Web Crawling and Text Mining for a Leading Home Appliance Manufacturer and Retailer
From changing customer preferences and regulatory changes to constant innovations and rising competition, businesses in the home appliance market space face constant challenges in terms of increasing sales revenue or increasing their market shares. Additionally, the need to stay updated on technological innovations and the need to cater to the requirements of the cost-effective customer base also increases the operational costs and significantly reduces the sales revenue. With various benefits including the ease of purchase and discounts, there is an increased customer preference towards e-commerce platforms. As a result, consumer goods manufacturers face the dire need to focus on benchmarking product prices based on the feedback from different consumer segments and third party retailers and competitor pricing.
By leveraging our expertise in web crawling and text mining and studying the interaction of customers on different online platforms, we help clients understand the effectiveness of their pricing strategies and improve sales performance. Moreover, our digital analytics services also help global conglomerates in realizing the effectiveness of their marketing initiatives and also understand the strategies followed by their key competitors.
The Business Challenge and Quantzig’s Approach
To identify potential growth opportunities, the client – one of the leading home appliance manufacturers and retailers in Europe – collaborated with Quantzig to conduct a web analytics engagement that would help them develop a solution to optimize price points, marketing strategies, and enhance product features and offers based on customer feedback. Due to the intense level of competition in the home appliance space, the client was facing significant issues in terms of improving sales revenue and market shares. As a result, the client wanted an effective solution that would help them improve pricing and promotion scenarios across multiple categories of products based on price elasticity and demand.
The primary objective of this web crawling and text mining engagement was to help the client optimize price points and benchmark competitors to streamline their focus on customer segments using targeted campaigns. Additionally, the client also wanted Quantzig to conduct a business intelligence study to analyze the behavior of online retail users and sales and benchmark product prices.
To meet the specific requirements of the home appliance manufacturer, Quantzig’s team of web and social media analytics experts developed an effective solution based on sentiment analysis, supplier analysis, and sales forecasting. Moreover, to gain a clear understanding of the business, our analytics experts also developed various analysis models and collected information on various parameters including historical sales, product, online price and sale price, discounts, and product reviews.
An overview of the data used and models applied are given below
Business Benefits and Insights
With the objective of helping the leading home appliance manufacturer and retailer improve the pricing and promotion scenarios across multiple products categories, a dedicated digital analytics team with considerable experience in conducting similar web analytics and price benchmarking studies, offered the client an effective web crawling and text mining solution to optimize price points and enhance product performance. By analysing information from user reviews and ratings, we also helped them deliver incremental value to shoppers in their shopping experience and create personalized experiences and custom offers. Furthermore, by identifying drivers and analyzing the level of customer engagement, this web crawling and text mining solution also helped the client identify prospective customers and design targeted campaigns to increase cross-selling opportunities.
By tracking more than 5000 price points across the websites specified by the client, our web crawling and text mining solution also offered the client a highly scalable solution with 99% uptime and data accuracy and real-time insights on dashboards with customizable features. Additionally, we also analyzed brand performance based on the product volume in various sales rank buckets by geography, category, and product and helped the client benchmark the prices of their products against competitor offerings and third-party retailers. In addition to helping the client design an effective pricing strategy, our solution also helped the client realize the effect of discounts on sales and understand the performance trends for top products.
In a mere span of just eight weeks, this web crawling and text mining engagement helped the leading consumer goods manufacturer in Europe could gain insights that helped in identifying top selling retailers and how sales of their various products were affected by stock keeping strategies of third-party distributors. By analyzing customer sentiment at the brand and category level, we also helped the client in improving the approach of their sales representatives.
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