Price tracking and monitoring retail data is a vital factor which provides the changes of a product’s pricing.
Nowadays, keeping track of competitors, other brands, online retailers and monitoring product prices is essential for most retail businesses. Therefore, an accurate analysis of your competitors’ prices needs to take place and offer an optimal price.
From small businesses to companies and organizations, pricing decisions can be appropriately made by web scraping the competitors’ websites. This way, a form of competitive intelligence, “Price Intelligence”, if you will, comes into play at this point.
It is a method of web scraping to analyze the pricing data.
This article aims to explore how (and which) proxies can help in competitor price monitoring and other competitive intelligence activities.
What Is Price Monitoring?
Price monitoring is all about monitoring, tracking, and analyzing competitor product prices. From the data received, you can implement the decisions and affect business performance.
Price monitoring tools and tracking platforms allow you to detect, monitor, and track and down competitors’ product’s prices, thus optimizing your pricing positioning while offering competitive prices. Many eCommerce tracking tools are offering a “price tracker” option, so you’d know for any changes, price drops (and even price history) that may have occurred during your business’ daily routine. This way, you can modify your base pricing and get in line with the same market’s price module your competitors are using.
Using Proxies for Price Monitoring
To have an optimized and dynamic pricing strategy, the most crucial factor required is data. As data is available on different pricing platforms and sources, proxies ensure that your online activities are anonymous and seem authentic.
While maintaining the anonymity of the user accessing the website, proxies can make price tracking actions look legitimate and genuine.
Why Proxies Are a Perfect Fit for Price Monitoring
Gathering reliable and accurate data
Websites today keep track of their competitor’s IPs and often serve them inaccurate and misleading data as a way of kicking them out of the game.
Using proxies with IP rotation can help you solve data inaccuracies while acting like a typical website visitor.
Utilizing a large IP pool for increased scalability
Having an increased IP pool can give your projects a scalability boost, monitor, track, and compare prices from across the world without geo-targeted content issues.
Faster and more reliable connection
It is essential to track and monitor accurately how your competitors plan their pricing strategies in real-time. Proxies’ connection speeds are faster as they connect directly to ISPs, which helps gather pricing information at a faster rate.
Using a proxy that offers a reliable and stable connection can provide you accurate information with high availability. Hence, you can carry out price monitoring activities without any connectivity issues.
The Best Proxy for Price Intelligence
First, an introduction of proxies needs to occur before choosing a proxy server for price intelligence activities. Some of the proxies mentioned below;
Data Center Proxies
Datacenter proxies are used widely for brand protection to conduct online activities. They function as a typical proxy maintaining your anonymity when surfing the web. These proxies don’t require an ISP or an end-user device.
The benefit of using this proxy is the low cost and speed. The drawback is that they have lower reliability of maintaining anonymity.
Residential proxies allow you to conduct your online data retrieval activities without getting your IP address blocked. Therefore, you can incorporate this data into your price intelligence activities or any other without being at risk.
Residential proxies provide the IP address of a physical location. The IPs are provided directly by the ISP without depending on the area where you reside.
Using a residential proxy provides high anonymity and is a perfect fit for data harvesting. The performance depends on the quality of the proxy you choose.
Moreover, utilizing a residential proxy network correctly and using static & rotating residential IPs can be a major advantage point for tracking and monitoring retail prices, and can guarantee your business’ sustainability in a forever-changing and adaptive niche.
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Senior Growth Marketing Manager