Overview

An Australian retailer wanted to combine physical store experience with digital experience for thousands of products across various categories. The basic requirement was to identify potential competitors and monitor prices of more than 10K products on a daily basis. In addition to basic product data monitoring, we were required to monitor newspaper ads, coupons, and deals of the competitors’ for all days in a year.

The client wanted Xtract.io to do a complete competitor analysis and monitor prices for more than 10K products across 33 competitor sites on a daily basis.

Challenges

The client approached Xtract.io as they encountered several challenges with monitoring prices for a huge volume of products.

• Identifying the right competitors for each SKU without ML technology for accurate product matching.
• Manually monitoring and extracting the pricing data from multiple competitors
• Monitoring competitors’ deals and coupons on a daily basis.
• Tracking competitors’ product prices across various digital advertising platforms, newspapers, and magazines.

Solutions

To address the client’s challenges, we leveraged our price monitoring tool for accurate product matching and collecting pricing information.

Competitor Identification

Our expert team identified potential competitors across various marketplaces by matching the client’s products against competitors’ sites based on type, category, and other attributes.

Automated Price Monitoring

Our data experts built an automated solution to monitor the prices of 10,000 products across 33 competitor sites on a daily basis.

Dynamic Data Extraction

The team developed an automated solution to extract dynamic data from various unstructured sources.

Product Matching with ML & NLP

Each product was matched against competitors’ products in specific categories using machine learning (ML) and natural language processing (NLP) algorithms.

Monitoring Print Ads

Print ads were monitored for deals, coupons, and promotions across different zones in Australia.

Results

Our price monitoring solution delivered impressive outcomes for the client:

Enhanced Product Visibility

Better pricing and positioning of products boosted their visibility, attracting more visitors to their product pages.

Improved Customer Conversion

Increased page visits led to a higher conversion rate of visitors into customers.

Elevated Brand Image and Awareness

Both the optimized pricing and improved visibility contributed to enhancing the client’s brand image and awareness.