A price comparison script scrapes product prices and details from a website. These scripts generally collect two or more sources, such as prices from your online store and prices from a competitor's store.
To effectively compare prices, the data from both sources should be in the same format, and match product-for-product.
By automating the way you compare prices automatically, you can:
- Increase margins by adjusting prices at the right time in the right place.
- Maintain a competitive position in the market.
- Improve cost management by using competitor prices as a negotiating ground with suppliers.
- Review your own overhead cost and production cost.
- Come up with effective pricing strategies, especially during sensitive times such as season-end sales or holiday seasons.
Most retailers and e-commerce vendors try to put as much information about their products online as possible. This is great for the customer, but by using Mozenda, you can turn this into a competitive advantage by watching details such as inventory levels, discounts, product turnover, new items added, new locations added, and other data points.