Myth #1: Your passion for your product is the best tool
Although this is a myth it is half true. Some entrepreneurs believe in starting a business that best addresses customer’s needs at that specific time. Others believe that their passion is the best tool to use when deciding with the product to sell. If your three most favorite things in the world are umbrellas, mirrors, and ladders then you should stock and sell them. This method of thinking can actually hold you back. Having a passion for something lead to gaps in communication with your customers. Because you have a passion for a product does not mean that your customers share the same enthusiasm level. This is can be examined in the scenario when someone shares a bad story; because they remember the feelings and emotions associated with sharing that story they don’t understand that the audience were not present when the story occurred.
Myth #2: Low prices make you competitive
This myth has been debunked a lot of times in e-commerce. If you have found a supplier for drills, hammers and grinders then all you need to do on your e-commerce store in order to be competitive is to offer customers ridiculously low prices. This strategy doesn’t work all the time and it results in lost revenue. The set your price low to make you competitive has some problems. First it devalues the work of your entire industry. This is due to the popularly held belief that quality is expensive and not cheap. There is also always someone who will beat your price online. They might find a way to produce the product at a far cheaper price than you. This makes it an unsuitable way to do business.