Business

How Web Data Helps You Stay Ahead of the Competition

Opinions expressed by Entrepreneur contributors are their own.

To stay ahead, ecommerce businesses can’t ignore the importance of data, especially the sort of public web data that their competition has access to. Whether it’s tracking competitor prices or catching the latest consumer trends, having access to web data empowers companies to make smarter choices, no matter what sector they’re in.

However, the specific types of data required and their applications can vary significantly from one industry to another. In this piece, I would like to give you a glimpse into the differences and similarities of data collection.

Table of Contents

Who needs data? Everyone!

Ecommerce businesses across all industries rely on web data to monitor competitors, gauge their market standing and discover new growth avenues. Recent statistics show that in 2024, around 2.5 billion people — nearly a third of the global population — were making online purchases of consumer goods worldwide. This massive digital marketplace generates a treasure trove of valuable public data, such as:

Pricing information
Data on product availability
Consumer reviews and sentiment
Search trends and keywords
Promotional strategies
Market share indicators

All of this, and more, can be collected and analyzed with the help of web scraping. Now, let’s take a closer look at how different industries tap into web data to improve their decision-making and overcome their respective challenges.

Furniture industry — seasonal strategies and high-value purchases

The furniture industry operates on clear seasonal patterns, with significant sales happening in January and July as retailers make room for new inventory. During these peak times, prices can drop by anywhere from 10% to a whopping 60%, making it a crucial moment for buyers and sellers alike.

Industry-specific data needs:

Seasonal pricing trends: Keeping an eye on how competitors adjust their discounts during peak clearance times.
Holiday promotion strategies: Watching for special deals during big shopping weekends such as Presidents’ Day, Memorial Day and Labor Day, when furniture is often discounted.
Consumer research patterns: Gaining insights into the online-to-offline shopping journey. For instance, the famous Rule of 7 might be changing as people visit a store fewer times before making a purchase.
Floor sample availability: Spotting chances when competitors are offering floor models at significant discounts.

Fashion industry — rapid cycles and trend detection

The fashion industry is experiencing a remarkable surge, with estimates suggesting it could reach a staggering $1,183 billion by 2029, growing at an impressive annual rate of 8.94%. This sector is characterized by its rapid product cycles, constantly shifting trends and an increasing number of sustainability-conscious consumers.

Industry-specific data needs:

Trend anticipation: Scrutinizing social media and review data to spot emerging styles before they hit the mainstream.
Inventory monitoring: Keeping tabs on competitor stock levels to pinpoint items in high demand.
Sustainable product positioning: Collecting data on how competitors promote their sustainability claims. This is important because, as Deloitte points out, 60% of millennials and 59% of Gen Z are willing to pay extra for sustainable products and services.
Fast fashion pricing: Monitoring price changes in real-time to stay ahead of the competition.
Counterfeit detection: Scanning online marketplaces for unauthorized replicas that could harm brand reputation.

Electronics industry — technical specifications and product lifecycles

The electronics industry faces some unique challenges, like dealing with complex products, fast-paced technological change and short product lifecycles. Given the industry’s estimated Compound Annual Growth Rate (CAGR) of 7.5% from 2024 to 2031, making data-driven decisions is more important than ever.

Industry-specific data needs:

Serial number management: Keeping track of product specifications across various platforms to maintain consistency.
Product lifecycle data: Keeping an eye on when competitors start discounting older models to make way for the latest tech.
Detailed specifications: Making sure all technical information is readily available and competitive.
Consumer electronics pricing strategy: Utilizing real-time pricing intelligence for high-value items, especially since consumers are always comparing prices.
Stock prediction modeling: Leveraging historical sales data to fine-tune inventory for products with short lifecycles.

Food and beverage industry — health trends and ingredient transparency

The food and beverage sector is experiencing steady growth, projected to go from $6,200,011 million (2024) to $9,807,540 million by 2032, reflecting a CAGR of 5.9%. This industry requires specialized data collection to address food safety regulations, dietary trends and consumer health concerns.

