How Can Brands Leverage DaaS (Data as a Service) Solutions to Increase Online Sales

In the past, physical retail stores dominated sales and established players had an advantage over new entrants due to their distribution networks they developed over the years. However, with the rise of ecommerce, the playing field has been leveled and new entrants can compete on the same platform. To improve online presence and understand the competitive landscape, brands need to focus on data, which serves as the foundation for decision-making. Data as a Service (DaaS) solutions can help ecommerce players improve sales and revenue.

Although ecommerce may appear to be taking away sales from retail stores, its sales contribution to retail is still in the single digits in many major economies. Data acquisition and DaaS solutions provide a well-designed custom scraping solution that helps automate the data acquisition pipeline and play a crucial role in ecommerce since the data is dynamic and constantly changing, from price intelligence and stock availability to customer reviews and understanding the competitive landscape. A continuous structured data stream can provide a constant flow of data for companies to analyze and gain insights from.

Companies have different requirements when it comes to data and rarely do standardized solutions work for all brands. Broadly, use-cases can be categorized into Macro and Micro scenarios. Macro use-cases involve scraping competitor data frequently, analyzing the competitive landscape across various online platforms and identifying product gaps to determine whether it makes business sense to operate in that segment, while Micro use-cases involve data-driven decision-making to improve a company's online presence and ultimately boost sales.

Some use-cases that brands often seek help with include price intelligence, tracking availability, analyzing product rank, and performing sentiment analysis. For example, brands may want to know if they are pricing their products correctly and if it is competitive enough, track availability across ecommerce channels to maintain consistency in inventory, analyze product rank to ensure their products are displayed on the first page of search results, and perform sentiment analysis by extracting all user reviews data.

PromptCloud provides the best DaaS solutions by working with clients to understand their use-case and suggest approaches to solve the problem. It also helps clients make sense of the data by creating custom real-time dashboards used for reporting purposes. While some companies have their own internal data teams, others require custom, ad hoc projects to help with the scenarios or metrics they want to analyze on a frequent basis.

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