Part of running a successful business is offering competitive pricing. It's pretty obvious - but if you can undercut your competitors pricing, you'll get more customers. Simple.
How can you use data to give yourself a logical edge? You can use data obtained through scraping websites to monitor your competitors pricing. This could be a small subset of important products, or a large scale dataset that effectively obtains all your competitors products and pricing.
If you update this data regularly - for example: once per week - you'll be able to make logical data driven decisions and always beat your competitors.
You could set up a scraping service to run as regularly as required: daily, weekly or monthly. You can even setup alerts: sending yourself an email in real time when your competitors update their pricing for a specific group of products.
This could be for a single competitor, or many.
Product intelligence data can be a goldmine which ensures the ongoing growth of your business as you maintain an advantage over your competitors.
Often this is fairly simple to setup - with just a few key stages to creating a price monitoring data collection service:
1. Decide which competitors to monitor
You may wish to monitor a single competitor or many - all you need to decide is which ones.
2. Setup required filters
A filter lets the website scraper know which products need to be collected. Often you may wish to collect products from a specific list, or specific categories.
3. Choose fields
The fields your scraper collects will define which data you are obtaining. This is fairly simple - for example: price, sale price, product name, sku. You may wish to include other fields to provide you with more information such as the description and more.
4. Choose how often to update your data
You might do a stock-take or similar once a week on a Monday - hence you might want your data to be updated every Sunday night and emailed directly to you.
Alternatively, you might want more or less frequent updates as required.
You can even setup real time pricing alerts.
That's it! The decisions you need to make to setup a competitors product monitoring solution are straightforward and can yield considerable business value.