E-commerce companies can improve profit margins effectively by capitalizing on the huge datasets that they regularly compile. It is estimated that only 0.5% of datasets are being leveraged to make decisions. Big data helps identify products that sell, yearly peak and trough periods, thus allowing e-commerce businesses to plan better campaigns and events to maximize sales.
Web scraping allows you to monitor your competitor's activities on a granular level. Doing this for a predefined time unravels key insights into the market trends. Grepsr's large-scale data acquisition platform empowers e-commerce players to collect massive datasets from the web to make way for effective analytics.
A niche market segment has products catering to specific needs of people. While the prospects of making it big in a niche market segment are high, there are many factors you need to consider before getting in.