5 eCommerce Myths & Their Realities

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The Internet has so far enjoyed a growth rate that is incomparable. This piece of propriety technology has growth at an exponential rate and is now a part of mankind’s daily life, irrespective of when, where and how.

The Internet has so far enjoyed a growth rate that is incomparable. This piece of propriety technology has growth at an exponential rate and is now a part of mankind’s daily life, irrespective of when, where and how. Given the unprecedented rate at which the Internet has managed to grow and develop, it is only natural that more and more people are looking to invest into it in the form of an e-business, or rather eCommerce. However, considering that eCommerce is still a relatively new form of business, there are several myths and misconception surrounding it. Here are a few of the most popular eCommerce myths and the real facts behind them.

Myth 1: Develop an eCommerce website and you will automatically be showered by customers.

Reality: In reality, an e-business is bound by much the same rules as a regular brick and mortar business. And similar to a regular store, an online store needs traffic to be successful. This requires the use of marketing strategies that will help you drive more customers to your store and offer them tempting deals so they can become repeat customers.

Myth 2: Creating an online eCommerce store is not beneficial; no one is making money online.

Reality: This is of course far from the truth. There are several entrepreneurs, small/medium businesses and large enterprises that are generating considerable amounts of revenue from the Internet platform. In fact, mobile commerce or mCommerce transactions accounted for a total of 1.5 trillion USD in 2013. Meanwhile, the eCommerce sales of the US alone accounted for 5.2% of their total sales for the year 2012.

Myth 3: The only factor to consider for an eCommerce store is the price of your goods & services.

Reality: Again, this is a widespread misconception in regards to online stores. Just like a regular business cannot thrive based on competitive pricing alone, neither can an online business. While it is true that some people have had successful runs by keeping their prices low, it is an unrealistic strategy in the long term, since it directly affects the quality of your profit. This strategy relies on the fact that you are creating massive volumes of sales which is negating the low profit quality. In order to be successful in the long run, it is better to revolve your business strategy around becoming a leader in your field and creating brand value.

Myth 4: It is better to use manufacturer or stock images than your own images.

Reality: Absolutely not! It is always better to use your own images and pictures for whatever product you are offering your customers. Using stock images tells your visitors that you are simply copying the manufacturer, which makes them doubt your authenticity. Using your own images of the products allows you to create a custom impact on the visitor and also lets you stand out from the rest of the crowd.

Myth 5: Setting up a merchant account and accepting credit cards from customers is impossible for a small business.

Reality: While it is not untrue that setting up a merchant account can be a trying task, it is far from impossible. Setting up a merchant account for common cards like Visa and MasterCard is actually a fairly simple process. All you require is to fill out an application form, after which you can set up your merchant account via your bank of financial institution. Of course, most banks are reluctant to offer a merchant account to small businesses, in which case one can always approach a private institution that offers these services for a slightly higher cost.

At the end of the day, setting up an eCommerce store is not all that different from setting up a regular business. There is risk involved and one needs to carry out the proper research before getting down to it. Remember, the Internet is a world-wide platform which you will cater to customers from all the different walks of life. Separate the facts from fiction, carry out your research thoroughly, adopt a sound marketing strategy and chances are, your online eCommerce store can be a highly successful one.

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About Author
Vipin Jain

Vipin Jain

Vipin Jain is the Co-Founder and CEO at Konstant Infosolutions and is in charge of marketing, project management, administration and R&D at the company. With his marketing background, Vipin Jain has developed and honed the company’s vision, corporate structure & initiatives and its goals, and brought the company into the current era of success.

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