Product data – whether from e-commerce sites, auto listings or product reviews, offers a fortune of insights that can give your business a huge competitive edge in your market. Getting access to this data in a structured format can release new potential for not only BI teams, but also their colleague in marketing, sales, and management that rely on accurate data to make mission critical business decisions.
At Crawbee, we have unique experience on how this data is used – we scrape data from 15 million web pages per month and can see primary how the world’s most progressive companies are using product data pulled out from the web to develop new business approach for themselves and their customers. Whether you’re a manager who have to make critical decisions, start-up or an e-commerce giant, here are new uses for web scraped product data:
- Dynamic Pricing and Revenue Optimization
- Competitor Monitoring
- Product Trend Monitoring
- Investment Decision Making
- Brand and MAP Compliance
Dynamic Price Monitoring and Revenue Optimization
To make lucrative pricing decisions, having access to timely, reliable source of high quality data is essential. By scraping pricing data, BI teams are power up to confidently position products and services.This data can be integrated directly into product management systems. Automatic data collection leaves little scope for human error and enables an organization to trace the whole market, and always be one step ahead.
Competitor MonitoringUsing product data to monitor your competitors is as old as the internet history. However, we are progressively seeing companies completely reshape the scale and scope of their competitor monitoring capabilities through the use of big data, large scale of web data extraction and advenced machine learning technologies. Businesses are conscious of the massive opportunities to generate practicable competitor insights by scraping product data and data teams have expanded to meet the rising need. Data extraction solutions enable companies to execute dynamic pricing and not miss market opportunities.
Product Trend MonitoringWhether it’s a long, slow shift or a trend cycle as fast as those in fashion or technology, those who can see most accurately – into future trends come up on top. The scale and multifaceted aspect of product data makes it perfect for web scraping, and once merged into product management systems, product data provide companies to see farther, predict more accurately, and drive revenue growth. Web scraped data power up clothing makers to optimize their products, prices, trends, fashions and inventories to more accurately respond to seasonal and cyclical changes. This means high attraction for customers, high revenue and bringing the right product to market when it should be. These ranking monitoring are ordinary jobs for many ecommerce marketers. If you are running an ecommerce business, watch your competitors as they watch you!
Investment Decision MakingAccount managers and Hedge funds are increasingly fuse alternative data streams into their decision making processes, hoping to get an information edge over the market and produce alpha. As a result, the demand for product data continues to rise, with a majority of institutional investors increasing the amount of web scraped data they consume. Given its predictive utility, it’s not hard to see why product data is of huge interest to them. Today, web scraped big data, powered by artificial intelligence and machine learning gives firms to predict revenue momentum, stock prices, company valuations and determine risks and opportunities for investment and this is just the beginning!
Brand and Minimum Advertised Price (MAP) Compliance
Access to accurate reliable product data power up businesses to trace every aspect of their omnichannel marketing strategy. It should be known for every authorized merchant, re-seller, and retail location selling a particular product, enabling quick turn for merchandising audits and MAP violations. In the past, this required alertness and a lot of sunk time – today, software can remedy these headaches.
Real time pricing through continuously scraping your own product data is not only the fastest and most effective way to keep compliance across resellers and retailers, but perhaps one of the only methods of truly enforcing consistent compliance in real time. Web product data allows companies to keep a check on the supply chain and instantly notify legal teams about compliance violations.
As the market keep going to grow, using the power of web product data has become even more compulsory for companies to ensure future growth. If you need product data extracted from the web talk to our solution architects today!