With the world slowly churning to use digital products and go for intangible media, the sale of digital products has been soaring as high as it could get over the past years. Everyone uses e-books, online courses, music, videos, online learning, etc.
Many of the world's biggest businesses have built their business empire around intangible goods and services by launching new and modern digital product lines to compensate for the respective counterparts in the physical dimension. Ease of access, ease of distribution, and rising popularity have helped many business minds conquer their product lines' domains.
The best part you should know before you sell digital products and create digital channels of distribution is ready inventory that can be used repeatedly. This means distribution and supply becoming very easy, and catering to a larger audience or customer base is not exhausting. This also means that businesses do not need to stock up or replenish their inventories. This attracts more creative heads, artists, and independent freelancers to build new income and promotion platforms with little and easy effort.
What Are Digital Products?
A digital product is a piece of online or e-media that can be bought and sold over a digital marketplace and also be distributed to customers by simple client channels. These pieces of media or digital products are usually available in downloadable or stream-able formats.
Merits of Digital Products-
- Low Costs: No overhead costs for inventory management, no costs incurred for logistics, etc.
- Automated Process of Distribution: Having robust distribution machinery allows automated delivery almost instantly, thus bridging the demand and supply gap faster than ever.
- Flexibility In Range Of Products: The options for digital products are endless. And the more unique and creative you can be, the better it gets since most customers are looking to try new things.
- High-Profit Margins: Reduction in overheads results in lower costs and thus allowing more gearing of profits.
Demerits Of Digital Products-
- High Competition: Exchanging in the free market results in complete freedom of entry and exit. That means you have to think carefully about how to get an edge over your competitors.
- Risk of Intellectual Theft/Piracy: Counterfeiting your domain or not securing your products can lead to free distribution by potential hackers and internet pirates.
- Restrictions On Selling Procedures: You often need to comply with the Commerce Policies of platforms in order to sell through them. These are often not compliant with several small businesses and are definitely problematic.
Platforms Where You Can Sell Digital Products
There are several online selling platforms on which you can build your business selling digital products. Some offer more features than others. The choice will depend on your budget and also your needs. Try to find a balance between the two and find the option that will give you maximum benefit and optimised performance.
- SendOwl: Mostly popular for complex digital product businesses. Perks are features like automation like expiring links, auto-generated license keys.
- Single: Mostly used by musicians to sell music. Perks are that it allows musicians to put sample clips on their product page.
- FetchApp: Almost like Sendowl but with lesser features. It has a free plan and gives the ability to attach more than one file to a particular product.
- Sky Pilot: Ideally used for membership-based programs. Perks are exclusive video streaming and customer access to previous purchases.
- Digital Downloads (Shopify): Simple and the easiest way to sell digital products online.
Depending on what platforms you use, you can tweak and make available the right content for your customer base.
Digital Products That You Can Sell Online (6 Ways to Get Things Rolling)
There are a plethora of businesses you can build if you decide to sell online. This can range from e-courses to books to music. We have some ideas to get you started with your digital product venture. Also, ensure that you are choosing the right online selling platforms for selling your digital products.
- Educational Products: These include anything starting from e-books to online courses. If you have the correct amount of capital and resources, you can aim at building an online university. Moreover, if you have the correct amount of knowledge in a particular field, you may use it to your advantage by lending out free courses in the initial stage and slowly building on it. Try opting for subjects that are always in demand and keep updating every season. You could even try re-updating the course as time goes by and develop on it.
- Digital Assets: Your data is probably the most valuable asset that you possess. Selling off the license to use your creative work, such as photos, videos, music, or even PowerPoint presentations, to people who might want to use them is a credible way of earning online. If your digital artwork is good enough, you may be able to even start an entire business out of it. Licensing digital media is not that difficult, and it even helps you promote your work to a larger scale of people. Don't forget the watermark or any digital print specific to your digital products.
- Memberships for Products: You can always try selling your products individually online, but it is always better to compile them into a package and put them up for subscriptions. This way of selling your products is unique and helps you reach your target audience quicker than selling them individually. Sort all of your products under various categories and create a bundle out of them. Digitally paid subscriptions are easier to generate and very adaptable in today's time. You may even be able to provide your regular members with special perks and exclusive content to keep them hooked and keep the membership renewals rolling. There are a number of online platforms that allow you to build such bundles as SkyPilot or ChargeRabbit.
- Digital Templates and Tools: There is an entire world of online templates and digital tools if you are looking for a place to sell your work. People are always looking for attractive CV templates, various types of PowerPoint templates, plugins for various editing software like Adobe Or Photoshop, templates for projects and icon thumbnail engines. You can make really good money if you try putting up your templates and sales tools on these platforms. Creativity and efficiency are the keys here, and you always need to be on your toes for this one. It is an effective side hustle to go with your freelance and helps you understand the market better.
- Art and Music: The internet is probably the best place to sell your art. People are always looking for good music and interesting pieces of artwork. Music and art are a universal language that brings everyone together. The funny thing about selling your art and music online is that you never know which corner of the world it might reach. No matter what the genre, no matter what the category of art, you will always find an audience that is interested in it. The sooner you start, the better. Promoting your work on social media would be an excellent place to start.
- Services: Utilising your skillset online is the right way to go these days. A personal trainer may conduct a session online, and a professional may conduct classes online; one can even try selling their services as a package. People will be willing to avail of your services online, and the best part about putting up your services online is that you get to utilise your skills from the comfort of your home and get paid for it. Only a video streaming setup might be enough for this one, which most of us already have. Get started now.
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