Data is critical in today’s business environment. However, deriving meaningful insights requires sifting through volumes of intangible information.
Metyis Intelligent Benchmarking (MIB) web scraping solution offers real-time tracking and analysis of competitor data with ease to positively transform business strategies and unlock the potential of online market platforms.
Unleashing the power of marketplaces
In today’s landscape, online marketplaces are becoming evermore crucial in driving brand growth and ensuring consumer loyalty. Zalando, one of Europe’s leading online fashion and lifestyle platforms, has more than 51 million active customers and over 2 million loyal customers.
Zalando and similar marketplaces provide brands with the tremendous opportunity to strategically develop and expand their consumer base, which presents companies with the new challenge of leveraging such marketplaces to unlock this growth most effectively.
Online platforms offer a wide brand mix, ranging from mass-market names to high-end luxury. With consumers having an abundance of choices within each product segment, pricing has emerged as a critical lever for driving sales.
Asking the right questions
Companies and brands face three key questions when optimising their pricing strategy on marketplaces.
What array of products are being offered by competitors?
What pricing tiers and price points are competitors offering?
What are the competitors’ markdown strategies during the promotion period?
These questions hold significant importance, as many brands strategically offer specific product categories or price points exclusively on marketplaces. Insights into competitors' offerings assist brands in re-evaluating their own product and pricing strategies, ultimately maximizing gross merchandise value (GMV).
Visibility into competitors' markdown strategies will provide brands to establish guidelines for what discounts should be applied within each product category to remain competitive.
Harnessing the power of data
The abundance of information required for deriving valuable insights entails acquiring and transposing data into a digestible form for concrete implementation. If done manually, this process is time-consuming and often received too late to take any relevant strategic decisions. With the advancement of digital solutions, companies can now easily set up an automated web scraping process and obtain this information in real time. At Metyis, we have developed a proprietary web scraping solution for our partners to streamline data acquisition and provide insightful information to take strategic decisions.
Metyis Intelligent Benchmarking
Metyis Intelligent Benchmarking (MIB) enables companies to track competitor prices globally across various online marketplaces in actual time. The web scraping solution leverages advanced algorithm to capture publicly available data of competitors’ products, including prices, markdowns and product attribute information such as colour, available sizes, and material composition.
Our automated web scraping tool collects and displays all the generated data on prices, trends, and products in a user-friendly dashboard. This provides our customers with valuable insights into their competitors’ pricing strategies in marketplaces, enabling them to make data-driven decisions on pricing while staying competitive.
MIB is technologically-agnostic and can be customised for any brand and its competitors across multiple countries and marketplaces. Tailored to the company's precise needs, the insights are available through a user-friendly result-driven dashboard, providing:
Comprehensive understanding of the competitor landscape at the country, customer segment, and product segment levels.
Insights on competitor pricing strategy at a particular point in time and over time to help refine own pricing strategies for better price optimisation.
Detailed delivering information on the width and depth of competitors' assortment.
By automating the manual process of scraping information and providing real-time alerts, MIB enables teams to make strategic decisions regarding stocks and prices.
Knowing the landscape to drive success
Access to information empowers product and merchandising teams to gain valuable insights into their competitors’ landscape and consequently enhance their pricing decisions by identifying opportunities for growth. Marketplaces like Zalando with an active customer based of 51.2 million, provide a huge opportunity for brands to grow.
At Metyis, we partner with our clients to help them make a positive business impact. Our MIB web scraping is an essential in-house solution to strategise product and pricing decisions, and to create positive business outcomes. Contact us to know more about Metyis Intelligent Benchmarking!
About the authors behind the article
Arshiya Nagi is a Director in Metyis’s Amsterdam office; Arpit Gupta is a Principal in the Madrid office, and Pedro Moreira is a Data Manager based in Amsterdam. Parshiv Shah is an Analyst in the Gurgaon office.