The popularity of ecommerce businesses in the contemporary world market has become an obvious knowledge for all. But is it that obvious? In spite of hundreds of surveys conducted every day and new theories being applied, things are still unclear for the market that came into being a few years ago. Many of the start-ups and running businesses have pitched into it and faced lethal results. The reason for a significant number of ecommerce disappointments has been the myths related to the ecommerce industry. Here is a list of top 5 ecommerce myths you may have believed in till now.
Myth 1: The website is all you need to plan and work for
Many start-ups are of the belief that setting up an ecommerce business is easy as just getting an ecommerce website developed. That’s not the truth. Your website is just a fraction of the total plan. A research of the market trends is a prerequisite and apart from that you need to be well equipped with the knowledge of efficient marketing, potential risks and how to deal with them, understanding customer requirements, etc. Basically, you don’t just need a website strategy but a sturdy business approach.
Myth 2: Customers are lured by low price
Yes, it’s a myth. Many of the ecommerce businesses believe in this myth that lowest price is what gains them customers. It might me one of the reasons but there are other factors as well which the customer put in much before the pricing of the product. The customer looks for the reputation of the brand, the customer support he is receiving, convenient shopping experiences, and of course the value for his money, i.e., he is willing to pay more if he is getting the products and services worth it.
Myth 3: Automatic traffic generation
The mechanism of generating traffic is often misunderstood. Just investing into a business and coming up with a top notch site with thousands of products won’t help until and unless you work towards the proper promotion and advertising of your ecommerce business. Customers can’t search and reach for your website when there are so many competitors in the market attracting them at every click.
Myth 4: Making money through ecommerce is easy
However easy it may seem to be, just setting up a website and sending out products doesn’t make your business a money generator. You will need to invest time, strategies and resources to make it a success. There is no ‘one day’ success rule when it comes to ecommerce businesses.
Myth 5: Technology is the most important part
Yes, technology is important for your ecommerce as it is the base of all the transactions. But it is certainly not the ‘most’ important part of an ecommerce business. Be it a brick and mortar business or an online store, your business model and strategy is what matters the most! The knowledge of the industry, the study of the marketplace, identifying your target customers, knowing well your suppliers, is among a few of the other crucial things that you need to look into.