One can say Web Data Extraction is at the heart of today’s businesses. In the earlier days, people generally assumed that data extraction is just used to scrape information. But with the recent advancement in technology, data extraction has become an effective method to organize and compile the existing information for the further use. It is especially helpful when it comes to simplifying the existing database to improve productivity and market research. It has made a huge influence on the consumer-producer relationship and has enhanced the experience and service that is provided to the consumers.
Organizations can tremendously benefit from insights from data extracted from the web in the following ways:
Data Extraction is used for scanning products through images or texts to find lowest prices, companies like Amazon prompts the customer to provide in-store price by which they collect intelligence and valuable pricing information from other sellers in the market. This helps companies to change their prices in the market and attract more buyers with timely offers.
One of the important need for all strategic sellers is to identify their audience, either to pitch their product or to attract customers. Web Data Extraction has been used for such market research where they know their right audience and target the advertisement. Arby’s, a fast-food company, uses data extraction to determine the most effective advertisement and utilizes appropriate channels to increase lead generation.
Few companies focus on their customer offerings, where they analyze what increases the utility of the customer and the focus on presenting offers to the customers based on the data found. Capital One, a company that uses data extraction to ensure the success of the customer offerings, thus increasing the conversion rates of the offers that are provided and helping them gain leads from their marketing budget.
It is very important to understand the attitude towards a change in the products, as it can highly influence the customer’s preference towards the products. Delta, a large airline company monitor their tweets and comments to understand the customer’s attitude towards delays, upgrades, and in-flight entertainment. This helps them in providing a better service and also better offers to deal with negative attitudes like providing an upgrade to first class ticket or a discount on their next booking.
‘Companies have to strategically set their prices from which they can attract their customers, but they should also keep in mind to not run into loses in providing so, as companies have their expenditures after which they can incur profit to run their business successfully. Duetto, mainly known for hotel optimization analysis the spending data of their customers in the restaurant and keep their room prices low when they can ensure the customer will spend high for one of the services provided. This helps them build a long-term relationship with the customers as well.
Companys use data to analyze the present trends and set better offers for better revenue. Free people, a bohemian segment of Urban Outfitters, uses customers records to shape their season’s offering based on their sales, reviews, returns etc. Which helped them also analyze what kind of promotions improve the company’s bottom line
Many of us may observe the suggestions that appear while we are searching, the order of websites after we search. This is because companies collect data from the searches done in a particular demographic area and time. This helped them be accurate about the searches that were trending at a particular time. Google, also used one of these strategies when they dealt with demographics which were affected by flu, this helped them become the center for disease control.
Most of the online shopping sites have a customized approach that they hold the data of every customer about what they view, what they have liked, etc. Online sites usually share this information that such they are viewed on other apps and this will keep up the interests of the customer. Limeroad and Instagram usually share their information, such that they can increase the selling trend in that year, so does Shein and Facebook. Kohl’s, usually use such data extraction to provide coupons on the product that the customer had viewed but not bought.
Companies have a systematic method to compile data from various sources to analyze credit score of its customers. Kredit, a European company uses over 8000 sources of data including social media to create a unique credit score for their customers which it provides to the lender including a bank. This is compiled using data correlations between social media behavior and the economic stability of the person.
It is an arduous task for companies to provide a satisfying customer service and yet keep their operations on the check. Data extraction can be furthered into data analytics to draw insights to a better experience on the customer end and also better operating skillset on the labor end. Companies like KFC, McDonald’s and other food joints usually use such data extractions to analyze data on various factors like waiting times, information on the menu, size of orderings, ordering patterns of the customers etc. Or By Netflix, Amazon prime any other online paid screens use the information to understand the shows that they should host to hold a monopoly or movies and shows they should buy and attract more viewers etc.