What are digital products?
Any virtual goods that can be purchased online and downloaded right away are termed digital products. In the sense that you cannot touch them, they are intangible. But they are valuable; in fact, the market is expected to be worth $331 billion by 2022.
The major hitters when it comes to digital products are streaming movies and TV shows, video games, software, and apps.
You can make digital products in many ways using your knowledge, creativity, talents, and expertise, without the aid of technologists or software engineers.
To design, create and market a digital product, you only need a laptop and internet services. Physical products, on the other hand, needed materials, a workforce for design, production, marketing, logistics, storage, etc.
Why sell digital products?
Low investment high return
You need a 1-time effort to create a digital product. For designing, creating, and marketing a digital product, you only need a laptop and internet services. Therefore, investment costs for these products are low. Since marketing cost is nil or almost nil, we can expect a high return.
Digital products have better margins than tangible products
When compared to tangible goods, digital products have better profit margins. And because you don’t have to spend any money making more units, that margin increases over time.
No need to worry about logistics, rental, shipping
You can avoid the logistics in addition to not having to pay for the production, storage, or delivery of physical goods. It has the potential to be incredibly easy to sell digital goods online, making it the perfect side business.
Generate passive income
If you already have a full-time job keeping you busy, the digital goods you sell online can help you as a side hustle even if you work your full-time job most of the week.
Provide a niche
you can focus on a niche digital product. Hence, It is simpler to compete effectively when you focus on a specialized audience with a defined set of needs.
Digital products ideas
Here are some categories of digital products that you can promote in marketplaces:
- E-book
- Graphic design work
- Membership sites
- Courses
- Downloadable prints
- NFTs
- Music and Audio
- Games
- Photography stocks
Marketplaces for digital products
The following marketplaces should be seen as an additional marketing channel to your storefront in addition to your own store:
Amazon
Amazon appears like a logical initial choice for distributing your goods as it is one of the big 5 tech corporations.
Amazon was built with actual goods in mind despite allowing users to sell music and movies. For less money, you can find more powerful, simpler-to-use solutions suited to what you’re selling while selling digital goods.
Amazon is an excellent marketplace for the sale of e-books. It touts Kindle Direct Publishing (KDP), a user-friendly publishing platform. KDP might be a wonderful introduction to online publishing if you’re just dipping your toe in. It’s as simple as uploading a Word document to prepare your Kindle e-book
Amazon is not a one-stop shop if you also sell classes or workshops in addition to books. But Amazon’s recommendation engines make this market a fantastic way to learn about other goods you might be selling.
Etsy
Etsy can also be a fantastic platform to offer digital products. Not only is it simple to upload and sell craft tutorials on Etsy, but it also exposes you to a wide market of DIYers and crafters. Some of whom are sure to meet your target demographic. You may offer someone a download of a print rather than a poster.
Shopify
Shopify became one of the most popular e-commerce marketplaces in the world. Users use this platform for more than just selling real goods.
You can sell digital products in your store with their Digital Downloads plugin. When someone buys a digital product from you on Shopify, they can download it right away and get a link in their email to do so.
You can sell additional products alongside your courses, such as a printed copy of your book, an e-book, templates, merchandise, and bonus study aids.
Udemy
You can publish as many courses as you like on Udemy, and there is no charge to host a course there. The caveat is that in exchange for sending customers to your courses, Udemy will keep between 50% to 75% of your earnings.
Skillshare
Due to Skillshare’s subscription-based business model, users can access the whole library of premium lessons at no additional cost. Teachers are compensated from a royalty pool based on the number of minutes that premium members spent watching their courses.
As you can see, it’s better to think of these marketplaces as a source of leads and direct customers back to your online course platform for more expensive purchases and ongoing revenue.
Conclusion
You’ve already started the process by doing some research on digital products. You know your strengths, so perhaps you have a few ideas for digital products to market.
