Digital products carry some of the best margins of any product you can sell. The upfront costs of development can be high, but the variable costs of selling digital products is comparatively low. Once media or software is made, it isn’t very expensive to deliver to customers.
At its core, a digital product is an intangible asset you can sell repeatedly without restocking an inventory. They often come in downloadable files such as a PDF, plug-in, or interactive document. These products have become such a good source of passive income that many top professional influencers, bloggers, or public icons release digital products such as guides, e-books, templates, research findings, plans, and tutorials.
Some key benefits of selling digital products are:
They are scalable. There’s no limit to how many products you can sell. No inventory. No manufacturers. No shipping or logistics. Just market the products. When a customer purchases a digital product, it’s delivered instantly without your help.
Low overhead costs, high profit margins.
Since there’s no recurring cost of goods or shipping charges, you keep a majority of the profit for each sale.
E-learning is becoming more popular. The e-learning industry is expected to reach $325 billion by 2025.
Digital products are a smart way to take advantage of this trend and expand your business.
Digital products can be a great supplement to your main income. Many creators make them to add another revenue stream to their businesses, whether it is consulting, education, memberships, etc. You could build a presence on Twitter and LinkedIn or build an email subscriber list to promote your products to and make sales.
Since the barrier is so low when selling digital products, it doesn’t require much upfront investment or risk. The best care scenario is you sell 10,000 templates. The worst case is that few people buy and you lose a few hours of time.
