If you are wondering: What is digital product? How to sell digital products? and why should you engage in digital product business?
You are in the right place!
In this article, I will share with you the basic concepts of digital products. Potential and benefits when you sell digital products. At the end of this article you will know:
- What are the benefits of publishing and selling digital products?
- Why digital products are always said to be profitable for low cost?
- Why you can generate income while sleeping?
- Compare and know the pros and cons between digital products and physical products
1. What are digital products?
Digital products are the kind of products that you can not handle by hand, the kind of products that need to use the technology equipment to use it.
For example, you are reading this article, this is a digital product that is encoded in text and requires a web browser to access and read it.
For example, if you buy ebooks, you will have to read it on your computer, on your phone or iPad. Those ebooks are digital products. Or videos in online courses, software, phone apps, etc. All of those are digital products.
Digital products are a way of creating passive income for your business. They are basically any type of information product you deliver electronically rather than physically ship
2. Why should we engage in the publishing and trading of digital products?
Because it has the following 3 big benefits:
- You have the opportunity to express yourself as an expert in the field that the product refers to.
That means when you write and publish an ebook on a certain topic, you can become an author of people interested and likely. You will be admired and considered as an expert in that field (in case the product receives support and provides value to the user).
- You can generate passive income while sleeping.
For physical products, you will have to produce, shipping to bring products to users. The process takes a lot of time and effort but for digital products you can completely automate it, sell it unlimitedly and purchase transactions happen completely automatically.
For example, when you buy online courses, software,… after the payment is completed, the product will be sent by email to you then you can download into your computer.
- You can create once and sell n times.
If you make users see that this product is very useful and valuable, you have the opportunity to create more purchases in the future for the next product or for the product itself. . That is, when your product is valuable, in the future, users may continue to buy your next product or they will refer others to buy.
In addition, you can create additional products on the same subject but in another form. For example you could write an ebook and sell. However, with the support and interest of the community, you can completely convert that ebook into a video course and continue to sell it in another form and still be a digital product. It’s just different how you pack it. The benefit here is that you can create many forms of digital products to create future deals.
In summary, there are three major benefits of digital product business:
- Have the opportunity to become an expert in that field.
- Can generate passive income right while sleeping
- Can create unlimited transactions in the future.
You can see how to generate passive income at: What is affiliate marketing and some tips to help you make money with affiliate effectively
3. What are the advantages and disadvantages of digital products and physical products?
a. Physical products
- In case of printing a book, you will not need to worry about the copyright issue, not afraid of being rampant sharing. Because when you publish a book you will have a contract, an agreement with the publisher and a copyright, sharing will be more difficult.
- Another benefit is that you can sell the book at a physical store.
- Cost more for production, transportation,…
- The volume of books issued may not be enough to meet the demand
- Need a space to store the physical products
- The profit will be less because the revenue will be deducted for production, transportation,…
- It takes more time to fix, update,…
b. Digital products
- The process of creating the product will be faster
- The delivery and shipping process will be more automated, easier.
- Cost less to create products
- Can create unlimited purchases (just produce once and sell many times)
- The ability to sell harder than physical products. Because digital products, users are not seen before buying, you need to build trust before that can sell.
- Copyright protection will be more difficult.
- Need support device to use. For example, software, ebooks, … need to have equipment to read, use it but can not hold on hand and use immediately after purchase.
At the present time, the Internet is growing, so people are starting to pay great attention to digital products. And more and more devices are easier to use. So in the future digital products will thrive and if you are a digital product expert with knowledge of a field, at this point, you can begin to learn how to publish and sell digital products to generate passive income.
Images source: shappz.com, blog.sellfy.com, educatorsresource.in