It's about time we put to rest some of the misconceptions about the eCommerce industry.
Ever since eCommerce started taking off, certain myths have been ruling the minds of entrepreneurs. These misbeliefs cause countless people to hold back from participating in the eCommerce scene or achieving their best business results yet. In this article, we will be debunking the top 5 eCommerce myths that can hinder business growth and make you end up with not-so-happy results.
Continue reading to distinguish between misconception and reality about:
Analyzing your competition
Importance of price tags
While the eCommerce scene seems to get pretty competitive, it’s often underestimated how many opportunities the market can provide. There is an incredible amount of possibilities for businesses to stand out and reach an entirely new audience. Even in highly competitive niches, long-term eCommerce success can be achieved through adaptability, strategy, and resilience. By focusing on maximizing your capabilities and learning from your competitors’ mistakes, your investments will pay off with a great reputation.
Knowing what your customers want and when they want it is by no means an easy task, but if you do your research and listen to your customers’ feedback, you’ll set yourself apart from your competitors without a doubt.
A lot of people think that customers are easier to attract online and that sales will come flooding in as soon as the business website is launched. "eCommerce is an easy way to create a passive income" is a line I’ve heard one too many times. You don’t simply sit back and wait for clients to knock on your virtual door. You’ll need to utilize marketing tactics such as content marketing, paid ads, SEO, email subscriptions, and social media presence. By strategically communicating your unique value, you will attract customers, increase your retention rate and create a higher demand for your services.
Most successful eCommerce retailers differentiate themselves by applying realistic marketing strategies as they would do for offline businesses. A lot of continuous and effective marketing, testing, and optimizing is required in order to increase your sales rate and enhance your online visibility.
Although we certainly live in a money-conscious society, pricing is not what makes or breaks your online success. While it would be unrealistic for most businesses to sell their products at the lowest prices, most consumers look past the price tag and often value trust and authenticity within a company. -Not to mention, ‘cheap’ products are often seen as deadstock, as they are most likely associated with low-quality items.- Moreover, there is rarely ever just one component that trumps all the others in a decision-making process. Dominating factors consumers often praise are e.g. top-notch customer service, trustworthiness, customer engagement, attractive UX, and so the list goes on.
Contemplate techniques that will make your products or services more attractive and engaging. Applying the right approaches can enhance your business’ reputation, causing you to elevate your reach rate significantly.
While revenue is needed for your business to stay afloat, you shouldn’t make it the center of your attention. Rather focus on other critical KPIs like your conversion rate, customer retention rate and bounce rate. Statistics like these will help you paint a more accurate picture of your business’ well-being. When strictly focused on revenue, you could be missing out on warning signs within your marketing strategy. If you’re neglecting specific metrics and objectives, you won’t be able to tell whether your marketing strategy failed or your site needs a boost. By acknowledging these flaws you could apply necessary changes to improve your business’ performance and initiate more profit.
Underestimating the importance of being mobile-friendly is, surprisingly enough, still a very popular misconception. Nowadays, Google favors sites that include a mobile approach over a desktop-only one. Scaling for just a desktop presence won’t elevate your SEO value, it will more likely decrease the chances of ranking up top. Considering how mobile device browsing has now surpassed desktop browsing significantly, it’s no wonder various merchants are shifting to a mobile-first approach. While eCommerce is evolving so rapidly, it seems like there’s an economical storm on the way for businesses that have yet to adopt this new tactic.
Considering the long run, eCommerce is inevitable if you’re looking for your business to sternly succeed. Whether you’re just starting up or have an established eCommerce business running already, researching to stay on top of the latest trends and developments is a must. Misconceptions like the ones mentioned above can be dangerous pitfalls for all kinds of online businesses, causing them to hinder their growth and miss out on vital opportunities.