If you’re searching for an option to earn freely then Digital products are a great way to make money online.
And it doesn’t matter what you’re interested in, there’s something out there for everyone.
People often mix up digital products and physical products which is completely wrong.
Digital products are not tangible items, they are downloadable files that provide information or instructions for something.
Digital products are the easiest way to earn money online because you don’t have to set up a web store, send out inventory, pack, and ship your product while there is no need for lots of capital to invest in stocks.
It only takes a few minutes to create a product and you can start making money on the same day.
Here in this post, I will be talking about the different types of digital products, what they do and how to sell them online.
What Are Digital Products?
Digital products are downloadable files that provide information or instructions for something.
Digital products often come in the form of ebooks, pdf, video tutorials, podcasts, etc.
And if you’re not sure what type of digital product you want to sell there are hundreds of companies that offer niche information/products on their site that can be sold under your name.
Digital Products have the features of both dynamic and information products.
As there is no shipping involved. You don’t have to worry about packing or sending the product to your customers.
Once you’ve sold a product it’s sold everywhere and that means more potential buyers all around the world!
No need for storage space as you only deal with one file and not physical items which also makes it possible to sell digital items on an impulse since there is nothing to wait for before receiving your order.
However, An affiliate link can be added so other affiliates can promote your product for you which takes away all the pressure from generating traffic as someone else will handle this task for you.
What Are The Advantages Of Digital Products?
You’ll sense how simple it will be to achieve success if you begin your digital products seller.
You will feel a lot of ease and comfort with all the benefits you can get from digital products.
1. Low Overhead Costs.
Low overhead costs in Digital products are one of the many advantages.
Simply put, when you sell digital products all you need is a platform to host your products which starts at a lower cost.
If you want something fancier like custom email templates, they will cost more but it’s worth it for the kind of traffic that buys digital products.
You don’t have to pay for shipping or pack and send any tangible items to customers.
As soon as you upload your product to your site, it will be available everywhere.
This makes it possible for people to buy your product on impulse without having to wait before receiving the product.
So this way the cost of the digital product will decrease and the overhead cost will be as minimum as possible.
2. Extremely High-Profit Margins.
Some digital products have an 80% margin which is the highest in any business.
Ebooks are usually sold at a price range between $10-$30 with some ebooks even selling for hundreds of dollars.
You can also set up your own minisite to sell digital products.
However, keep in mind that you’ll need to hire someone to build it for you if you’re not familiar with HTML or CSS coding because it’s pretty hard especially when you don’t know what you’re doing.
Most web hosting companies offer free or low-cost website templates which make it easy for people who want to try out the whole process themselves without hiring anyone.
3. Potential To Automate.
Digital products are the best for entrepreneurs who want to automate or semi-automate their business.
With information available on how to make videos, podcasts, ebooks virtually anyone can create a product and sell it online.
This is because there are lots of tools like software that allow you to automate processes without much hassle which makes it easy for people to build their own digital products.
4. Flexible Products.
You can sell digital products in any quantity because there is no limit unlike the other two types of products.
Even though you might not get rich with just one or two sales, even small amounts add up quickly and help you become an online entrepreneur faster than any other type of product.
As digital products are easy to copy, millions of people buying the product make it very easy to get traffic rather than physical products where you need to build your own platform which takes time and effort.
However, if your product is good enough people will come flocking to you even though others are selling the same product.
What Are The Disadvantages Of Digital Products?
Though digital products have many benefits it has some disadvantages also. Here is why-
1. You’re Competing With Free Content.
Digital products are great for entrepreneurs who want to sell information, but the market is extremely crowded.
There are so many other digital products similar to yours that you may have a hard time selling them online.
You’re competing with free content too which makes it hard to get traffic and make sales because people always flock towards something that’s free.
Although you can offer a spinoff product or a special report to convince shoppers into buying your full product, it still doesn’t guarantee anything especially when there are hundreds of free ebooks out there already.
2. Susceptible To Piracy/Theft.
This is the main drawback of digital products that it’s very easy for people to copy and sell the same product even before you do.
This is especially true with digital products because they can be uploaded anywhere without any quality loss.
Digital products are so easy to steal that if you don’t protect them nobody will buy your product anymore.
The best way is to trademark your product or copyright it but this takes money that new entrepreneurs might not have, making it hard to protect their intellectual property online.
3. Some Restrictions On How You Sell The Product.
For example, you might want to make sure that Amazon doesn’t get the majority of the profit by offering discounts or altering prices.
