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Online Product Data Extraction for Efficient Lead Generation and Price Optimization

Online Product Data Extraction from Ecommerce Stores

Online Product Data Extraction from Ecommerce Stores

In last two decades, world has witnessed the evolution of internet from a geek’s hobby to a common man’s daily functioning tool for nearly anything and everything. Widespread use of internet has not only succeeded in simplifying the day to day functioning, but has also opened up new avenues of possibilities that we could never imagine before. But one sector that’s immensely affected is Retail. Earlier it was not an easy task to launch an own online store, find a product to sell, or start an advertising campaign. But with help of web scraping or data extraction facilities, increasing number of aspiring entrepreneurs will be entering the world of e-commerce, as they might not have had these advantages on their side – previously.

“Where can I get new leads?” is the question that gets severe and worries leading retailers & eCommerce players.

There are marketing solutions available for it, but this article is an attempt to share some insights about how web scraping, web harvesting or data extraction can help your business. Web scraping is the process of gathering data with help of a bot that can read HTML code from web pages, searching for specific data, data extraction from images, taking the collected structured and unstructured data and processing it for further analysis and usage. Information gathered with help of data extraction can be categorized as:

Some common uses of data extraction include lead generation, price monitoring from competitors’ websites, product catalogue scraping, extract customer sentiment data about the products and many more. There are a number of ways in which web scraping can be used to the advantage of your business. Let’s understand with examples:

1. Efficient lead generation

Data Extraction for Increased Lead Generation

Data Extraction for Increased Lead Generation

Businesses are required to generate more and more leads to not only survive, but thrive in the market. Direct customers or influencers, both of them are considered as lead, and help the company to represent their brand. Searching for leads by you through websites and social media is not a bad idea, but just imagine the kind of time and efforts you will have to put in for doing it manually. So why not delegate it to experts equipped with machines and smart algorithms, while you can focus on strategic tasks of your business.

Web scraping in this age of cutting edge technology is focused at gathering leads contact information from millions of web pages – and that too in squeezed timelines. It’s just that your data modeling team needs to take care of certain attributes, to make the search more relevant like, including age, education, job position, geolocation etc.

Upon setting the attributes right, the next step is to start data scraping from websites, publications, Facebook and professional social media platforms like LinkedIn. This should be done to collect contact information and various other details, to be saved in databases, CSV files or CRM – to be accessed by your managers and sales teams. With help of collected details like email addresses of your target audience you are now equipped to send out newsletters, information and invitations for events and product launches, and advertisement campaigns in bulk. But hold your horses, and don’t get spammy. Data scraping has given you your database of leads; it is up to you how wisely you convert them to clients.

2. Price optimization

Optimized Price Value

Optimized Price Value = Cost + Current Value

Ask any retailer about the second most challenging aspect of their business after lead generation, and they will say it is price optimization. Etailers or eCommerce stores always struggle to increase the prices without losing customers. But if retailers do not raise the prices, how will they earn profit?

Why retailers should use web scraping to increase profit:

How to put web scraping to work at your retail business advantage?

Whatever that adds up to positive customer experience, makes the raised or increased price look more grounded.

3. Understand what your customers want

Identify Customer Needs and Sentiments about Products

Identify Customer Needs and Sentiments about Products

Retail & ecommerce landscape is shifting dramatically. On one hand where retail web scraping techniques and technologies would make the entry of entrepreneurs easy into the market, it also will immensely increase the competition among retailers – again making a tough task for new comers to make way. But for all of them to successfully build a marketing strategy, comprehending both competitors and customers – becomes mandatory.

Web scraping of prices, customer behavior, product reviews, price limits, trends and demands etc provides opportunities to retailers to know how they can improve the services/products. Web scraping streamlines the process of collecting data for aforesaid elements, to be further analyzed for:

Final Word

Whether you are a Fortune 1000 that needs to level up the sales or a startup with some ingenious idea – web scraping or web research with help of data extraction companies always helps. Instead of using contemporary methods, putting at task web scraping and analysis of data collected would save you time and efforts, and help you direct your energy to business development tasks.

Chirag Shivalker

Written by :

Chirag Shivalker - active as a BPM professional for more than 15 years; believes that mindset & not the toolset ensures the success of any Business Process Management partnership. He creates strong arguments for justifying BPM initiatives, which provide leaner and more productive, flexible and efficient business operations.