What are digital products to sell?
Before diving into the world of digital products, it is important to understand what they are. Digital products refer to intangible assets that are sold online without requiring any physical inventory. The demand for digital products has grown exponentially over the last decade, with a 40% increase in online sales in 2020 alone.
Selling digital products has many advantages over traditional physical products. For one, they have zero shipping or storage costs, making them a low-cost option for entrepreneurs to get started with. They also have high-profit margins, making them an attractive source of revenue for businesses. Furthermore, digital products can be sold globally, allowing businesses to reach a wider audience and increase their market share.
However, with the rise of digital products, the market has gotten increasingly competitive. This is where finding uncommon digital products to sell can give businesses an advantage over their competitors. In this article, we will discuss what digital products are, the most common digital products to sell, and the uncommon digital products that can help businesses stand out.
The most popular digital goods to sell
Online sales of a variety of digital goods are common. The most well-liked digital goods that businesses can sell to make money will be covered in this section.
One of the most popular digital goods to sell is educational goods. Online courses, e-Books, and tutorials are among them. Numerous businesses are producing and selling educational products to meet the growing demand for online education as e-learning platforms become more popular. Online courses are one of the best-selling digital products, according to Shopify.
licenses that permit the use of digital assets
Businesses can use digital assets like photos, music, and video content as collateral for their marketing initiatives or other creative endeavors. Photographers, musicians, and videographers can monetize their work using this method without having to sell physical copies.
links to membership websites
Another well-liked digital product is the membership site. For a fee, they offer exclusive access to content or services. Access to a private forum, access to cutting-edge content, or discounts on goods or services are a few examples. Membership websites, in Shopify’s opinion, can generate a consistent flow of recurring income for companies.
Digital tools and templates
Businesses can create their own content using digital templates and tools, which are pre-designed resources. This might consist of social media post templates, graphic design templates, and website templates. By giving businesses access to ready-made designs that they can customize to fit their brand, these products can save them time and money.
Music or art.
Musicians and artists can sell their work as digital goods like MP3s, digital prints, or downloads. As a result, they can monetize their work without having to produce physical copies, making it a practical way to make money.
Digital goods can also be purchased for services like content writing, web design, or social media management. Online delivery of these services makes it a practical and affordable way for businesses to outsource their work.
These digital products are common, but they also face difficulties like competition with free content andpiracy. We’ll talk about uncommon digital goods in the next section that companies can sell to differentiate themselves from the competition.
The uncommon digital products to sell
While the most common digital products can be profitable, businesses can stand out from the competition by offering uncommon digital products that cater to niche markets. In this section, we will discuss some of the uncommon digital products that businesses can sell.
NFTs (Non-Fungible Tokens)
NFTs are digital assets that are unique and cannot be replicated. They can be used to represent digital art, collectibles, or other unique items. With the rise of blockchain technology, NFTs have become a popular way for artists and creators to monetize their work.
Digital assets in retirement planning
As more people accumulate valuable online assets such as cryptocurrency, social media accounts, and digital media, digital assets are becoming increasingly important in retirement planning. According to Finance Strategists, it is important to include digital assets in retirement planning to ensure that they are not lost or overlooked.
Online communities can be valuable digital products for businesses. They provide a platform for like-minded individuals to connect and share ideas. Businesses can monetize online communities by charging a fee for access or by offering exclusive content to members.
Print on demand products
Print on demand products allow businesses to sell custom products without having to hold inventory. This could include custom t-shirts, mugs, or phone cases. With print on demand, the product is only produced when it is ordered, reducing the risk of excess inventory.
Craft patterns are digital products that provide instructions for creating handmade items such as knitting patterns or sewing patterns. These products are popular among craft enthusiasts and can provide a source of passive income for businesses.
Stock photography is another uncommon digital product that businesses can sell. With the rise of content marketing, businesses are in constant need of high-quality images for their marketing campaigns. Selling stock photography can provide a steady stream of revenue for photographers and graphic designers.
Digital media such as podcasts, videos, and webinars can also be sold as digital products. These products can provide valuable information and insights to customers and can be monetized through sponsorships, advertising, or by charging a fee for access.
By offering uncommon digital products, businesses can stand out from the competition and cater to niche markets. In the next section, we will discuss how to create and sell digital products.
How to create and sell digital products
Creating and selling digital products can be a great way for entrepreneurs to generate revenue. In this section, we will discuss how to create and sell digital products.
The first step in creating digital products is to brainstorm ideas. Entrepreneurs should consider their skills and expertise, as well as the needs of their target audience. They should also research the competition to see what products are already available and what gaps they can fill.
Research and validate ideas
Once entrepreneurs have a list of potential product ideas, they should research and validate them. This could include conducting surveys or focus groups to gather feedback and ensure that there is a demand for the product.
Choose an ecommerce platform
To sell digital products, entrepreneurs need an ecommerce platform. There are several platforms available, including Shopify](https://www.shopify.com/), Gumroad, and [Thinkific. Entrepreneurs should choose a platform that is easy to use, offers a variety of features, and is affordable.
Create the product
Once the ecommerce platform is chosen, entrepreneurs can start creating their digital product. This could include writing an e-book, recording a video course, or designing a custom template. Entrepreneurs should ensure that the product is high-quality and provides value to the customer.
Promote the product
Once the product is created, entrepreneurs need to promote it to their target audience. This could include social media marketing, email marketing, or paid advertising. Entrepreneurs should also consider offering discounts or free trials to encourage customers to try the product.
Provide excellent customer service
Finally, entrepreneurs should provide excellent customer service to ensure that customers are satisfied with their purchase. This could include offering refunds or responding to customer inquiries in a timely manner.
