Best Strategy for Tracking Prices with Data Analytics

Data analytics is becoming highly important in the context of developing pricing strategies.
big data in pricing
Shutterstock Photo License - By Robert Kneschke

We have discussed some of the most obvious benefits of using big data in business before. Many of our articles have delved into the advantages of using data technology in finance and marketing outreach. However, big data can be just as important for other purposes that receive less attention, such as pricing strategies.

Using data for monitoring, analyzing, and tracking different pricing factors in the market is called pricing intelligence. Let’s say your brand sells car parts. By using data-driven pricing intelligence solutions, you’d perform actions that would allow you to find out what car parts go for in the market and recognize any trends around pricing changes. These insights would greatly help your brand develop a more efficient pricing strategy.

What Makes Proxies a Perfect Fit for Pricing Intelligence for Data-Driven Companies?

With a proxy, you can anonymously monitor the market for helpful information. Proxies keep your identity hidden, so all requests you perform will look like they’re coming from genuine internet users. This is particularly useful when you need to view a large number of pages on a single website.

If all your requests come from a single IP, you could get blocked or banned, as most websites have mechanisms to prevent this. However, proxies can send every request from a different IP, making all this traffic indistinguishable from other visitors. Here are three key advantages of proxies for pricing strategy development and optimization.

Track Pricing Data from Different Sources

If you want a flawless pricing strategy, the most important thing you need is reliable data. Many would say information is the new oil, and they’re not wrong. So much data is available on different platforms, and proxies can help you get your hands on this data without exposing your identity or raising any suspicion.

The IP address is the crucial identifier strict websites use to prevent web scraping. If they detect any suspicious activity, they can impose blocks, bans, or even worse – show you inaccurate data. However, with a reliable proxy service, this problem becomes a thing of the past. Whether it’s your competitors, e-commerce websites, or any other platform, proxies keep your identity protected and ensure you can gather data without any issues.

Get Fresh and Accurate Insights

Online prices often change, sometimes even multiple times in a single day. With sales, special offers, and other fluctuating factors, a brand needs to be aware of these changes at all times so it can adjust and respond as fast as possible. It’s crucial to keep an eye on the market, and proxies offer automated solutions to ensure all this data is up-to-date at all times.

Analyzing this data can help brands recognize trends and predict upcoming changes. Proxies don’t just gather the information you need – staying one step ahead of the competition offers the advantage of preparing for any upcoming shifts in the market before they occur.

Compare Prices in Seconds

With so many outlets and websites selling products worldwide, keeping an eye on your competition at all times becomes impossible. With proxies, you can automate the whole process and save significant amounts of time and resources along the way. Just pick the websites you want to monitor, the data you need, and watch the magic happen in real time!

The process can be as straightforward or as complex as needed. Along with tracking current prices, you can even check past pricing records and how customers responded to the changes. All this information will help you put together a robust pricing strategy that will keep your customers satisfied and boost your bottom line at the same time.

How to Choose the Best Proxies for Market Research?

There are several types of proxies for different purposes, each with its own pros and cons. When it comes to pricing intelligence efforts, residential proxies are the most efficient choice by far. Residential proxies for pricing intelligence come from genuine devices with real internet connections provided by an ISP. They’re the go-to choose for all types of web scraping because they’re impossible to detect.

If you need to monitor a high number of web pages on the same website or expand your efforts to multiple sale points in different parts of the world, residential proxies have you covered. Each request comes from a real IP address, and you can even select the continent, country, or even city as the source location to avoid suspicion. In other words, you can get data from any place in the world as often as you need it without any fear of being detected, blocked, or banned.

Pick a Solution You Can Trust

When choosing the right option for your business, make sure to stay away from free options and go with a tried-and-true proxy provider. The best proxy service may come with a price, but the benefits it provides are obvious. A large global IP pool and complete privacy are crucial for effective market research and gathering data you can rely on.

Sean Mallon
Sean is a freelance writer and big data expert. He loves to write on big data, analytics and predictive analytics.