Digital products are intangible items delivered electronically, such as music, software and ebooks. Essentially, anything that can be downloaded and used digitally can be considered a digital product.
Digital products can be sold online or through brick-and-mortar retailers. And anyone with a computer and an internet connection can create them.
This mini-guide will showcase some of the most popular types of digital products, their advantages and how they differ from physical products.
Unlike physical products (e.g., clothes, cars, electronic devices, books, etc.), digital products don't have a physical form. Instead, they exist only in the digital realm. This makes them easy to distribute and are often less expensive than their physical counterparts.
Additionally, digital products can be easily updated or modified to keep up with changing technology and trends because they're intangible. Also, digital products often come with a license that allows a customer to use them in unlimited ways.
Here are three main advantages of digital products:
Cost-effective: Digital products have no inventory or overhead costs.
Higher profit margin: Digital products have no recurring fees, so you can keep more profits from your sales.
Versatility: You can easily incorporate digital products into your business and marketing strategy at any touchpoint of your funnel; sell them as your primary source of income, give them away as freebies to increase your brand awareness, use them as lead magnets to build your audience and so on.
Knowledge has become a most sought-after commodity of the global economy. People are looking to learn new skills and improve their lives. All-in-one learning management systems like LearnWorlds enables people to effortlessly create and provide their know-how in the form of online courses.
Professionals such as graphic designers, HR specialists, web designers and anyone who can standardize their working method can create different types of digital templates, such as CV templates, skin website templates, ebook templates, presentations, social media templates, certificate templates and online banners.
The great thing about ebooks is that you can sell them or give them for free online. They are perfect for telling a story or for explaining a process. It's a versatile digital product that you can have available on multiple platforms and update whenever needed. Many writers, bloggers and business entrepreneurs use ebooks to share knowledge or sell their products.
Musicians and artists sign up for online digital platforms which allow them to monetize their music and artwork. For example, artists can take part in turning their artwork into downloadable wallpapers for people's phones or invite art enthusiasts to purchase tickets to buy online access to enjoy their artwork live via streaming video. Numerous online platforms focus on stream or download sales, creating a safe way to experiment with multiple formats to see what avid fans are interested in buying.
Stock photography and video footage are prevalent among marketers and content creators. Sites like Unsplash, Pexels and Shutterstock sell or provide free photos and videos footage.
Podcasts are digital audio recordings made available for streaming online or downloading to a computer or other portable device. There are several platforms online, like Buzzsprout, Captivate and Resonate, where you can host or listen to podcasts for free or for a fee. You can use podcasts to offer consulting services, promote products, educate and build an online community.
This is an extensive category, ranging from thousands of digital business, design or development tools that can facilitate a specific task, workflow or process to all-in-one online application software or platforms such as BigCommerce for building and managing an online store.
Professionals like lawyers, accountants, career, health or life coaches, software developers, consultants and so on can provide their services also online. In addition to having their online shop for selling their products and services, they can also make their services available through marketplaces like Upwork and PeoplePerHour.
A digital coaching program combines elements of in-person and online training. One significant advantage of a digital coaching program is the ability to scale outside of regular hours of operation so that customers can participate at any time and from anywhere.
If you're seeking a long-term partnership with your audience, the membership model is a great way to go about it. It allows you to provide benefits on a recurring basis to your customers, creating a long-term relationship with them. For example, you could offer access to exclusive content or allow users to pay monthly or yearly and save money on your products or services.
Digital products are basically any information that can be delivered electronically. This could include anything from selling online courses and eBooks to software and digital artwork.
Essentially, if a product or service can be delivered digitally, it counts as a digital product. One of the great things about digital products is that they can be purchased and downloaded instantly, making them convenient for both customers and vendors.
Of course, the digital world isn't perfect — sometimes, digital products can be challenging to use or may not work correctly on specific devices. But overall, digital products are a handy way to get the information you need without leaving your house.
If you have an idea for a digital product, don't hesitate to build it today. With the proper planning and execution, your product can be up and running in no time.
Is that enough to pique your interest? What type of digital product would you like to create?