Digital products have become extremely persuasive these days and a lot of professional bloggers and influencers are taking advantage of digital platforms to sell digital content like podcasts, ebooks, videos and many more. Many independent creators have also set up online stores that sell digital products. This has become a great way of income and has also brought huge economic prosperity.
What are the top reasons for selling digital products?
- Digital products have low overhead cost. You do not require any physical storage, packing or shipping charges. You will also be able to skip electricity, rent and staff as the digital product store is fully automated.
- The internet has become an excellent market for selling products. Anyone with reliable internet access can buy these products. Also, it is easier to find different types of products and you need not have to worry about logistics.
- The profit margins are excellent. This is one of the most important benefits of selling digital products. You can earn a huge profit as the overhead expenses are quite low.
- Digital products may last forever. There is no wear and tear and expiry date of digital products. The product can also be updated easily and they will last forever. You will be able to use them indefinitely and that too in the same condition.
- Digital products never go out of stock. You may sell as many copies of a particular product as you want to. Your customers will never have to worry about your products getting out of stock.
- Digital products are easier to manage and sell. The entire system can be automated. A content management system can help you to keep everything organised and there is far less work to do in case of a digital product store. Selling of products is also quite easy. The products can be delivered to your users in just a few seconds.
Some popular digital products:
Here are some of the top digital products which are sold on various online platforms:
eBooks: eBooks are the most popular digital products to be sold online. Over the years, the sale of eBooks have risen sharply and by the end of 2020, the annual growth is expected to be about 93%
Online Courses: The number of online courses available on the internet is massive. With time, these courses have become extremely popular and their profit margin is also very high.
SaaS products: These are basically selling software products. Like any other digital products, SaaS products also do not involve inventory and shipping charges. You will have complete control over the price of these products.
How to sell your digital products?
Find your product fit
If you want to sell digital products then the first thing that you will have to do is to look for a product that is in high demand in the market. You should also make sure that you will be able to compete with the current sellers of that particular product. Once you have found your market, you will have to position yourself before your customers in such a way that you are able to gain the trust of your customers. For that, you should make sure that your product has a brand and your brand message should also be very clear to your customers. For that you need to know your customer demands properly. Only then will you be able to satisfy their needs.
Generate on-demand traffic
Generating on-demand traffic is a crucial part of setting up a digital product store. If you already have your online store and you have SEO traffic, then it is good. Otherwise, you will have to set up your store and look for resources using which you will be able to try to generate traffic on your website. Few of the best ways by which you will be able to get on-demand traffic are social media ads, online influencer outreach and other online marketing methods. Choosing the right audience is very important in giving your store the right exposure.
Offer lead magnets
Lead magneting is the way of offering value to your customers in exchange for valuable information. When you are lead magneting, you are basically offering an immediate free value to your customers. Your main goal is to get access to their email addresses. This will help you to generate target leads. A very important way of lead magneting is email marketing leads. You can give free products to your customers and encourage them to want more of what you have. Suppose you are selling online courses. A very good way of lead magneting is to offer an ebook to your customers for free. This will encourage them to buy your course.
Tripwires are products that are given at a lower price than the original price. It includes giving discounts or showing the products as the best deal. In this way, you will be able to gain the trust of your viewers and also get potential customers. This will make sure that your digital products store stands above the crowd.
Use marketing automation strategies
You can use marketing automation to drive people to your website. This will also help to convert your leads to customers and customers to frequent buyers. You can use email automation to notify people about discounts and offers. In this way, your people will remain aware of the products which are currently on sale. This will also trigger them to buy more products from your store.
How to set up a platform to sell digital products online?
These are the following steps that you have to undertake in order to set up a digital product store:
- Buy Domain and WordPress Hosting: WordPress is a great platform to set up an online digital product store. However, before you build your WordPress website, you need to purchase the domain and WordPress hosting.
- Install and Setup WordPress: Once you have purchased your domain and web hosting, you will have to install WordPress.
- Install and Setup EDD Plugin: The Easy Digital Downloads plugin provides you with all the necessary features which are required to design a fully functional digital product store.
- Setup EDD Compatible WordPress Theme: Selecting the right WordPress theme is an important part of developing a successful website. While choosing your theme, make sure that it is compatible with the EDD plugin.
The digital product market has grown sharply over the few years and it is expected to grow more in the near future. So, if you wish to set up a digital product store, then now is the time to do so. So, hurry up and design the perfect website for your online store.