Online selling, also known as e-commerce, has greatly transformed the way businesses and individuals engage in trade. It has become a fundamental part of the modern economy, with numerous entrepreneurs leveraging its accessibility and scalability to grow their businesses.
Notably, the global e-commerce market was valued at $9.09 trillion in 2019. With more businesses and customers trooping into the online market, its valuation has been projected to increase by 14.7% in 2027.
However, there are several misconceptions about online selling. If not well addressed, it may limit market expansion for several entrepreneurs by causing them to lose potential clients. While this article addresses some popular misconceptions about e-commerce, it tells you the truth to enable you to position your business for further expansion.
What is Online Selling?
Simply put, online selling is the modern way of buying and selling products or services with the aid of the Internet and social networking platforms. You can imagine online selling as a big digital marketplace where individuals buy and sell things using the internet. Said differently, it is like having a virtual store.
Here is how it works: Sellers typically create digital storefronts, often in the form of websites or profiles on social networking or e-commerce platforms. This enables them to showcase their products or services. Buyers scan through these online stores, make selections, place orders and make payments either electronically or physically.
While online selling offers a convenient way to do business, both sellers and buyers must be aware of scammers. Peer-to-peer (P2P) crypto trading is a typical example of online selling.
6 Common Online Selling Misconceptions
Misconceptions about online selling often revolve around unrealistic expectations, such as thinking it’s a quick path to wealth, underestimating the time and effort required, and assuming that anyone can succeed without a well-thought-out strategy. Below are some of the common misguided notions about online selling:
- The Online Market is Congested: It is often assumed that the online market is saturated with numerous sellers. Notably, the e-commerce market is never too crowded to put your business out there.
Declining to engage in online selling based on assumed market congestion is not a valid reason. Choose a niche and strategically position your products or services to make customer attraction easier. Importantly, be creative when promoting your business as it helps you to stand out.
- Online Selling is Killing Physical Stores: While it’s certain that e-commerce has an impact on physical retail stores, it has not brought it to a demise. Retail stores are still striving as several customers prefer physical evaluation of goods as it gives a better picture of product quality.
- Quick Success: Many people think that selling online allows them to make tons of money from the comfort of their homes while working according to their schedules. Online selling encompasses much more and it is not a get-rich-quick scheme.
It bears noting that building a successful business online requires a lot of time and effective strategies. It is not a shortcut to making more sales as it can take time to establish an online presence and gain customer trust.
- No Customer Service Required: Although some people believe that selling online is a hands-off business, it is important to know that providing good customer service is crucial. Sales can be affected negatively when customer inquiries and issues are not addressed promptly.
- All Products Can Be Sold Online: Not all products are suitable to be sold online. Some products may require physical inspection and hence, are only suitable for in-person sales. As an entrepreneur, it is crucial to know what product you take online.
- Easy Access To Global Market: The fact that you station your goods online is not a guarantee of global market entry. While the internet provides access to a global market, it doesn’t mean your product will automatically sell globally. You need to tailor your approach to different markets.
This digital marketplace has opened up vast opportunities for entrepreneurs, small businesses, and established retailers to reach a global audience. It has also given consumers access to a wide range of products and services from all over the world, enhancing choice and convenience. However, failing to address misguided notions about the online market can negatively impact the growth of one’s business.