The retail sphere is the first and the most common example of where price monitoring is used, however, pricing intelligence is of vital importance in other spheres as well.
If you are the owner of an online shop, you’ve probably faced the problem of competitors’ prices. They can change at any moment, and to keep your prices updated, you have to monitor all your competitors’ shops. A web scraping price monitoring solution can help. This mechanism monitors and analyzes all your competitors’ prices and adjusts your prices based on the rules you set. For instance, if your main competitor slashes their price to $5 per item, the automated pricing software can set the price on your website to $4.99.
Price monitoring tools automate many stock traders’ processes, such as monitoring the best prices for buying or selling assets.
Hotel price monitoring services
We have a few customers that build products based on hotel aggregate prices. They created services that help their customers book rooms at the lowest price available for a particular date.
Building market trends
Price scraping software allows you to monitor the market trends and price history of particular goods or services. Recently, we finished a project for our client to monitor Alibaba.com. Our solution monitors the website twice a day for specific categories of goods and store prices. After a month or so, our software was able to provide data analysis on trends and price fluctuation. Our client started to sell this service on a subscription basis.