Benefits Of Web Data Extraction For Market Research
Web research for data extraction is an important part of market research. Websites are increasing and evolving phenomenally, and have become an integral part of the technological world. The use of data collection through web data research is also growing like never before, across industries. With more than one billion websites on the internet, it is a clear indication of the exponential growth we have and we will witness in the coming years.
Companies are resorting to data extraction services from India to collect data from online sources for market research, business intelligence, attracting new customers, tracking industry trends, analysis for business purposes, understanding government regulations, etc.
Benefits of web data extraction for market research
An increasing number of C-suite members are hopeful of collecting data through web-scraping as it is the only source that can help them data to understand their customers and build effective engagement models for existing and potential consumers. It is one of the main reasons why organizations nowadays include web data collection in their strategy and budgets, as part of their market research efforts.
Enlisted are some more ways how enterprises can optimize market research by outsourcing data extraction:
1. Data collection for product & pricing information
Product manufacturers and online stores can use data extraction to pull the pricing information from online marketplaces, competitor websites, or from web-based catalogs. Web data extraction professionals collect product and pricing information from vendors like Amazon.com, Walmart, Snap deal, BestBuy, and much more alike.
The activity is also helpful for gathering data for potential investments and acquisitions, too. Data extraction teams will collect all the relevant information, extract, and aggregates it to deliver it in one or more structured formats of your choice. Collected data provided by an outsourced service provider is accompanied with database tables, enabling companies to compare pricing data over time. It helps them assess what the current prices are for similar products and also can go back to previous months or even years to determine pricing trends.
2. Harvesting customer sentiments
Outsourced web researchers are well aware of how to effectively use the internet for research, and the pros and cons of using the internet for research. Internet research companies and their specialists with web research skills include the pages and forums where customers, existing and potential, are discussing their experiences and expectations. If these customers are looking for or discussing your products or services, it would be certainly helpful for you as a manufacturer or seller.
You can gather the product ranking given to your product and even know what and how customers feel and say about your product or services in the form of feedback. Enterprises can harvest customer sentiments data from numerous sites including retail sites, repair sites, review sites, or competitor sites – to find out what people are saying with regards to reliability, price, and even ease of use.
3. Identify undesired activity
Though mentioned last in the list, it happens to be one of the most important and potentially interesting uses of web data extraction in market research is to find out counterfeit pricing or products. Real estate for instance, where a real estate firm can see what prices are charged across MLS – Multi-listing sites & appraisers – month on month.
If residential & commercial property is sold below market value, the real estate company would want to take a closer look at details including grantor/grantee details (name(s), address(s)), deed date/record date, etc. from deeds, mortgages, assignments, releases, credit documents, and public notices. They may conclude that their product is being priced wrong or determine that it is fake propaganda to tarnish their image.