Oxylabs (Image credit/Pixabay/stevepb)Analysts have predicted retail and eCommerce is set to grow in 2022. Organisations are now placing more value than ever before on new, external sources of market data and dynamic pricing information. Yet still, 44% of retail and eCommerce organisations struggle to find the most efficient tools for data acquisition. This is according to a report from Oxylabs, ‘The Growing Importance of External Data in the Retail and E-Commerce Industry’.

Key findings from the paper include:

  • 44% of retail and eCommerce organisations struggle to find the most efficient tools for data acquisition.
  • 39% struggle to find reliable partners to outsource their web scraping activities.
  • 40% find it challenging to ensure the quality of the data they are collecting.
  • 36% found managing and processing large datasets to be challenging.
  • 52% said they want to collect and utilise more external data, such as web scraped data from competitors’ websites, marketplaces.
  • Half of respondents (50%) stated they wanted to collect more real-time data in order to make faster business decisions.
  • The UK’s retail and eCommerce sector has experienced an unprecedented rate of growth throughout the COVID-19 pandemic from 2020 to early 2021.
  • Online retail sales hit a 13-year high in 2020, with a 36% increase year-on-year – the highest rate seen since 2007.

40% of retail and eCommerce organisations have struggled to find the most efficient tools or tech stack for data acquisition over the past 12 months. Companies need the ability to rapidly analyse data in real-time resulting in actionable business insights. 39% of respondents struggling to find reliable partners to outsource their web scraping activities. 40% finding it challenging to ensure the quality of the data they were collecting.

Processing data a challenge

Over a third (36%) of respondents found managing and processing large datasets to be a challenge. Yet, for retail and eCommerce businesses it is increasingly critical that they have access to data in real-time. Pricing intelligence strategies are completely reliant on minimal delays in data delivery and integration.

The report suggests today’s online retail businesses are rife with public web data scraping opportunities. Businesses and consumers alike are leaving an increasing amount of highly valuable data available for analysis. Such external data can be scraped from almost any marketplace, as long as it’s public data, to great effect. With it, predictions on real-time and future market trends, customer sentiment, dynamic pricing information, can be accurately made.

Aleksandras Šulženko Product Owner at Oxylabs.io says, “The drive to develop the eCommerce Scraper API, SEPR Scraper API and Web Scraper API, our dedicated scraping solutions was based on the numerous issues our clients were facing when they used their own data acquisition tools. So, a large proportion of businesses running into scraping issues isn’t all that surprising. Some of these problems, though, can be resolved by outsourcing data acquisition, either to solution providers or Data-as-a-service companies. One thing to note is that most providers are willing to adapt to customer requests. If a solution doesn’t have a feature you need, often the provider will be willing to implement one.”

The importance of real-time data

The report established the importance of real-time data in the retail and eCommerce sectors. More than half of all organisations (52%) said they want to collect and utilise more external data. This included web scraped data from competitors’ websites, marketplaces, etc. 50% expressed the wish to collect more real-time data in order to make faster business decisions.

Overall, the picture is clear. Data is the driving force behind the most advanced eCommerce and retail strategies. Companies in this sector are intending to greatly increase their dedication to data, especially to real-time acquisition processes.

Oxylabs (Credit image/LinkedIn/Tomas Montvilas)
Tomas Montvilas Chief Commercial Officer at Oxylabs.io

Tomas Montvilas Chief Commercial Officer at Oxylabs.io suggests, “Real-time data is a comparatively new asset. While some businesses are still adopting it, others are already utilising real-time data to power their business and pricing strategies. In these extremely competitive and dynamic sectors, the importance of real-time data will only increase over time. Interruptions will become more costly.”

Enterprise Times: What this means for business.

Increasingly, organisations, irrespective of size and sector are recognising the value of data. Analysts predict that online retail and eCommerce will continue to increase into 2022. As a result, UK retailers and eCommerce businesses are now looking for more effective strategies to acquire and retain customers. This includes placing more value than ever before on scraping data. They will utilise new, external sources of market data particularly for dynamic pricing information. Oxylab’s report highlights the challenges of web scraping as data needs to be collected from numerous sources, and in real-time. There are plenty of opportunities for something to break down along this process. The use of real-time data is getting sophisticated, particularly with the adoption of AI and machine learning technology. This approach to adding to existing business intelligence within organisations is destined to only increase in the forthcoming years.

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