8 E-commerce Myths Debunked to Boost Your Online Business Success

With the rise of the internet and smartphones, the world is seeing unprecedented changes in all aspects of living, and E-commerce is no exception. Simply put, any transaction made online, be it a payment, purchasing items, or selling them, comes under Electronic Commerce or e-commerce. 

In this blog, we will look into some common (or not-so-common) myths associated with the E-commerce industry. And we are going to bust them so that brands can get busy doing business online! 

Myth 1 – My physical store is doing great. Do I need E-commerce?

More than 17,000 stores shut down in 2020, as the pandemic raged across the globe. Stranded at home, millions took to shopping online for basics such as groceries and medicines. The worst hit was, of course, physical stores dealing with non-essential goods. Fast forward 3 years, and E-commerce is now a way of life. If there is anything the Covid pandemic taught us, it is to adapt. Fast and furiously. If you want a thriving business despite any eventuality, diversify and look at all options, especially E-commerce.

Myth 2 – E-commerce is expensive

Well, of course, it may be expensive, like most things worthy of consideration. However, setting up an online business can be less expensive than your typical physical store. How, you ask? Well, think about it! Building rent, aesthetic décor, inventory, salespersons, and shop management. They all cost lots of money! An estimation by a well-known brand pegs online store set-up costs at about $5000 whereas a physical store set-up costs $50,000.  Don’t let the devil of doubt play with sound business sense. Do your research and decide if going online is a boon or bane for your business.

Myth 3 – I have a beautiful website and wonderful products. E-commerce set-up done. Where are the sales and revenue?

Stuck in traffic! Or the lack of website traffic. It’s a common misconception that E-commerce is about setting up a website and listing your products on it. But how do customers know about your brand? Having a phenomenal shop window is not the same as hawking your products. You need buyers coming in to browse your products. Look up SEO, email marketing, and content marketing to bring traffic to your website. Scream your brand from your digital shopfront – the E-commerce way. 

Myth 4 – E-commerce is all about product sales and revenue.

Once upon a time, online business was about revenue. You need something, I can give it to you for a price. End of transaction. Not anymore! The cost of acquiring new customers has risen exponentially for businesses. Acquiring a new customer is 25 times more expensive than retaining an existing customer. Existing customers spend more than 65% on average than new customers. How do we tackle this? Don’t focus only on selling, nurture customers for a lifetime relationship and a lifetime of revenue. 

Myth 5 - E-commerce can’t beat a physical shopping experience

Let us face it! We are sensory creatures, and we need to see, touch-feel and smell the products we want to purchase. Ok! Maybe not smell, but we do love to shop at physical stores most times. So, E-commerce does have a little way to go to bridge that gap. But in the name of busting that myth, there are giant strides being taken to make shopping online as immersive as possible. Take Dunkin Donuts for example. The brand sprayed public buses in South Korea, with the delectable aroma of fresh coffee, every time the jingle played. The result-coffee sales went up by 29%. A fantastic idea that merits further thought! 

Myth 6 – Customers only want to buy products when shopping online

Well, yes, they need your products, but that does not mean they will buy from you. It is not about want; it is about how we feel owning the product.

Lenovo marketed laptops ‘for the Doers’, while DeBeers urges us to purchase a piece of ‘Forever’ with their expensive diamonds. Customers now expect to feel an emotional connect before they buy from a brand. A survey concluded that a significant 31% of buyers purchase a product only because they resonate with the brand’s ideology rather than needing the item. A good strategy would be to visualise shoppers as individuals rather than a buyer. 

Bonus tip – E-commerce or not, don’t market just products, market the emotion of having your brand’s product, and you will not have to struggle with sales. 

Myth 7 - E-commerce will affect my physical store sales

On the contrary, E-commerce could be the magic mantra for your store. Let us explain. A whopping 67% of shoppers in the US, shopped online but picked up the products at a physical store. A sturdy online presence with competent advertising can mean better visibility for your shop front. Customers can enjoy the ease of shopping online while getting the whole sensory, touch-feel experience of purchasing in-store. A win-win situation for all involved.

So does that mean, you focus on E-commerce and shut down your brick & mortar storefront?

Well, by 2030, it is estimated that 95% of all sales will be online. Until then, let your business boom both ways.

To conclude, E-commerce is the way to go for most businesses to thrive in a volatile world economy. That being said, if you have a world class product to sell, then get a competent, Omni channel marketing strategy and robust logistics to get your products to customers, and your brand will be an E-commerce success at all times.

Bonus tip – A sure-fire way to e-commerce success is to partner with cross-border, E-commerce accelerators. Accelerators are one stop E-commerce solution providers for all that your brand needs to make phenomenal sales not just in your country but globally too. Want to know more? Click here – https://www.assiduusglobal.com/