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Understanding The Role of Ecommerce Data in Retail Industry

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  In the modern era, where online shopping is the norm, merchants are realizing the value of using ecommerce data to get important insights on customer behavior, market trends, and operational efficiency. This article looks at why retailers need ecommerce data and how it can be utilized to boost business development and success. What Is Ecommerce Data? Ecommerce data refers to the massive volume of data created by online transactions, conversations, and engagements on ecommerce platforms. Ecommerce data is the large quantity of information produced by online purchase interactions and transactions. It comprises a diverse set of data collected from different e-commerce ecosystem sources, such as social media platforms, websites, mobile applications, online stores, and consumer interactions. Ecommerce data has lots of functional parts that help online stores run smoothly. Here's understand more about it: Transaction Details Information on what clients purchase, such as the amount, wha

How Innovative Brands Maximize Profits With Price Skimming Strategy?

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Imagine launching a revolutionary product and not knowing how to price the product. Go mass-market or play it exclusively? Innovative product market players always search for new strategies to boost their profitability while maintaining their customer base. That’s when price skimming comes into the picture, a prominent pricing strategy for most business models.   What Is Price Skimming? Price skimming is a pricing strategy where companies initially charge the highest price that customers are willing to pay for a new product or service. Then, over time, they gradually lower the price. Phases Of Price Skimming Strategy Check out the top 4 phases of price skimming strategies: Product Launch Pricing Phase The product is first launched at a high price in this phase. Early buyers who don't mind the high cost and want the newest things will be ready to buy. High Initial Pricing Phase After the first group of buyers has bought the product, the company gradually reduces the price. This aims

How to Scrape Product Ranking from E-commerce Giants to Unlock Hidden Insights?

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  It is well known that the e-commerce realm is thriving, with giants like Amazon and Flipkart and up-and-coming platforms such as Blinkit and BigBasket making their place in the retail landscape. As businesses and sellers strive to master these marketplaces, decoding product rankings may seem like searching for a proverbial needle in a haystack. But how does one keep an eye on shifting product ranking across multiple e-commerce platforms? That's where product data scraping enters the scenario, providing critical knowledge to bolster your sales tactics. This blog helps you navigate the process of scraping product rankings on Amazon, Flipkart, Blinkit, and BigBasket. What Is Product Ranking In E-Commerce Data Scraping? In eCommerce data scraping, product ranking refers to the position of the product in the search result list, defined by the platform's algorithm. E-commerce platforms like Amazon, Flipkart, BigBasket, and Blinkit comprise millions of products; who decides which pr

How to Perform product data scraping with ChatGPT?

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Businesses today use web scraping as a significant tool for gathering data from various websites. In the older times, companies used to do the data collection manually. But, with time, businesses started switching to web scraping services. Now, there are LLM-based tools available online to make life easy. One of the LLM-based tools that is famous amongst almost everyone is ChatGPT. What Is Web Scraping Using ChatGPT? It is a simplest process of giving prompts or instructions to ChatGPT to give the required data from a specific website. This process is quite different from manually extracting data. The type of instructions you give to ChatGPT the type of extracted data you get. The collected data gets stored and is available for download in CSV format. During the web scraping, the bots are programmed to visit the websites, check the pages and extract the required information. What Is Product Data Scraping? Product data scraping  is similar to web scraping. It is a process of extracting