Digital products depend on how much people would pay for them.
So cutting down your profits will impact your bottom line which is not good.
What Digital Products Can You Sell Online?
There are many types of digital products that you can sell online.
Here are some ideas for you to choose from-
1. Writing And Publishing Ebooks.
Many entrepreneurs consider writing and publishing an ebook to be the best type of digital product because it’s easy to create and sell.
You can write about virtually anything including how-to guides, your life story, fiction, poetry, etc.
With the right marketing strategies, you could get rich from just one book alone even though that might not be possible for other types of products you sell online.
Ebook marketplaces such as Amazon Kindle Direct Publishing allow you to upload your book in Word or PDF format with fewer restrictions which makes it easy for entrepreneurs to make their own books.
2. Selling Audio Files Online.
Like with ebooks you can also sell audio files on websites like Podbean, Aud, Jango, etc. which allows you to upload podcasts or songs and sell them online.
You can make a great living from selling audio files alone which you would not be able to do with other types of products in most cases.
However, the audio file depends on how many people would be willing to pay for them.
Considering you’re competing for free there is no guarantee that people will buy your audio files when they can get better quality music for free.
Video is one of the increasing and leading digital products that can bring a lot of money within the time.
Because video always attracts people and teaches them very easily.
This allows entrepreneurs with knowledge in teaching other fields such as cooking or yoga to earn an income from their passion including others who want to learn something new.
Besides, you can sell photos on different online platforms like Shutterstock, iStock, etc.
Selling stock videos can be a great way to make money if you know how to take good pictures, which is easier than it seems.
Designing is another type of digital product that you can sell online.
Sites like 99designs, Crowdspring, etc. allow you to upload your design work for entrepreneurs with an idea but no knowledge on how to make their own designs to get it made including others who need logos, banners, websites layouts, etc.
If your work is top-notch and people are willing to pay for your services then you could get rich from designing alone.
Many people consider selling photography a great way to make money online since you can sell your photos online on different stock photo websites and marketplaces.
Sites like iStock allow you to upload your images and others will buy them knowing that they have the rights to do so.
Moreover, many other sites such as Shutterstock, Bigstock, Depositphotos, etc offer similar services for entrepreneurs who want to earn from their passion including those who don’t know how to take good shots but still want to make money from it.
6. Software And Tech.
Tech and software might not sound like a good idea but they can make you millions if done right.
Different software tools are being used by thousands of entrepreneurs around the world because they can earn a lot from them including those who are looking for tools to use themselves.
7. Information Products.
Information products are among the top moneymakers online because you don’t have to create them unless you want to.
You can sell ebooks, videos courses, business training, etc. on websites like Udemy, Skillshare, etc for people who need information about specific topics from experts themselves.
How To Sell Digital Products?
Once you have created your own digital products online, it’s time to sell them.
There are many different ways for you to do so but some are better than others.
Follow these steps for proper selling:
Step 1: Create Your Online Store.
One of the best ways to sell products online is by creating your very own digital store.
Having your own website gives you full control over how it looks and also what products you want to put on there which can do wonders for marketing and selling new products in the future.
You can make it through WordPress, Wix, or Shopify.
Step 2: Upload Your Digital Products.
After creating your own digital store you need to upload all your products to it.
Uploading takes a lot of time but if done correctly can bring you millions in the future.
You don’t have to do anything else other than upload and let them sell which allows you to focus on more important things such as marketing and doing business with them.
However, keep in mind that uploading digital products is one thing but making your store visible on search engines takes time just like anything else online.
Your store needs SEO to be found which can increase its sales if done right.
Step 3: Customize Your Online Store.
If you want to sell more products, make sure your store is looking attractive and professional which can affect how people see your business.
In order to do so, make sure it looks appealing from the outside with proper colors and fonts which can help people stay on your site longer increasing your sales.
Step 4: Promote Your Online Store.
Promoting your store online is another way to make it visible from search engines and stand out from the crowd.
There are different ways you can promote your business such as Facebook ads, Google Adwords, etc which can help you spread the word about your site making it known to more people across the globe.
Selling digital products might sound easy but don’t take it for granted because without a proper following or audience there’s a big chance that you won’t earn anything from them.
So if you really want to start selling digital products then follow these steps and see how much money you can make from now on!
Hopefully, this information will give you a good starting point to help you make money by selling digital products online.