Wednesday, 6 November 2019

5 eCommerce Misconceptions (and Facts)

eCommerce one of the most widely used platforms on the internet. I am sure every customer these days checks up on various eCommerce websites for deals and discounts before they go to an offline store.
This is because the eCommerce market has been in existence for quite many years now. If still you are having a hard time figuring out what I am talking about, let me recall you the name of
Everyone is familiar with and this is an eCommerce website. All the shopping websites that you see floating around the internet form a family of the e commerce network.
There is no denying fact that eCommerce has changed our lives drastically. You don’t need to wait in huge queues to get the billing for your product done or again wait in the line of the changing rooms for your turn to come so that you can finally try out a dress.
Not only this, most of the people prefer to buy online instead of wasting their time to go to an offline store. And with the easy returns policy that ecommerce businesses are offering there is nothing that the customers are afraid of.
Statistics suggest that 68% Canadian & UK people shop the online product outside of their home country.
eCommerce is basically the idea of making money easily. Of course, everyone dreams of making money by just sitting at their home and watching a baseball match. This is the reason why many businesses are trying their hands on eCommerce.
But it is not that everything is so easy and one does nothing in eCommerce. It requires a great deal of efforts and strategy building initially. And once it gains popularity, there is nothing stopping it.
eCommerce is easily fitting into the lives of the customers by giving them exactly what they need and when they need. The customers don’t need for a store to open, all they do is add whatever they intent to buy in their shopping bags.
eCommerce has thus reduced the delivery time along with the labour cost, more importantly, reduced the burden to carry shopping bags around.
Market statistics suggest that individual online purchases are increasing to 72 percent this year. This is a great deal of number. Now try to translate this into profits that the eCommerce companies are making. It is indeed a dream come true.
According to a survey conducted by ASSOCHAM, the Indian eCommerce community is witnessing a compound growth rate of 35 percent and is expected to cross the one hundred billion mark very soon.
This is again a reason why eCommerce is one of the fastest growing and most in demand business seen in current times and market situations.
In spite of ecommerce being excessively popular and fitting into our lives, there are many misconceptions and myths related to ecommerce that one needs to get over. So, here are your most popular eCommerce myths busted:

1. eCommerce is as easy as eating a pie

Eating a pie is indeed an easy task if it has already been baked and served to you. But if you have been thinking about e commerce in a similar manner, it is the time that you reconsider this.
Getting into eCommerce might seem easy as all you have to do is sign up or register online. And the rest is done. However, this is not the case. eCommerce is yet another form a business and has a very different approach and style.
There are a lot of things to consider once you set up an eCommerce business. You need to pay attention to factors such as products that you want to sell, their pricing, their arrangement in the inventory among others.
Also, decide whether you want to use a platform like Amazon or set up your own eCommerce website.

2. Lower the price, more the success rate

Selling by this principle doesn’t work for eCommerce websites. If this had been the situation, no higher priced brands would have their online stores. Pricing is important and you need to be competitive when comes to setting up a price for your product.
But if you keep on cutting down your price, you won’t be left be anything when you finally pay the selling and delivery fee.

3. All online products are almost the same

They might seem so but differentiating your product is very crucial in the eCommerce world. Consider, for example, you are selling western wear online. There might be a thousand other sellers like you. In a situation like this, you need to distinguish yourself for the customer to know you and actually come to your page to make a purchase.
You can be creative with your product and its description on the product display page.  Another way is to go ahead and package your products differently, in a more environment friendly way.

4. Products will get sold automatically

Another common misconception is that once you set up an eCommerce website, and put up your inventory, all your products will sell themselves. This does not happen, however. Unless your product is extremely ground breaking, it requires continuous promotional updates to be visible in the eyes of the customer.
Most people shop online because they receive discounts and other promotional updates about product. Without them your sale is bound to decline.
Statistics suggest that 62% of the U.S. women pay attention to online discount and promotional news.
US shoppers
Image Source: Contact Centre Central

5. Online products have less information

Another common myth about eCommerce limits the opportunities to provide complete product information. This myth is leading to two of the very common mistakes that eCommerce companies are making these days. One is putting up quite less information and other is providing excessive information that the customer might not even need to know.
The best in this situation is to take your time to write a subtle and adequate product description that is neither too long nor hides any required information about the products.
Research suggests that 24% of female UK internet users do not shop online because of a lack of product information. So, it is advised to provide the useful information & clear images to the customers about any product.
Thus eCommerce myths must be busted and it needs to be understood as a business rather than being taken for granted. Instead, opportunities must be explored and used wisely to get the desired revenues.

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