In this growing era of digitization, it is imperative to have a website for any business venture whether it is online or is a traditional brick and mortar store. According to a report, the global e-commerce sales is going to rise to $1.5 trillion by 2018. Though creating a website comes as a more feasible option for entrepreneurs, but unfortunately, most of the entrepreneurs fall prey to the trap of the intense business competition that is prevailing in the online market.
This happens due to some misconceptions, which they have in their mind and the lack of industry insights about e-commerce web development. Team Unified has got it’s hand on to some of the most common misconceptions that are surrounding e-commerce and what’s the stark reality behind them.
- Measuring Business With Revenue
Stark Reality: You need a strong financial backup that will not only manage your business finances, but will help you to pay off your employees, but also maintain the break-even point at the end of the financial year. Keep in mind that a lot of other important things matter in e-commerce websites such as click-through rates (CTRs), bounce rate and conversion rate. A strong eye over them will help you determine the amount of cash flows in business and will give you an idea of where your business stands.
- Charging Less Will Bring Customers
Stark Reality: Believe it or not but the consumer psychology of purchasing a low priced product will be there forever. You cannot attract customers to your online store by slashing down prices. What matters to a person when he or she is purchasing online is the popularity of the brand, the quality of customer service, the availability of the product in the retailer’s stock and the inventory management. Hence, before putting the price tag on your product, focus on the quality first and then put the amount.
- E-Commerce Platforms Are One And The Same
Stark Reality: Well, that’s completely untrue. The process of selling a musical instrument will be entirely different from an apparel website. The mechanisms on how these websites work are completely different from one another. While creating a website, it is important to understand the kind of product which you want to sell and then make the final move.
- Live Site Generates Traffic
Stark Reality: This is the weirdest thought that one can ever have when it comes to e-commerce web development. The reality is that a website cannot generate traffic until and unless it’s product is marketed as a brand. Most of the big e-commerce websites today adopts techniques like PPC advertising, SEO, and SMM in order to drive more traffic to your e-commerce website.
- Can Succeed Online Without Prior Business Experience
Stark Reality: Now! That is the reason why most of the entrepreneurs quite as they come face to face with the bitter truth of life – setting an online business is equal to opening a brick and mortar store. It requires complete dedication and even more hard work when you are opening an online business. The reason is the growing competition in the market. A great strategy and an intelligent business plan are the key ingredients for an e-commerce business to survive.
- Design Is The Least Factor To Be Considered
Stark Reality: The simple truth behind this is that a customer will stay on your website once he is convinced after getting a feel for the overall look of the website. A lot depends on your website’s appearance on whether visitors will come or not. Hence, it is important to have a layout that is designed exactly according to the needs and expectations of your target audience. For instance: if you are selling luxurious products, then the use of high-quality images are mandatory.
- An E-Commerce Website Is Less Expensive To Run
Stark Reality: The primary purpose of creating an e-commerce website is to uplift the overall user-experience as far as shopping is concerned. Though it’s true that you might not be able to shell out money on brochures and newsletter like a traditional brick and mortar store, but a lot of work goes behind it, as well as money. Purchasing a domain name and maintaining the expenses of the man force involves a considerable amount of expenses. Hence, maintaining an e-commerce website definitely costs you.
What Are The Experts Saying….
In one of his articles , Neil Patel says that the users of an e-commerce are not really concerned about the homepage of your website, what drives them in are your product pages. For instance, one has to take care that the headlines on the homepage and the slider images are in perfect sync with each other. Moreover, he also says that writing the best product description, optimizing the ‘Buy’ button and using high-quality product images are crucial for a website’s development.
Overnight success in e-commerce business cannot be achieved overnight according to Seth Godin as he says, “It takes about six years of hard work to become an overnight success” and hence it is important to have patience when it comes to achieving good results in e-commerce in the long-term.
A study conducted about the future of e-commerce suggests that the value of the e-commerce industry is going to increase to $6.7 trillion by 2020. However, another shocking revelation that the report makes is that retailers are going to face a tough challenge when it comes to implementing strategies in the B2B section as the prices, in this case, tend to vary in the high and low range.
However, the good news is that with the development of technology, the process of procuring goods through Smartphones and Tablets will become easier.
Over To You
Do you know about any other misconceptions that are still prevailing in the e-commerce industry? Well, your suggestion can be of help to all those entrepreneurs who are planning to start their business in the e-commerce venture.
Let us know about your suggestions in the comment box.