The Business Need
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 had 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 price monitoring for more than 10K products across 20 competitor sites on a daily basis.
Identify competitors - Potential competitors were identified for each SKU
Match product data - Match the client’s product with the competitors’
Extract pricing data - Monitor the pricing information of the competitors
Monitor Deals, coupons, and promotions - Monitor competitors’ deals and coupons on a daily basis
Monitor print ads monitoring - Monitored competitors’ product prices across various digital advertising platforms, newspapers, and magazines
How we solved the problem
Xtract.io identified potential competitors across various marketplaces and matched the clients’ products against the competitors’ sites. Our data experts built an automated solution to monitor the prices of 10000 products across 33 competitor sites on a daily basis. Our data experts built an automated solution to extract dynamic data from various unstructured sources. Each product was matched against the competitors’ for a specific category using ML & NLP algorithms. Further, print ads were monitored for deals, coupons, and promotions for different zones across Australia.
The major challenge in monitoring any eCommerce or retail website is their ever-changing website structure and frequently fluctuating prices. There were around 10000 SKUs spanning across 20 competitor sites that were to be monitored on a daily basis. Moreover, the deals and discounts had to be refreshed regularly as they change constantly.
The client was able to optimize their prices and increase sales over a competitive landscape. Better positioning of their products increased their visibility and enabled more visitors to land on their product page and get converted to customers. Both, in turn, improved brand image and brand awareness.