5 Most Profitable Digital Products to Sell Online
Businesses, both small and big are undergoing a digital transformation in a big way to stay ahead of the competition. With the advent of the internet, it is not surprising that a large number of people are choosing to sell digital products online. A digital product cannot be touched or held, but almost everyone consumes them. From videos to music, eBooks to online classes and a lot more.
In comparison to physical products, digital products are easy to distribute, more sustainable can be replicated easily and are often simple to create. For this reason, brands build an entire business around these intangible product lines to compliment the physical products they sell. With more than one or a few devices, anyone can make a digital product worth sharing and selling to people. Just a laptop and a sprinkle of passion, creativity and some quality time are all that is needed.
Now you might be wondering -what types of digital products to create. So, to help you out, here are the 5 best digital products to sell online. Read on for some digital product ideas and inspiration so that you can start creating and sharing your stuff with the world.
Educational products- E-books and courses
E-books are all the rage nowadays, primarily because they offer easy access to reading material. If you consider yourself as an expert in any niche, digital products are an excellent way to package the knowledge and sell it to those who are interested in learning about that particular topic. E-books and courses are relatively simple and easy to produce as they require well-written information and a few relevant images. With the majority of people using the internet, e-books are easier to distribute in large marketplaces or the online store you build. You can also sell an online course on any topic as long as you can offer value and knowledge to your audience. Online courses can be anything, including written lessons, videos, worksheets, assignments to a combination of all these.
License to use your digital assets
From music to videos, there is a large ecosystem of licensed digital products uploaded by creatives for other people to use. By providing a license to both individuals and businesses, you can add a small fee to use your music, videos, photos, software or anything through an online marketplace or your own website.
In exchange for the products, some of these platforms can take up even 50% of the commission for each sale you make. Therefore, it is better to build your own store to sell the license keys of your digital products. Make sure that you secure your digital products with watermarks and other protective measures especially if you are selling images.
Membership to access exclusive digital products
Selling of individual products is one way and selling them as a bundle of digital assets is yet another way to sell your digital products. To generate recurring revenue out of it. Sell your digital products as a package and add a paid subscription fee to it. It can be anything like, if you own a store of game accessories, you can offer a subscription to premium educational content to compliment your physical products. This is an ideal approach if you want to maintain an expanding library of premium content and nurture a community of users. A paid digital subscription is an opportunity to directly monetize your digital products. You can build those types of platforms to add recurring subscription bills to your digital delivery platform.
Digital tools and templates
Digital products also come in the form of tools that equip professionals to perform tasks that are outside of their skill set which takes up a lot of effort and time. Some of the examples include-
-Software for businesses -Resume templates -Product mock-ups -Plugins -Icons, fonts, and UX kits for designers
If you already freelancing, it is great to consider who you can transform your skills into digital products to create excellent streams of revenue. Selling software is a thriving business as the software industry is huge and rapidly growing. Whether it be desktop software, web applications, templates, mobile apps, video games or anything powered by code, the opportunities are plenty.
Music, art, and videos
Audios and videos are another powerful media to communicate and share information and entertain your audience. Digital audio products can be anything including music tracks, podcasts, recorded courses, sound effects, podcasts and more. Video products include games, educational content, entertaining content, movies, and TV shows.
Streaming your podcast or videos and games can contribute to your incomes. Streaming platforms like Twitch can be great for sharing your work and get you heard. You can build your website, grow your audience, share your work on social media and offer regular promotions to thrive in the industry.
Selling digital Products is a Great Business opportunity
As entrepreneurs, if you have not ever tried selling digital products online, you are missing out great business opportunities. If you are creative and can produce your own digital products, there are great chances to make a fortune by selling digital products online. But, how to sell digital downloads if you don’t have any talents? Even if you don’t have any talent to create digital products, opportunities are still open. Think about the largest taxi service- Uber. How many cars does Uber own? Now consider Amazon- They don’t manufacture the products they sell. So, if you are marketable skills or even if you don’t have one, your entrepreneur skills can enable you to start a business that sells digital products.
Benefits of digital product business
When you are more familiar with the potential benefits of selling digital products online, you can take your business to new heights. Here are the advantages of starting a business to sell digital products online.
Digital product business models don’t demand liquid capital as when you sell physical products. You just have to spend money on a few essentials.
-A platform like your own website to sell the products -Marketing effort -Supplies needed to create digital products -Software solutions that help to create and grow business -Laptops and mobile devices
Sell the same products multiple times
Digital products allow generating passive income. Once you create a product, you can sell it to as many people you want without any limit. Additionally, you can upgrade previous products to create new products as well. If you sell online courses, you can label them as part 1 and part 2 to create similar course material and sell it as separate products.
Collaborate with other creatives
The internet is the best platform to collaborate with other creatives. You can collaborate and work with anyone, anywhere around the world. For example, if you are selling e-courses or e-books on intermittent fasting benefits, you can partner with an expert in nutrition to combine healthy eating with fasting for better results. Having access to each other’s audience allows you to increase your income.
Measure any metric
Measuring the success of top-selling digital products are easier than with physical products. You can utilize free online tools to track revenue, conversion rates, bounce rate and anything you think might help you to improve your sales and income.
The demand for digital products is growing at a desirable rate. Selling digital products is a low risk and low-cost business opportunity involving a fairly simple process. Given how profitable it is, entrepreneurs, professionals, and artists are flocking to it. If you are planning to start a business that sells digital downloads, the list of popular digital products probably will give you great ideas. You don’t require suppliers, packaging, and shipping that comes with physical products. Without the need to stock an inventory, it is quite easy for you to launch your business of selling digital products.