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How Data Gathering is Transforming E-Commerce

How Data Gathering is Transforming E-Commerce

Though search engines are usually the go-to resource for people looking for information online, they pale in comparison to Amazon.com when it comes to product searches. In addition to being the biggest e-commerce platform, Amazon is, in fact, a search engine. Statistics show that 53% of customers begin their product searches on Amazon, followed by search engines at 23%.

The statistics further show that e-commerce sites are a hub of information that companies can extract, analyze, and use. But e-commerce sites are only just one of the many important data sources. Others include online databases, aggregator sites, social media platforms, news websites, and more. But what advantages does the information extracted from these sources offer, and how is data gathering transforming e-commerce? Let’s find out.

Definition of Terms

Before detailing how data gathering is transforming e-commerce, it is important first to understand various terms: data gathering, web scraping, and e-commerce.

  1. Data gathering – also known as data collection or data extraction – refers to the process of harvesting, organizing, measuring, and analyzing information. The main objective of undertaking this process is to gain insights on a particular topic or multiple topics as part of a larger goal, such as research.
  2. Web scraping, on the other hand, refers to the process of collecting publicly available data from websites. And although it encompasses both manual and automated forms of extracting data, it is mainly used in reference to the latter. As such, web scraping is carried out using bots known as web scrapers.
  3. E-commerce is described as the process of buying or selling products or services on online platforms or using the internet or any other computer telecommunication networks. It also involves the transmission of funds via a network through what is referred to as electronic funds transfer (EFT) or direct deposit.

History of E-Commerce

The earliest forms of e-commerce include the systems of ordering goods via the telex network. These were connecting teleprinters during the Berlin blockade between 1948 and 1949. E-commerce then evolved with the creation by the United States Air Force of the direct deposit program in 1974. By some accounts, the rollout of the ETF is considered the earliest form of e-commerce.

E-commerce again received a nudge with the publication of the Electronic Data Interchange standard in 1975. This defined the computer-to-computer exchange of documents such as invoices and orders. But it was not until the introduction of the internet and the world wide web (WWW), plus the development of the first internet browser in the early 1990s, that e-commerce moved to the internet, where it has grown since.

Between 2003 and 2016, for instance, B2B e-commerce sales in the manufacturing and wholesale sectors grew from 21.0% and 14.6% to 64.8% and 32.4%, respectively. It is noteworthy that the sales recorded in B2B e-commerce are greater than those reported in B2C e-commerce. Latest statistics show that while retail only accounted for 10.7% of the sales. Whereas, B2B manufacturing sales and wholesale trade took up 67.8% and 33.3% of the sales, respectively.

Thus, when it comes to gathering data on e-commerce, companies should be careful about the type of data they seek. They must understand how to extract data from website. They must also be sure that they collect the right data based on their specific target markets to reap maximum benefit.

Significance of Data Extraction to E-Commerce

Web data collection is integral to the success of both B2B and B2C companies. The benefits of web scraping are:

  • Monitoring product prices
  • Market research
  • Analyzing feedback and sentiments around products and services
  • Reputation monitoring
  • Monitoring competition
  • Lead generation
  • Improving marketing campaigns and strategies

These use cases demonstrate that web scraping is a fundamental aspect of modern business. It enables companies to stay competitive, grows their market reach and number of customers, and increases revenue. For instance, it offers data that can enable companies to perform customer analysis. Thus, helping them to better understand their target market. Based on the analysis, they can create marketing campaigns and strategies that appeal to the customers they identify. However, if you want to properly analyze your data, you should definitely consider modern data analytics that can give you a lot of useful information that you can later act on.

Similarly, web data extraction enables companies to establish the number of products available in a given segment. It also helps companies identify who their competitors are and how they have priced their products. With these insights, businesses can create competitive marketing strategies that could attract customers.

Additionally, analyzing reviews can provide the information needed to understand what customers want. A business that acts on the feedback, reviews, and consumer sentiments is likely to offer better customer experiences. Thus, can offer better satisfaction thanks to improving their offerings.

In order to learn how to extract data from a website, view link.

Conclusion

With businesses competing for the attention of the same potential buyers, capturing and maintaining their interest is a surefire way to stay ahead. And web data extraction provides an avenue through which businesses can accomplish this. All companies need to understand is how to extract data from website as well as how to choose the data that best suits their operations.

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