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.
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.