Oxylabs launched a fast and easy self-service checkout for residential proxies.

Learn more
avatar

Simonas Svegzda

May 22, 2020 6 min read

For many years, numerous companies have struggled to get ahead in their market for one reason or another. An unfortunate reality is that there are many stumbling blocks to gaining a competitive advantage, whether it’s because of a lack of time, resources, or otherwise.

To make matters worse, valuable data used to be complicated to access, as the only option was to gather it manually. But when the digital age arrived, things began to change drastically. Before we knew it, the amount of data available publicly reached astronomical levels, with data eventually overtaking oil to become the world’s most valuable resource.

The perfect way to access this data is by using a web scraping service, which automates the data collection process and allows your business to extract data that is freely available in the public domain. Once this information is in your hands, your company is then free to use it to your advantage. However, just be aware that most web scraping projects require a proxy, as this helps to ensure anonymity while preventing other websites from blocking your IP address.

But if you’re asking yourself the question – what is web scraping used for? You’ve come to the right place. In the following article, we’ll delve deeper into the most prominent web scraping uses and how each one can benefit your business. So, without any further ado, here’s everything that you need to know.

Stock market research

As anyone in the financial world will tell you, the stock market tends to be incredibly unpredictable and vulnerable, and it’s been this way for many years. Given that this won’t change any time soon, you should always take precautions and keep up with any market changes by any means necessary.

If you do just that, this will ensure that you’re prepared to take immediate action should things take a turn for the worse. After all, it only takes one minor change in the stock market, and a company can disappear right before your very eyes.

For many years, manually performing stock market research was almost impossible for most businesses, as it would prove to be costly and inefficient. Luckily, you can use web scraping services to automatically keep track of current stocks in the market and access incredibly valuable financial data nowadays.

As far as web scraping uses go, stock market research is certainly right up there, as it enables you to make the data scraping process in this department fast and straightforward. Plus, you’ll also be able to access plenty of high-quality financial data that will allow you to focus on other areas of your business as well as save time, money, and resources.

Business intelligence

Gathering internal data is an essential consideration for any business nowadays, as it can help you to identify how well your campaigns are performing and allow you to make well-informed business decisions. You can gather such information from different areas of your organisation, including sales, marketing, and HR, with each department being vital to the everyday running of your business.

However, if your business is looking to go a step further, you’ll also need to gather external data to remain one step ahead of the competition. Web scraping technology helps significantly with this process, as it will enable your company to gather data on your competitors, such as which marketing approach they are taking. With this information at your disposal, you’ll then be free to replicate your competition’s marketing efforts and hopefully generate more business in the process.

Dynamic pricing

With so much competition to contend with nowadays, setting optimal prices is one of the most effective ways to entice customers to choose your business. For many years, pricing has been a key consideration for customers. So, if you’re able to provide them with a better deal than your competitors, it’s likely that customers will flock to your website.

But since most businesses set their prices based on the laws of supply and demand, it’s crucial to be flexible with your pricing. That way, you can remain competitive in your market while bringing in as much revenue as possible. If you fail to price your products appropriately, you’ll either miss out on potential revenue due to your prices being too low or perhaps you’ll drive customers away with rates that are too high.

Luckily, it doesn’t have to be this way, as you can use a web scraping service to set an effective dynamic pricing strategy. Web scraping technology will automatically gather the latest pricing information which saves you doing it manually. Once you have this data at your disposal, you can then set the price for your product or service appropriately depending on the conditions of the market.

Enhanced lead generation

If you’re looking to attract new customers frequently, lead generation is vital. This is because leads are a necessity for any business, and they form a fundamental part of the sales process. Your sales and marketing departments are probably already working hard to generate leads for your company consistently. But it’s at this stage of the customer journey you can make a huge impact.

A web scraping service can be incredibly useful in terms of lead generation, as you will be able to access a considerable amount of valuable data from your competitors. Once you’ve structured it into an understandable format, you’ll have a massive database of potential clients at your disposal. Then all that’s left is to target your campaigns so that they will be more likely to reach your ideal customers.

Competitor analysis

Before the internet came along, most businesses only had to worry about competitors in the vicinity of their company premises. But as an increasing number of companies grew an online presence, it wasn’t long before competition became increasingly fierce, with many companies now having to compete with competitors from all four corners of the globe.

Of course, it’s essential to continually improve the processes of your business and adapt to changes in the market. But accessing publicly available data on your competitors is the perfect way to get ahead of them. This information can include such things as which marketing strategies they are using, what prices they are charging, and so much more.

Either way, having access to this information has the potential to be incredibly useful, and it gives you the perfect opportunity to outmuscle your competitors. A bonus is that web scraping services automate the whole process, so you won’t even need to lift a finger to gain access to highly valuable data that would be extremely difficult and time-consuming to access manually.

Final thoughts

Now that we’re in the age of Big Data, the immense value that data provides is clear for all to see. It’s now so valuable that the Big Data market will supposedly be worth a staggering $229.4 billion by 2025, just to put things into perspective.

As outlined throughout this article, there are many uses for web scraping services, and the purposes listed above are some of the best ways to use web scraping within your business. So, if you’re looking to get ahead in your market and remain one step ahead of your competitors, investing in a web scraping service can most definitely make all the difference.

avatar

About Simonas Svegzda

Simonas Svegzda is a Content Manager at Oxylabs. Early on, he developed an interest in blogging, online media, internet culture, and what makes the online world spin (you guessed it, it's content). When he’s not fully immersed in extraordinary cyberspace adventures (not giggling at memes), you’ll probably find him at a live music gig or reading fiction.

Related articles

Web Scraping Job Postings: Challenges and Best Solutions

Web Scraping Job Postings: Challenges and Best Solutions

May 15, 2020

5 min read

All information on Oxylabs Blog is provided on an "as is" basis and for informational purposes only. We make no representation and disclaim all liability with respect to your use of any information contained on Oxylabs Blog or any third-party websites that may be linked therein. Before engaging in scraping activities of any kind you should consult your legal advisors and carefully read the particular website's terms of service or receive a scraping license.

New feature!

Fast and easy access to over 60M+ residential proxies.