One of the biggest myths among potential sellers is that selling online can be too expensive. And so, as a result, they put off pursuing their dream.
Of course having an online store does require some investment. But, in the bigger picture, it is significantly cheaper than opening a brick and mortar store. That’s because most of your savings will be in operational costs—such as rent, utilities, and taxes.
Here are three more “myths” you might want to reconsider:
Myth 1: Ecommerce is just for big companies
False. But that doesn’t mean you should skip the market research or not have a plan.
“In order to know what you are getting yourself into,” advises business coach Victor Step, “you need to know what to expect.”
That’s why your research and business plan should clearly identify your target market, what makes them tick, and why they would want to buy your product(s). This is what gives you the leverage you need to be competitive when selling online.
Myth 2: Customers focus only on the price
Not so much. Most of the time customers are more interested in things like quality, appearance, color, material, and brand. (Side note: make sure you use professional-quality product images on your site.)
It is these factors, in effect, that create a product’s “perceived value” to the customer. And, moreover, influences what they are willing to pay.
The lesson? Don’t be afraid to price your products accordingly.
Myth 3: It’s about nothing more than the idea
Well, yes . . . and no. While it’s great to have an original idea that no one else has ever come up with, that’s not always the key to success.
Rather, it is the understanding that selling online requires hard work and determination. Without those, and despite originality, you’ll likely fail.
That’s why your ultimate success lies more on the foundation and structure you build than on the idea itself. In fact, here, you’re probably better off copying other sellers.
“Do what has been proven to work, but just do it a lot better than everyone else,” adds Step.
What are your thoughts on this topic? Please feel free to leave a comment below!
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