A price scraper is a tool that allows automatic tracking of competitors’ prices to get information about their pricing strategy. This is a valuable resource for e-commerce businesses which enables orderly data extraction and collection from competing companies. The data helps accelerate decision-making and improve the yield of the e-commerce business itself. We explain how to use it in your day-to-day business to monitor competitors’ prices and enhance your positioning in the competitive online market.
Minderest carries out price scraping. The main benefits are to help e-commerce businesses anticipate other online stores’ movements and find the balance between price, profit and quality. Ultimately, the aim is to have attractive prices that improve the conversion rate and increase the brand’s profits.
How to use a price scraper and increase e-commerce profits
1.- Identify your competition
The first step in obtaining information from a price scraper is pinpointing competitors. Start by identifying other e-commerce sites or brands that sell products that are the same or similar to yours, and that constitute direct competitors. Then consider companies that offer substitute products, those items that, while different, can replace yours if buying trends change, such as butter and margarine. Once identified, the domains of these competitors will be introduced into the tracking software to begin data extraction.
2.- Collect information of interest
Today’s price scrapers allow you to automatically obtain price, promotion, and stock information from your competitors daily, in any country in the world. In turn, they not only analyse the e-commerce site of the indicated competitor, but they also collect data about their prices in marketplaces such as Amazon or eBay, in B2B portals or price comparison sites, such as Google Shopping. In addition, it is possible to extract shipping costs and lead times from each of these sales channels, for each competitor.
The most powerful price scrapers can generate a price history that will help businesses understand how their competitors respond to changes in demand and user trends, and how they adjust prices according to seasonality.
3.- Analyse and export data
This last step reveals the greatest value of these tools. The data collected will be presented to the e-commerce business in a simple way, to speed up and optimise decision-making. Through interactive graphs it is possible to quickly assess any data relevant to strategic decision-making, from competitors’ gross margins, to how they apply dynamic prices to their products and services.
As an added benefit, some more advanced price scrapers include the functionality to export data in different formats for use in presentations or studies, both internally within the company and externally.
Minderest obtains product, price and stock information using price scraping. Incorporating this resource into the day-to-day e-commerce business can greatly help pricing strategy management, and adapting to the market’s needs at every moment. Given the speed with which the online market expands, new stores open every day and compete with one’s own. As a first step, trust a team of pricing experts to advise you on how to start monitoring your competition based on the characteristics and objectives of your e-commerce business.