Price Monitoring using Web Scraping – Key to survival in global environment

Pricing the product or service right, is the key to success or failure of a business. In traditional competitive markets, analysis of both tangible and intangible attributes was essential to arrive at price that buyers would readily accept and competitors found hard to beat.

Web is the storehouse of immense information both for businesses and especially consumers, arming then with all the quantitative and qualitative analytics about the products; allowing them to make an informed decision about the purchase. The growth of the e-commerce sites on the Internet has given the end user access to markets thought to be outside his reach till a few years back and allowing them to seek best prices for their purchases. By leveraging the power of social networking sites, the consumers are able to influence the behaviour of many others like them. Therefore, businesses now also need to have the “price intelligence” i.e. the best price for their product/service cutting across physical boundaries. This requires extensive monitoring of sites selling similar products/services and many businesses now have a “pricing specialist” to undertake this task.

With the rapidly changing dynamics, one needs to develop an automated solution that is able to scrape and provide the information from web before it gets outdated. Developing in-house web scraping solutions to crawl through thousands of websites can be tedious, time consuming and expensive task for any pricing analyst, throwing off the budgets, and making the entire process redundant. To overcome this hassle, it is best to outsource the task of scraping the data to external agencies like ITSYS Solutions that are equipped with necessary technology to carry out web scraping in an anonymous and unobtrusive manner. You may also like to read frequently asked questions on competitor price monitoring.