What is it? A digital product is an intellectual property object created for distribution and sale on the Internet. E-books, manuals, courses, software, podcasts - all of these are paid and free digital products.
How to create? You don't have to be a programmer to post a recipe for a delicious pie on a thematic forum or record and publish a podcast about buying an apartment. To create a commercial product, you need to analyze trends, generate ideas, and develop an MVP.
The article explains:
Description mom database of digital product
The Pros and Cons of Creating and Selling Digital Products
Top 15 Profitable and Free Digital Products
Finding an idea for creating a digital product
Development of MVP of a digital product
Evolution and development of a digital product
How and where to sell digital products
5 Scenarios for Using Neural Networks to Increase Website Conversion by 40%
Download for free
Description of digital product
E-commerce volumes are growing steadily. In 2022, they increased by 33% compared to 2021, amounting to $189 billion in monetary terms. This phenomenon is explained by the pandemic, which forced many sellers to switch to a remote sales format.
Today, the so-called digital reality is actively developing, in which many types of daily human activity are moving into a virtual format. An integral element of this process is the emergence of content distributed on the Internet. It is the same item of sale as material things, but has a number of advantages. The main ones are that digital software products do not require storage space for inventory, they can be transferred from the seller to the buyer in a few seconds via the Internet from anywhere in the world.
Description of digital product
It is obvious that digital products, stored as electronic files on a computer, allow an unlimited number of copies to be created, which allows satisfying even the highest demand. Such a product will be enough for all buyers, it cannot expire. A store selling digital goods can be developed simultaneously with traditional retail outlets. Sales funnels, cross- and upsells will help increase turnover.
In Russia and neighboring countries, the digital goods market is in its infancy. This is a good niche for a startup. By developing a unique product, you can stand out from the competition, win the buyer's attention and make a high profit.
Read also!
"Examples of USP to make your own even cooler"
Read more
The Pros and Cons of Creating and Selling Digital Products
Selling digital products has a number of advantages that distinguish them from traditional goods:
Minimal costs. No need to spend money on warehouses and ensuring the safety of goods.
High marginality. As mentioned, replication is carried out by creating an unlimited number of copies of an electronic file, which does not require production costs.
Possibility of automation of the sales process. For this purpose, one of the popular electronic platforms can be used.
Product flexibility. The seller can provide free products to all or selected customers to build a customer base, paid offers for subscription access, licenses to use the product. There are countless ways to apply digital technologies to the business model.
Electronic education. This niche has huge potential. According to experts, the online education market will amount to 374 billion dollars already in 2026.
Technical support for online course
But not everything is so rosy. Selling digital products can cause a number of difficulties:
You can find free analogues of the digital goods you sell on the Internet. Agree, not everyone will want to pay money for something they can get for free. Therefore, the basis of business is competent marketing planning, product positioning, creating its uniqueness, achieving quality for which the user will agree to pay.
The digital goods market is flooded with illegal copies, especially in Russia. In recent years, the government has paid attention to this problem.
There are specific restrictions on sales channels. For example, tangible goods must be sold in accordance with their sales policy.
All these problems are not insoluble; they can be overcome through the competent and responsible development of a digital product promotion plan.