Being able to quickly, efficiently, and accurately collect the price data of your competitors is crucial for being able to make key business decisions. However, despite the fact that many business executives know that they need to obtain competitor price data efficiently, many of them struggle to do so.
There are a wide variety of reasons why business leaders often fail to collect competitor price data the right way. For example, they may be using outdated software, they may be neglecting this area of their business, they may be relying too heavily on manual price collection, etc.
In this article, we will break down the key factors for selecting a successful web scraping tool for competitor price data collection. Your business can use these factors to streamline its competitor price data collection process.
In order for your company to efficiently collect price data from your competitors, the tool and/or strategy that you are using to do so must be capable of processing large quantities of data extremely quickly. Speed is crucial for price data collection because price data is always changing. So, if your company cannot collect the data fast enough, then it will be irrelevant by the time that you go to use it for your own pricing strategies.
In order to price your company’s products competitively, you need to know exactly what prices your competitors are charging on a second-by-second basis. If you don’t, then you can find yourself accidentally overpricing and losing customers to other businesses who have lowered their prices. A good competitor price data collection tool can help you to prevent this problem.
As long as you can track the prices of your competitors’ goods and/or services on a moment-by-moment basis, you can make any changes that you need to make to your prices in real-time. Such changes can be extremely consequential, especially while short-term or seasonal ecommerce trends are taking place.
Whatever price data collection tool that you use, it has to be incredibly accurate. If it isn’t then you could find yourself trying to analyze and use price data that is irrelevant or just simply wrong. Only highly accurate price data collection tools will be able to give your company the information that it needs to implement effective pricing strategies.
Unfortunately, many price data collection software programs and tools do not provide data that is highly accurate on a moment-by-moment basis. But, if your company wants to keep its pricing strategies optimized, then you will need to use a price data collection tool that only provides incredibly accurate pricing information.
Being able to see and understand competitor pricing data from all around the world that is highly accurate is a tremendous business advantage. It eliminates the need to guess the prices you need to set to be competitive, and it eliminates the need to try to collect data manually. Accurate real-time competitor pricing data is a game-changer for many businesses, and it allows them to make much more informed pricing decisions.
3. Ease of Use
Ease of use is an often-overlooked factor for successful competitor price data collection. However, it is extremely important. This is because any company that wants to use a tool to collect competitor price data is going to have to use it on a regular basis and to train employees to use it.
So, if there is a steep learning curve to use the competitor price data collection tool, or if it is stressful or difficult to use, then you are going to run into a lot of problems. Not only will it take you longer to learn how to use it yourself and to teach your employees, but if the tool is not easy enough to use, you will have to deal with a large amount of hassle and stress when using it on an ongoing basis.
For this reason, it is far easier to simply only use a tool that is highly intuitive and very easy to use. The easier that the tool is to use, the easier it will be to be able to effectively extract competitor pricing information from it that you can use on an ongoing basis.
4. Data Processing Power
If your company operates in a niche where you have many competitors around the world, then you need the competitor price data collection tool that you use to be able to process incredibly high volumes of data. Ideally, your competitor price data collection tool should be able to process thousands of pages per hour and save millions of records per day.
Your tool will only be on the cutting-edge of technology if it is capable of processing this amount of data on a daily basis. If it isn’t, then you are not using a tool that will get you the best results, and it might be time for you to upgrade if you want to keep up with your competitors. A failure to keep up with your competitors can unfortunately lead to a loss of market share. This is undesirable for any business.
5. Data Aggregation
It is not enough to be able to simply collect competitor price data. In fact, if your company is going to be able to use the competitor price data effectively, then the tool that you use will have to be able to aggregate the data for you as well. If your data collection tool does not aggregate the data in an effective way, then you will have to manually go through all of the data to try to make sense of it. This can take an extremely large amount of time, not to mention it is very tedious.
It is far better to simply only use a competitor price data collection tool that aggregates all of your data in an extremely organized and efficient way. Your data collection tool should be able to present the customized data to you in a way that it is extremely easy to read and understand. The tool should be able to scan the deep web to find all of the relevant data, sort that data in the right ways, match the data to your specific needs, and then integrate it into your system in the perfect way.
If your tool can aggregate data in this way, then it should be more than sufficient to get the job done well for you on a long-term basis. There is no substitute for a tool that can aggregate vast quantities of competitor pricing data into easily readable and understandable content.
In the modern economy, it is absolutely crucial to fully understand the pricing data of your competitors. Unfortunately, trying to collect this data manually can take ages. For this reason, businesses who want to access this data regularly without having to waste copious amounts of time collecting it need a software program they can rely on to help them collect, interpret, analyze, and present all of the key data.
There are a number of software programs available on the market that do this. However, many of them do not perform properly, or lack certain features or qualities that would otherwise make them great options. If your company does not currently have a tool in place for collecting competitor price data accurately and consistently, then you should strongly consider acquiring a good tool for this. You will quickly gain the benefits of using an efficient and powerful solution for your competitor price data collection needs.