Have you ever thought of a way to make money online without putting up massive infrastructure or purchasing tons of resale-able products? You may want to consider selling digital products online. Following the several advancements in digital technology and growth of internet usage, there has been a massive transition from physical to digital goods.
Digital products are intangible assets that can be produced once and sold multiple times without doing the same work that was done for the initial production again or replenishing stocks.
While these transitions have been rapid, they have made life easier. Remember how stressful it was to get your favourite book from the store in the past? Now you can easily download soft copies of your favourite books and read them even while on the go—that is the power of digital products. This gives us access to so much information than people who lived before the advent of the internet. Artists and creators are also able to reach a wider audience than was possible without the internet.
The essence of this post is to show you how digital products are a goldmine and why you should never miss out on the myriad benefits of selling digital products. Selling digital products is a less risky money-making model that offers the potential to make exponentially huge profit that is not tied to production efforts.
So why should you start selling digital products?
6 benefits of selling digital products.
1. Less capital involvement
We all know that no business thrives without some capital. Well, there has to be an exception for digital products! The fact that you can create digital products from scratch with things you already own like a computer, a smart phone or skills you already have like drawing, illustration, cooking, programming, etc. and sell them off for some insane amounts is just another great reason to try this out.
2. No infrastructure
Since digital products are intangible assets with no physical presence, they do not require physical storage mediums. So basically, all your digital assets could fit in just fine on your PC, and the best part is that you can create digital products and make sales right from the comfort of your home, like literally from your couch!
3. Anyone can sell.
It isn’t rocket science and you don't have to be an expert to start. This makes this business model more accessible to everyone! You don’t even require a college degree to create or sell digital products. All you need is a strong online presence, an audience with a need and the ability to give people value that will satisfy their needs.
4. Earn passively
Earn while you sleep with digital products. Once you’ve set up a payment channel for your digital product, you don’t even have to be there to handle the selling process; it works on autopilot while you sleep!
5. No need to replenish stocks.
Digital products offer the liberty of having just a single product that can be resold countlessly. For example, if you write a self-help ebook on "How to become a lot smarter in 10 days", depending on how well this product is received, you could be making money off of this book for a lifetime! And you don’t even have to create newer versions.
6. The opportunities are endless
Many digital products are available for you to choose from: templates, planners, icons, stock photos, self-help ebooks, audiobooks, and the rest. The list is almost endless. You can start with the ones that's easiest for you to create.
Here are some of the most common digital products sold online today:
Digital product ideas
- Presets - Adobe Photoshop or Adobe Lightroom presets.
- Stock photos - Images taken by photographers that are licensed for specific use.
- eBooks - Usually to provide information or knowledge about a specific topic e.g. Self-help, DIYs, Cookbooks etc.
- Plugins - Plugins are modules of software added to a system to give extra features or functions e.g. WordPress plugins.
- Applications - Software applications developed to solve real life problem on a digital environment e.g. Inventory management app, Grocery shopping tracker.
- Coding scripts - Scripts to automate monotonous tasks that can be run by a software application.
- Icons - A graphical representation of an object or action on a screen. Commonly used by user interface designers and developers in programs with a human-computer interface.
- Themes - A defined set of layout and style usually used to configure the look and behaviour of websites e.g. WordPress themes, Ghost Blog themes, etc.
- Wallpapers - a graphic image or pattern for computer/mobile phone background made by artists or graphic designers that you might not be able to find for free elsewhere except buying from the creators.
- Templates - A preset format for a document or file e.g. Google Sheet Budgeting template, Contractor Agreement Template, Financial Plan template for business owners. etc.
How to go about selling a digital product.
Choose a product to sell
Selecting a digital product is the first and most pivotal aspect of digital product sales.
Here’s a little tip to guide you.
When selecting a digital product, put your passions and interests first.
Say you’re a self-taught photographer. Your photography knowledge can be packaged in the form of an eBook and sold to other photographers online. Likewise, you could sell program scripts, icons, and templates if you are a software developer. And if you are a music enthusiast, you can make beats that can be easily sold off as a digital product to DJs.
Scale the markets.
Not every product on the digital market list will sell off as quickly as others. Most products could skyrocket in sales, while some may walk off slowly. This could be hinged on many things, like the marketing medium, demographics, etc. Therefore, conducting product viability research is key to knowing if your product will make massive sales.
Once you’re done conducting the necessary research and analysis on your chosen products, it’s time to sell!
You can sell your products online without your own website. GumRoad, CreativeMarket, and Thinkific are great websites to sell digital products. Some of these digital products marketplaces might take a small commission from you each time you sell an item. They can help with discovery of your products if you don't have an audience.
You can also sell your digital products on your personal blog and run some advertisement on social media platforms or online forums to find people who are interested in your products.
Digital products are very profitable, and the fact that they require less in terms of start-up and management costs makes them one of the best online businesses to venture into. All you have to do is choose a high-demand product and put in the work to make it available to those who need it.