Nowadays, Google Shopping has emerged as a popular online marketplace among customers and eCommerce sellers. Through product pages, Google Shopping provides customers useful information about products offered by the respective sellers in terms of their price, reviews, product features, etc.
Apart from telling about a product offered by a particular seller, the product page also provides information about the prices charged by various other sellers on the same product.
This pricing information on the product page makes it easy for customers to compare the prices charged by different sellers for the same product and opt for the best deal. Similarly, sellers can take advantage of this pricing information for monitoring the prices charged by various direct competitors in their niche and for creating a competitive and winning pricing strategy for their business.
How to Use Competitor Pricing Data to Form a Successful Pricing Strategy
Gathering and monitoring pricing data of various sellers who are offering the same products as yours on Google Shopping marketplace, helps you gain deep insights about their marketing and pricing strategy.
This data helps you know which are the products in their assortment and discounts and deals available on them. Also, you can know how frequently your competitors are changing their prices, when they are launching their sales season, number of items available in their stock, when they are clearing their stock and other associated aspects.
To form a highly competitive and dominating pricing strategy for your products showcased on Google Shopping, you need to first perform an exhaustive analysis of your competitors’ pricing data and consider key factors like your current costs, the value of your products, the market demand, your cash needs, etc. Based on the conclusions drawn from this analysis, you can formulate a pricing strategy that will enable you to effectively counter your competitors and gain an edge over them and capitalize on potentially rewarding selling opportunities offered by Google Shopping.
Challenges in Gathering Competitor Pricing Data
Gathering your competitors’ pricing and product data in Google Shopping for analysis and creating a dominating pricing strategy for your business is not so easy. If you manually collect this data, it can consume a lot of your time and effort, leaving you with little time to focus on growing your business
Manual gathering of data may also lead to human errors in the data, which can result in faulty pricing strategy creation and execution and subsequent loss of sales and profits.
Automated Data Scraping Services are the Better Solution
The challenges related to manual collection of product and pricing data of your competitors can be effectively addressed with automated data efficiently and in real time from the Google Shopping product pages as well as from the seller websites which are displayed on the product pages. This data is precise and free from human errors.
These scraping services allow you to scrape the data on a daily, weekly or monthly basis depending on how frequently you require the data.
You can utilize this scraped data for analyzing the prices charged by your competitors on their products and how they are presenting their product information on Google Shopping. So you can accordingly change your product prices and better present your products for captivating shoppers’ interest in them and inspiring them to buy the products. This will result in more leads, sales, profits and ROI for your eCommerce business. Also, you can get the better of your competitors.
Utilizing best automated Google Shopping data scraping services from an established provider like Matrid Technologies are thus in the best interest of your business.