New selling concepts that have driven sense of consumer empowerment are successfully evolved with the time. One of the concepts is online shopping which has brought an impact on selling patterns and has made easy for consumers to buy things.
It has also brought the innovative trend of comparing product prices and consumers making buying decisions on minimal margins. Price comparison concept or better considered today’s online consumer trend has changed the way retailers have been doing business in terms of product selling and business functionality known to us as E-commerce Industry.
How to get real-time e-commerce data?
Price comparison tools use web data extraction or crawling techniques to scan web pages and retrieve product prices in an automated manner instead of the supply-collect format. They fetchproduct and pricing data and also apply Data Intelligence when they display the data feeds. These tools gather a more comprehensive list of data with real-time updates for prices and in turn help beat competition.
How to analyze Competitors Strategy through this tools?
For e-businesses, price comparison tools are an effective means to help analyze competitors product types and service levels. At the same time, they monitor pricing changes of market leaders. These tools frame an easy way to compare prices across a wide array of consumer products and services, and are critical for e-retailers to analyze the buying patterns of their consumers for different offerings.
Is Price Comparison Tool only useful to Big E-commerce Players Only?
From the outside world it looks that the price comparison tools offer major assistance to the big players only. However, looking beyond it can be viewed that the tools are helpful to smaller online retailers also to compete their products to all their bigger and smaller competitors as well as market leaders like Amazon & eBay.
Benefits of Price Comparison Tools:
- Competitive Edge: Pricing always helps to keep a check on prices offered by competitors to gain a competitive edge. Price is the major deciding factor in making the buying decisions. One can create its promotional strategy like offering discounts or even revalue price points attract more consumers. Amazon-eBay Pricing & Repricing Tools help you succeed over the top Amazon and eBay sellers.
- Pricing Intelligence: Price Intelligence provides complete visibility into competitors’ pricing and product assortment, enabling intelligence to make profitable pricing decisions. It assists in building pricing strategies by setting pricing criteria and rules to beat competitors by creating scenarios for online business success.
- Market Edge: Comparison tools help analyze the markets to align Online Market Intelligence to track positives and negatives making room for improvements.
- Judging Consumer Buying Patterns: Companies can use price comparison tools to track consumer buying patterns which will in return allow them to find what influences their loyal consumers or how to attract new ones and what is required to increase traffic for their products and categories.
- Better Customer Services: Small and medium sized companies bank their sales on their better customer services to stand out from the others in the market which can be improved using product and pricing data.
- Scope of Business Improvements: Product and Pricing comparison tools offer scope for improvements in business pattern predictions. They give different options to study which include insights like pricing benchmarks, product study, landing pages, payment gateway flexibility and navigation improvements.
The continuous evolution in the price comparison segment has given rise to a new generation of tools along with web data extraction and crawling tools/services. Specialized data crawling and analytics offer enhanced technology services that help in building price comparison tools.