Hi, can anyone please suggest as what other link building methods that can be followed to improve the ranking for an e-commerce site other than Directory Submissions.

If I'm not mistaken, natural link buillding aka link baiting is one of the most effective ways of getting inbound links. Other known link building strategies are social bookmarking, link exchange, forum sig, blogging, article writing, etc

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Internet Marketing Australia
Study in New Zealand

Use interesting, eye-catching anchor texts (related to your niche) so as to draw traffic more effectively.

Link to relevant sites, any e-commerce / business-related sites but be sure that you've checked the status of the site like their links, affiliates, etc before linking to them

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Aside from direcory submissions - Forums sigs, blogs comments, social bookmarking sites.

Just remember not to spam as all your efforts will go down the drain

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And how can we win, when fools can be kings

One of the typical mistakes while actively being involved in link building programs is to do some rush methods. For instance, joining some websites and adding hundreds or even thousands of one way links to the newly built websites, this will look unnatural and will not help rankings.