There are several uses of web scraping tools across the industries. Here’s a look at how businesses can benefit from web data extraction:
1. Price Intelligence
Price intelligence is getting popularity over the years owing to the cut-throat competition in the online arena. Also, the growth of many eCommerce startups has fueled this popularity to its peak. It is necessary to create a change for your company’s position when there is a significant change in the market going on. For instance, if the market tends to showcase a trend where the prices are going to be low, then you must know it beforehand. Now, this doesn’t necessarily mean that you slash your prices, but this can help you strategize your pricing strategy in an efficient manner. To begin with, eCommerce portals have to keep an eye on their competitors with the help of web scraping to get access to the real-time pricing data. It helps them fine-tune their prices for sustaining the competition. Web crawlers can help in fetching data about the product name, variant, prices, etc. The data is then plugged into an automatic system which offers ideal pricing for each product after evaluating the competitor’s prices. The ability of web crawlers to extract real-time prices makes them helpful.
2. Automated Cataloging
E-commerce platforms have enormous products listed on their portals. It’s challenging and manually impossible to update and maintain the catalogs. Thus, several businesses rely on web data extraction tools for collecting the data needed for updating the catalog. It also helps the businesses in finding out new categories of which they weren’t aware. They can also update the existing catalogs with new images, videos, and descriptions.
3. Market Research
We can’t emphasize this enough in research. Data and research are crucial parts of businesses. No matter what your business is, you need enough research with your company to succeed in the long run. Firstly, market data is not meaningful unless a huge amount of data is involved. Secondly, considering the limitations of the conventional ways of data acquisition and the amount of relevant data available on the internet, web data extraction is the easiest way to collect the data required for market research. The big shift that businesses have made from physical to online stores has made online data an appropriate source for conducting market research. The pandemic has pushed this shift in the right way and if we might say faster. So, this is the time for businesses to take the wheels and get their businesses to their destination without any breaks. Maneuvering this will not be an easy task and web data extraction is going to help you along the way.