Dropshipping businesses without a perpetual data flow (detailing the inventory and stock availability) are bound to fail. Data acquisition services like Grepsr are adept at initiating and maintaining a healthy seesaw between the needs of your customer and the capacity of your supplier.
A well-optimized product catalog provides extensive information on the features of the merchandise, showcases its ranking, and inspires confidence in the buyer. It may prove to be monumental in earning loyal customers in the long term when done right. A data-enriched product catalog fully establishes the superiority of the product by considering the USPs of the competitors.
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.
Leveraging external data - from third-party sources - gives companies new insights to help drive efficiency and revenue. Businesses can identify risks and opportunities that would otherwise have missed, and also understand what impacts world events and consumer behaviors can have on their operations.
Analyzing customer feedback can help you bridge the gap between supply and demand. Customer data opens up doors to a new and improved product line. You can also find out what they are looking for in a specific product based on customer reviews.
The rules of engagement are different from retailer to retailer. You can't replicate your rankings from Amazon on Bestbuy. They each have their own algorithms and to excel in all the websites, you need to analyze different data sets.
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.