Industry-specific data needs:

Ingredient transparency: It’s crucial to keep an eye on how competitors present their nutrition information. After all, research has shown that over half of Americans say that front-of-package (FOP) labels impact their food and beverage purchases, and a quarter consider this impact significant.
Emerging dietary trends: Companies must identify emerging consumer preferences for products that are organic, sustainable or plant-based.
Allergen labeling practices: Monitoring how competitors comply with allergen documentation is vital, particularly for the 220 million people living with food allergies worldwide.
Adoption of subscription models: Analyzing how competitors are implementing recurring purchase options. Food subscriptions are projected to contribute to a $442 billion global subscription economy by 2025.
Omnichannel integration: Understanding how competitors connect online and offline experiences is key.

Gathering web data is a game-changer for ecommerce across sectors, but the type of information you need and how you should use it can differ greatly from industry to industry. With the help of web scraping approaches tailored to a specific industry, businesses can stand out by tapping into real-time insights and using them to inform their pricing, product development and marketing strategies.

As ecommerce keeps growing on a global scale, those who know how to make the most of public web data will be in the best spot to understand market trends, predict what consumers want and ultimately grab a bigger slice of the market in their areas.

Intellectual Insider

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Business

Tackle Decision Fatigue With This CEO-Worthy AI Tool

Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.

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Save time and avoid making mistakes with this AI-powered tool

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Need some advice on whether you should hire more people? What about tips on how to secure funding? SkillWee provides AI-powered recommendations on these kinds of topics with answers based on data-driven insights.

SkillWee was built for entrepreneurs and professionals, and is designed to help you think like a CEO and strengthen your decision-making skills. It’s a great way to weigh your options before deciding things, helping you avoid expensive mistakes in the future.

Since SkillWee is powered by AI, it will adapt to your unique learning style and goals as you go. It can also offer personalized feedback, so you can learn as you go. There are game-like scenarios that even make it fun.

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SkillWee helps you make smarter, data-backed decisions. And right now, a lifetime subscription can be yours for just $49.99 (reg. $299.99).

Save time and avoid making mistakes with this AI-powered tool

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Business

How to Turn Bad Reviews Into Great News For Your Business

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Opinions expressed by Entrepreneur contributors are their own.

No matter how robust your brand’s customer service is, you can’t avoid negative feedback — noise that can block out all the great things your business offers and does. Social media is rife with videos highlighting incidents where customers feel wronged and the torrent of negative comments that follow. Reviews on Google, Yelp, Facebook, Open Table, TripAdvisor and other platforms are filled with dissatisfied customers, and that can upend a business’s good standing.

Sometimes, there are missteps, and the reviews and feedback reflect a breakdown in service or product delivery. Other times, people are venting or trolling with no cause. You can’t take it personally, but don’t ignore what they say. Customers rely on reviews when discovering or purchasing products and services. Bad reviews can turn them away and cause a reputational crisis for your business.

Your online business reputation depends on a proactive, strategic approach for identifying, monitoring, managing and responding to negative reviews. You’ll seize opportunities to build trust, improve customer service and enhance customer relations.

Table of Contents

Identifying customer issues

If a negative or bad comment appears on social media or one of the consumer review platforms, take a breath and figure out what’s behind the review. Put yourself in the customer’s shoes to see if the review or comment was justified. Go beyond the words and anger to determine where things went wrong. Then respond — genuinely and professionally.

Monitoring online reviews

You won’t know customer dissatisfaction exists without monitoring your online reviews. There are various tools and strategies available to do so. For example, you can use Google Alerts or ReviewTrackers to provide you with real-time alerts when new reviews are posted on platforms like Yelp, Facebook, TripAdvisor and Google.

Also, ensure your business is claimed and verified on the major platforms so you can respond to reviews and receive notifications of activities. Optimize your business profiles. You want potential customers to find accurate, useful information when they are looking up reviews about your brand. Make sure photos, location, hours and business description are up to date.

