Staying ahead with Automated Price Comparison
Written by Pradeep on December 20, 2013
The spur of e-commerce and online shopping around the world has brought a huge change in the way marketing is done today. Unlike the traditional brick-and-mortar business in which customers had to be physically present in a physical shopping center to buy a product and had limited price comparison options, online business offers a smart and convenient way of price comparison for both the business owners and their customers. If online business has opened up newer venues of opportunities, it has also brought about newer challenges.
While business owners jostle against their competitors to maintain their competitive edge in the market and attract more and more buyers everyday, buyers, on the other hand, tend to look for the best deals that are available to them. For the purpose of maintaining their competitive edge, business companies need to monitor the market trends and make an adjustment in their offers, deals, and prices.
Because of the expanding volume of the online business, it has become near to impossible for the business owners to keep a track of the prices of the commodities and deals of services their competitors are offering. Doing the entire job by themselves, they have to put an exhaustive amount of time and effort to collect and process the data, make a statistical analysis, and develop marketing strategies. The job becomes overwhelmingly tedious and requires a number of additional staff which only adds up to the expenses and undercuts the marginal profit. This is exactly where Grepsr comes in and does the job for the online business companies in an efficient and cost-effective manner. Today, many of the internationally-renowned online retailers seek our help in collecting and processing business data and maintaining a reliable statistical database.
One of our business clients, an online retailer in Dubai, for example, had to keep an eye on the price deals offered by several of its competitors to optimize its sales and profit margins. The company had employed a number of staff with a sole responsibility of comparing the prices of the individual products it sold with those sold by its competitors.
Everyday, its employees had to keep a track of the prices of hundreds of individual items every retailers sold and report the prices to the company. The data was then used for price adjustments or for developing marketing strategies. Conducting the task of price comparison manually, it took seven days in average for the employees to come up with one day’s statistical result. It meant that the company kept lagging seven days behind and was not able to implement its marketing policies in an effective and synchronized manner.
The company was making a huge investment of time and resources for a small job that Grepsr could do in a day with its web crawling and data processing services. When the company realized it was likely to be overburdened and lag behind its competitors, it made a decision to transfer the job of price comparison to Grepsr. Since last year, Grepsr has been collecting, compiling, and reporting the price comparison to this company using its advanced and systematic services on the daily basis for a fraction of the cost the company invested previously. Moreover, apart from the regular price comparison services, this online retailer also depends on Grepsr whenever it needs especially customized market reports or whenever it needs to retrieve the old data.
Our services have not only helped the online business companies to maintain a clutter-free database and saved their time and resources from unnecessary hassles, but also have contributed to significantly improve their customer rating, putting these companies ahead of their competitors. The services, however, are not limited to online retailers and their need to monitor their competitors’ price offers. Instead, various brand-related companies purchase our services or service packages to closely monitor the price listings, deals, and stock quantity of the competing brands within the same website like Amazon, Ebay, iOffer etc.
Likewise, some brands also buy our services to learn about with what kind of offers and for how long their brand is promoted by different retailers in the same marketing website. Some brands are also concerned about the online visibility of their product and want us to provide them reports with this concentration. Overall, Grepsr deals with a huge amount of scattered data and presents it in an organized form with a special focus on the customer’s need.