By following these steps, entrepreneurs can create and sell digital products that provide value to their customers and generate revenue for their business.
The advantages of selling digital goods
Entrepreneurs gain a number of advantages from selling digital goods. The advantages of selling digital goods will be covered in this section.
Scalability: The Scalability
Scalability is one of the main advantages of selling digital goods. Digital goods are available for an unlimited number of times without incurring additional production costs, just like physical products. This implies that business owners can scale their operations without being concerned about inventory or production costs.
Low startup costs
Low startup costs are another benefit of selling digital goods. There are no costs associated with producing, storing, or shipping goods as opposed to physical products. As a result, it is simpler for entrepreneurs to launch their businesses and generate income quickly.
Wider market penetration
Customers from all over the world can buy digital goods. This implies that entrepreneurs can enter international markets and have a larger market reach. It is now simpler than ever for business owners to sell digital goods to customers worldwide thanks to the development of e-commerce platforms.
High profit margins
High profit margins are present in digital goods. Businesses can charge a premium price for their goods because there are no production fees related to digital products. As a result, they can increase their profit margins and make more sales per sale.
Selling digital goods can also generate passive income. The product can be sold for an unlimited number of times without additional work once it has been created. This implies that entrepreneurs can make money while concentrating on other aspects of their business.
Convenience is important.
Last but not least, selling digital goods is practical for both the entrepreneur and the customer. Customers can access the product right away after making a purchase, and entrepreneurs can manage sales and distribution from any location with an internet connection.
Businesses can benefit from scalability, low startup costs, wider market reach, high profit margins, passive income, and convenience by selling digital goods.
Selling digital goods presents challenges.
Although selling digital goods has a number of advantages, there are some drawbacks as well. The difficulties of selling digital goods will be covered in this section.
Competition with free content
Competition with free content is one of the biggest obstacles in selling digital goods. Businesses are giving their customers more and more free content as content marketing becomes more popular. Businesses may find it challenging to persuade customers to pay for their digital goods as a result.
Piracy is a form of violence.
Trading digital goods online presents another difficulty. Businesses must take precautions to safeguard their goods from pirates because digital products can be easily replicated and distributed. This might entail using digital rights management (DRM) software or watermarking their products.
Technical difficulties come with selling digital goods as well. Entrepreneurs must make sure that their e-commerce platform is in good working order and that their goods are easily downloadable. Additionally, they must offer technical support to customers who might have trouble accessing or downloading the product.
Marketing: ### Marketing
Finally, marketing can be a challenge for business owners selling digital goods. It can be challenging to distinguish yourself from the competition with so many products available online. Entrepreneurs need to create a compelling marketing plan that appeals to their ideal customers and persuades them to buy the product.
Entrepreneurs can take action to get past these obstacles and successfully sell their digital goods by being aware of them.
Where to sell digital products
Once entrepreneurs have created their digital product, they need to choose a platform to sell it on. In this section, we will discuss some of the best platforms for selling digital products.
Shopify is one of the most popular ecommerce platforms for selling digital products. It offers a variety of features, including customizable storefronts, secure payment processing, and built-in marketing tools. Entrepreneurs can also use the Shopify App Store to add additional features and functionality to their store.
Gumroad is another popular platform for selling digital products. It offers a simple and easy-to-use interface, as well as features like customizable product pages, secure payment processing, and automatic file delivery. Gumroad also offers built-in marketing tools like email campaigns and social media sharing.
Thinkific is a platform specifically designed for creating and selling online courses. It offers features like course creation tools, customizable landing pages, and built-in marketing and sales tools. Thinkific also offers integrations with other platforms like Shopify and Stripe.
SendOwl is a platform that specializes in selling digital products like ebooks, software, and music. It offers a simple and easy-to-use interface, as well as features like customizable checkout pages, secure payment processing, and automatic file delivery. SendOwl also offers integrations with other platforms like Shopify and WordPress.
E-junkie is a platform that specializes in selling digital products like ebooks, software, and music. It offers features like customizable checkout pages, secure payment processing, and automatic file delivery. E-junkie also offers integrations with other platforms like WordPress and PayPal.
By choosing the right platform to sell their digital products on, entrepreneurs can ensure that their products are presented in the best possible light and reach their target audience.
In this article, we have discussed what digital products are and the benefits and challenges of selling them. We have also discussed some of the best platforms for selling digital products.
Selling digital products is a great way for entrepreneurs to generate revenue and build a scalable business. By creating high-quality digital products and choosing the right platform to sell them on, entrepreneurs can tap into a global market and generate passive income.
However, entrepreneurs also need to be aware of the challenges of selling digital products, such as competition with free content and piracy. By taking steps to protect their products and develop a strong marketing strategy, entrepreneurs can overcome these challenges and build a successful digital product business.
If you are interested in learning more about selling digital products, be sure to check out our other great content on entrepreneurship and ecommerce.
Questions and Answers
Question: What are digital products to sell and how do I choose the right one?
Answer: Digital products are intangible assets like online courses or ebooks. Choose one that aligns with your expertise and audience.
Question: Who can sell digital products and what are the benefits?
Answer: Anyone can sell digital products online. Benefits include low overhead costs, wide market reach, and high profit margins.
Question: What are the best platforms for selling digital products?
Answer: Shopify, Gumroad, Thinkific, SendOwl, and E-junkie are some of the best platforms for selling digital products.
Question: How do I protect my digital products from piracy?
Answer: Use digital rights management (DRM) software or watermarking to protect your digital products from piracy.
Question: What are the challenges of selling digital products?
Answer: Challenges include competition with free content, piracy, technical issues, and marketing.
Question: How do I market my digital products effectively?
Answer: Develop a strong marketing strategy that targets your ideal customers and convinces them to purchase your product.