Cracking myths has an excellent feeling; however, for people who believe them, it can be quite disappointing. There are a lot of misunderstandings in regards to eCommerce that are so untrue.
In this article, we will be discussing those myths and proving how things are different from what they seem.
What is eCommerce?
Buying and selling of products, making transactions, etc. online is known as eCommerce. The goal of eCommerce is to reach consumers at the right time and making it easier for them to buy products.
It can be a hassle to find the right product if you are unsure of what you want. However, eCommerce business identifies those preferences and offers similar or the same product.
By playing such an essential role in satisfying consumer's needs, it has developed various myths. Following are the 8 most common myths regarding eCommerce:
- Easy to Succeed
Success is never easy. Using eCommerce can be tricky, and understanding the nature of it is very important. You cannot directly advertise a product online and hope you'll find success.
Proper marketing techniques have to be used to catch the eye of your targeted market. By this, your consumers would turn towards your competitors.
2. Cheaper Products Mean More Profit
People believe that offering more affordable priced products is the only means to success. However, this theory is entirely wrong. Not all consumers are attracted to low priced goods.
People can be brand conscious or might find your product unreliable due to it being so cheap. Your product must be at the right price and should be enough to keep a good profit margin. Otherwise, you might find yourself paying off your expenses and making no profit.
3. It's Easy to Do
Imagining yourself with your feet up and having tea at home while making big dollars does sound nice, but it's not possible and not how eCommerce works.
Calculating and predicting the outcomes of your expenses and sales is a hectic all business needs to handle. You must do it yourself to understand your business position; otherwise, you might miscalculate your earnings.
4. Resources are Always Available
Just because everything is online doesn't mean everything is possible. Online retailers go out of stock on certain products because they aren't able to get a hand on it.
The product you buy from an online retailer is not necessarily theirs. Instead, they might have purchased it from a wholesaler to place in front of you.
5. Everyones Doing It
Yes, many businesses use eCommerce, but that doesn't mean everyone is doing it. The thing is that people and the internet have bonded completely. It makes sales made online more commonly.
However, a study showed that the gross sales of the year were made more by non eCommerce. Which proves not everyone is doing it.
6. Anyone Can Do it
With the right idea and motivation, yes, anything is possible. However, this doesn't necessarily mean "anyone can do it" because it seems easy. It's like any business and works the same way. Just because it's online and you're comfortable or used to the word online doesn't mean it's relatively easy
It takes consistency and a keen understanding of the market and how you can address the consumer's interests at the right moment with the right product.
7. It Requires No Investment
People tend to believe it requires no cost. However, that is wrong. There are multiple costs an eCommerce business must bear to succeed.
Some of the necessary costs include shipment, resources, website, and marketing. Thus the myth of it being free of cost venture is false.
8. It's Impossible to Compete With Existing Competitors
Yes, some bigger competitors have already established their image and are doing well. It doesn't mean you don't have a chance to compete with them.
By understanding the way the market works, you'll have a chance at creating your image too. eBay was the most famous; however, now, as you know, there are multiple brands with a good reputation. You might still have a chance with the right strategy.
