Intelligence helps you understand how competitors' prices and market affect the buyer’s purchase decisions and leverage data for superior pricing, business decisions, and marketing. With the correct data, optimizing the pricing strategy to drive more success to your business is easy.
Here, we will discuss three most common yet essential use cases in which businesses can monitor, track, or analyzing competitors and market pricing data in making educated price decisions.
Data scraping is a great tool for monitoring products, prices, and competitors and using market trends to get a general market overview. You can use competitive intelligence for making sure that your pricing strategy gets updated. It is beneficial for e-commerce companies and brands.
If multiple retailers are selling products, you always have to perceive them to ensure you don’t have any minimum advertised price violations. Monitor resellers or retailer prices is a great way of getting alerted for pricing violations so you can take appropriate actions to resolve the problem.
Dynamic pricing will take competitive intelligence to another level by uniting competitor price data and internal data for auto-pricing decisions. It helps companies become proactive and frequently adjust their prices to meet real-time demands, supplies, and competitive benchmarks.
Pricing intelligence adds extra layers to crawled data by offering actionable insights which you can use to make an all-inclusive pricing strategy. The procedure involves URL discovery, data matching, data extraction, reporting & analytics, and quality assurance.
In easy terms, price crawling scrapes more significant amounts of raw price data online. In contrast, price intelligence drives deeper by merging high-quality extracted data using quality assurance, reporting, and analysis.
At Actowiz Solutions, we have been in the scraping industry for years! During the given time, we have gained enormous expertise and experience in web extraction. We have assisted scrape data for many clients ranging from early-stage startups to Government agencies, Fortune 100 companies, and individuals.
For more information, contact Actowiz Solutions now! You can also reach us for all your mobile app scraping and web scraping services requirements.
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