How To Monitor, Track, And Analyze Competitors And Market Pricing Data?

Price is amongst the most significant factors for customers while shopping online. That is why any changes in either your or competitor’s prices can get a real impact on the bottom line of any business.

To lead the pricing strategy, businesses might need to trail their product’s pricing as well as compare them with competitors’ prices many times per day. Luckily, collecting pricing intelligence data is not a labor-intensive, tiresome, and not-inaccurate job. Now, we can easily automate the pricing intelligence by utilizing intelligently made web data crawlers.

Pricing Intelligence is about understanding how the market, as well as competitor’s pricing, affects a buyer’s buying decisions as well as leveraging website data to make superior pricing, marketing, as well as business decisions. With the right data, it’s easy to optimize a pricing strategy as well as get more success for a business.

In this blog, we’ll provide you an overview of the three most general and effective use cases where businesses can track, monitor, as well as analyze competitors and market prices data to make sophisticated pricing decisions:

• Competitive Intelligence
• Dynamic Pricing
• MAP Monitoring

Competitive Intelligence

Web extraction is a wonderful tool for monitoring your products, competitors, and prices as well as assessing different market trends for getting an overall market view. You can leverage competitive intelligence to ensure that your price strategy is updated. This is particularly helpful for brands as well as e-commerce businesses.

Dynamic pricing can take competitive intelligence to next level by combining competition pricing data and internal data for making automated price decisions. It helps companies in being proactive as well as regularly modify their prices in reply to real-time demands, supplies, and competitors’ standards.

MAP Monitoring

In case, you have many retailers selling products then you always need to observe them and ensure that there are no least advertised pricing violations. Monitoring reseller or retailer prices is a wonderful way of getting alerted in case, there are price violations so that you could take suitable actions to solve the difficulty.

In price crawling, spiders crawl any site’s data for scraping relevant data like pricing, products, description, etc., as well as present that in a well-structured and readable format. However, this is not as easy as it looks. Many times, scaling data scraping may prove to be extremely challenging.

Pricing intelligence gives extra layers to scraped data by offering actionable insights, which can be utilized for developing an all-inclusive pricing strategy. This procedure involves different steps like data extraction, URL discovery, data matching, reporting & analytics, and data quality assurance.

In easy terms, pricing crawling is scraping a huge amount of raw price data online whereas pricing intelligence goes deep by combining high-quality extracted data with analysis, quality assurance, as well as reporting.

Here at X-Byte, we are in the scraping industry for many years now. We have assisted in scraping web data for over 1,000 clients including Government agencies, Fortune 500 companies, early-stage startups, as well as individuals. We have gained an enormous amount of expertise and experience in data extraction.