15 Oct Myths About E-Commerce
There are many myths about e-commerce that have surfaced with the ever-increasing popularity of transactions over the internet. With that, let us break down the 5 common myths and discover what goes behind these unproven beliefs.
Myth #1: It will all go well after you’ve established your e-commerce website
Some business owners think that running an e-commerce website is just a piece of cake. In fact, some of them think that after setting up an e-commerce site, their online traffic is assured, not knowing that there are key factors for success (e.g. data protection, sales strategies, and online marketing strategies) that must be looked into.
There are plenty of e-commerce platforms that will help you build your store like Lazada and Qoo10 to take the complex stuff off your shoulder. But, if you’re really keen on hosting your own website, we suggest that you invest well and let the experts build your website, and help you with digital marketing to improve sales.
Myth #2: A great product alone is sufficient to bring you a lot of customers.
There is no doubt that having a good product is one of the key success factors for your business, but without effective marketing efforts, it will be hard for your business to take off to success. One thing that every e-commerce seller must keep in mind is, he must offer good customer service and have an effective marketing strategy (such as SEO and a strong social media presence) alongside their great products.
Myth #3: Lower price attracts more customers
Certainly, the price of a product is a big factor to catch the buyers’ attention. For this reason, most sellers think that if they lower the price of their product, they will gain more buyers. However, this is not necessarily the case. Lower pricing can leave unwanted impressions on potential customers regarding the credibility of the products and of the seller. For instance, if an item has a price tag substantially lower than that of a similar product sold by another vendor, customers might believe that the cheaper product was of inferior quality.
Myth #4: It is not worth investing into a mobile-friendly website/platform.
If some business owners still think that there is no need for mobile-friendly websites, they are mistaken. E-commerce web traffic today is actually higher on mobile devices than on desktops (Source: The Telegraph). If an e-commerce website is not mobile-friendly, it will be missing out on the bulk of e-commerce traffic!
Myth #5: Tracking revenue as the sole measure of performance is sufficient
It is true that every e-commerce business must understand their revenue and know that it plays a big part as a key performance indicator (KPI). Nevertheless, to understand how they can improve their marketing strategies, they must also keep track of, and study other performance metrics such as click-through rates, conversion rates, and website bounce rates – these metrics help signal which are the areas that need to be improved.
If you are interested in the opportunities e-commerce has to offer, message IH Digital now. IH Digital is a digital marketing agency headquartered in Singapore and has a presence across multiple countries in the region and in Greater China. We can help you reach your e-commerce and online marketing initiatives. Message us here.