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The "Semantic Market Monitoring" (SEMAMO) project aims at the prototypical implementation of a generic online market observatory. SEMAMO is intended to provide a flexible empirical instrument for the continuous collection of data about products and services on offer through WWW portals. Based on a uniform data processing scheme covering all stages from data capture using configurable mediators, through integration of data from multiple sources and persistent storage, up to statistical analyses and reporting functions, SEMAMO delivers a self-contained formal specification framework of market monitoring applications. The formal descriptions of application domains, data integration tasks, and analyses of interest facilitate, by deductive conversions, the arrangement and execution of all internal data and storage structures, observation processes, data transformations, and market analytics, respectively. Specifically, SEMAMO exploits formalised domain structures to adaptively optimise data quality and observation efficiency. The framework is evaluated practically in an application to online tourism.