Managing online reviews

Designate a “review response” team or personnel to respond to reviews. Share these tips with the individual or team responsible for handling reviews:

Don’t let emotions come into play when crafting responses to negative comments.
Thank customers for their feedback and let them know your intention to do better.
If the customer is justifiably dissatisfied, apologize and show empathy without overdoing it.
Make things right if possible. For example, offer an opportunity to revisit your restaurant with dessert on the house. Send out a replacement product that got lost in the mail at no cost. Offer a discount on a future product.
If all goes well, encourage the customer to modify the comment with an updated review so others can see your good-faith efforts. When you acknowledge customer dissatisfaction and do what you can to turn things around, you’ll find that these consumers will become your biggest champions and cheerleaders.

In some cases, contact reviewers offline to discuss their experience. During the conversation, ask the customers to update their reviews. If they choose not to update the comment, you can respond online that the issue was resolved.

Go beyond the negative, highlight the positive

In dealing with bad reviews, in addition to responding and turning dissatisfied customers into advocates for your business, beefing up your online reputation with positive comments and reviews is equally critical. Positive reviews influence buying behavior and help win people over, even if there is the occasional bad comment.

When asking for a positive review, timing is everything. Encourage reviews at the point of purchase, following an event or fulfilling a service. For example, send a quick text or email saying, “Happy you had a great experience. Would you mind leaving us a quick review?” Make it easy for your customers to leave a comment with a link to the review page.

Make getting positive reviews part of your brand strategy

Train your staff to ask for reviews in their communication. For example, recently, my colleague had an issue with a product that was delivered to the wrong house. It was the delivery service and not the retailer that made the error. The delivery service would not rectify the situation; however, the retailer was happy to send a replacement product. My colleague received an email with an invoice ($0) listing the products reshipped to her home and a gentle nudge to leave a review about the service and resolution. She was more than happy to do so and spread the word.

Respond to positive reviews, too. This shows you care about your customers’ feelings and helps build trust with future reviewers. Don’t be shy about sharing great reviews as testimonials on your website and social media platforms. Other satisfied customers on social will chime in and reinforce the great experience your brand delivers, further boosting your online reputation.

Getting some negative reviews is not all bad. They help you pinpoint areas that need improvement. In addition, they help create a balanced, authentic brand profile. While you want most of your feedback to be positive, having occasional negative comments and responding to them builds trust and credibility.

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Business

This $180 Chromebook Offers Flexibility and Performance for On-the-Go Entrepreneurs

Almost half of entrepreneurs rely on their laptops daily, according to data from global market research firm Ipsos. That’s not a huge shock, considering these portable computers let you get work done anywhere. As an entrepreneur, you’re used to bringing work home… and on vacation. And right now, you can get a super versatile device, an ASUS Chromebook CM30, for just $179.99 (reg. $329.99).

This Chromebook is durable, versatile, and ready for your busy schedule

Entrepreneurs have to be flexible, and the ASUS Chromebook CM30 can keep up with everything a workday throws at you. It can even go from laptop to tablet, thanks to a detachable 10.5-inch touchscreen. There’s also a garaged push-pop stylus with fast-charging technology that you can use to jot down notes, graphs, and more.

This 2-in-1 device lets you tackle anything anywhere, with a MediaTek Kompanio 520 processor that lets you do all the multitasking required of an entrepreneur. You’ll also be working on the Chrome OS, so you’ll have access to all the cloud-based apps you’re already using.

8GB of RAM and 128GB eMMC storage ensure you have sufficient space to download your favorite apps and save important files locally. Dual 5MP cameras are available on the front and rear, letting you take pictures, video chat, and more.

If you’re hard on your devices, the ASUS Chromebook will be a great fit for you. It’s made from a military-grade, durable aluminum chassis so that it can withstand heavy handling. You’ll also be able to get a full workday in and more, thanks to the 12 hours of battery life.

This particular model is an open box device, which means it was likely excess inventory from store shelves. It will be verified to be in new condition and placed in clean packaging before it arrives at your doorstep.

Bring home an ASUS Chromebook CM30 for just $179.99 (reg. $329.99).

StackSocial prices subject to change.