Many businesses are now looking for ways to stay ahead of the competition. If you own an online business and want to make profits consistently, harnessing the immutable power of web data extraction is very important.
In this blog post, we will be looking at what data can boost your ecommerce profits and how web extraction can help. So, without much ado, let’s get into it.
What data can boost your eCommerce Businesses
For eCommerce businesses, data is the beacon that guides your direction. Unless relevant data is well-understood and properly analyzed, an eCommerce business will most likely struggle to grow.
1. Competitors’ data
Competitors can be direct or indirect. Direct competition is any company that offers the same thing as you, while indirect competition refers to a business whose products or services are different from yours but potentially could satisfy the same need of your customers.
Both of these data can be used to do a competition mapping – understand your place in the competition better, spot the market gap that none of your competitors are striving for, and is approachable for you.
2. SEO data
In eCommerce, your business success highly depends on the number of traffic you get on the Internet. If you are not exposed to your customers, then nobody is going to buy from you.
If you want your website to rank top in search engine result pages, SEO is the best way to boost your ranking. Many factors contribute to a site’s ranking but two of the strongest factors are backlinking and keyword use. A lot of companies have taken the shortcut of using web data extraction to improve their ranking on Google.
Meta information of web pages can be decisive in the ranking. Like title and meta description, it is the only intro of your page and the very first step to attract your customers to click in. Getting your web pages’ meta data is the first step of your SEO optimization.
3. Price Data
Knowing how much your competitors value their products is essential when placing prices on your goods. To conduct a proper competitors price analysis, you need web data extraction to know how much your competitors charge for the products you want to sell. You may track the prices on the platform where you are selling, or getting the whole picture of pricing across multiple marketplaces at the same time.
Price tracking will answer these questions for you: How are your competitors selling? Do they sell a single product, or do they sell in product bundles? If they sell with both strategies, which of them do customers buy more of? Do your competitors offer discounts to their customers? Are these discounts seasonal discounts, or are they promotional?
With this data, you have most of what you need to create the perfect profit-making strategy.
4 . Customer reviews
Understanding what customers think about your business will give ways to improve your product, hence build up your customers’ loyalty and attract more new comers. Reviews on websites like Quora and Yelp gives you firsthand information on what your customers feel about your business.
People are more inclined to check out a product’s rating online before making a purchase. If you sell a particular product, checking the rating of that product at other vendors can help you know what people think about it in general. You can also check for rankings of other products in the same categories as yours to know how well those other products are doing too in the market.
How to get this data
Losing track of such data may cause a hurdle to the growth of your business. To rise above these hurdles, keep track of this inspiring data:
1 .One-stop eCommerce solution software
These software allows you to host your eCommerce business on their platform in order to reach a wider audience. Examples of such software include Shopify, BigCommerce, Volusion, Opencart, Magento, etc.
· Allows you to reach a larger market
· Provides you with ready tracking and analytics
· Lower cost
· Easy to manage
· With eCommerce software, you can’t add personal touches.
· Embedded data restrict you from making flexible business analysis.
· There are possible IT security issues.
2. Web data Extraction software
These are software created for data extraction, capable of getting data from every website as long as it is visible to the public browsers. An example of web data extraction software is Octoparse.
· Easy to use
· You don’t need any knowledge of coding
· You can scrape unique data for your own research
· You may need a few weeks to get familiar with the application.
· Getting data on a large scale at a short time requires a certain budget.
3 . Build a data extraction team
An in-house web data extraction team requires a group of developers who can write complicated scripts for your scraping tasks and take care of the crawler maintenance.
· You can get flexible and customizable data.
· In-house professionals make coordination easier than working with another service provider.
· It costs a lot of money.
· It is time-consuming to build and maintain crawlers.
4. Reach to a data provider
Already scraped data such as data about your competitors, prices and so on can be bought online. You may talk to a data provider about your needs.
· Totally hassle-free
· You can’t be sure if the data is accurate and not missing important lines.
· You can’t get frequent updates of the data unless you purchase again.
The benefits of big data analysis for eCommerce cannot be overemphasized. Web data extraction is the surest way to stay ahead of your competitors and make profits. Start making profits now by using Octoparse to get all the data you need. It has all the features that are needed to make web scraping easy and seamless.
- How Can Dropshippers Learn from D2C Business? - August 11, 2021
- How Web Extraction Helps eCommerce Businesses Increase Profits - May 20, 2021
- How to Scrape Data to Fuel your Job board/Job aggregator - May 14, 2021