How to Make Money Online Selling Digital Products: Your Journey to Financial Freedom

Selling digital products is one of the best ways to make money online. Making money online simply means digitalizing what you do. You can generate a lot of income online that can lead you to financial freedom with your laptop, phone, internet, and skill set.

What are Digital products?

Digital products are products with no physical form that can be sold online. Examples of digital products are; e-books, videos, software, etc. the world is evolving, and books are sold in form of a soft copy now, unlike, the conventional hardcopy. CDs are being substituted with sites where videos and songs can be downloaded. Softwares are also downloaded online.

Difference between Physical and Digital Products

Physical products are products that are visible i.e they can be held, felt, seen, and touched while digital products cannot be touched or felt.

1. Profit Margin: physical products have a low profit margin while digital products have a high profit margin.
2. Delivery Headache: physical product is characterized by high cost of delivery, failure to deliver by delivery companies, payment on delivery complications, and payment on returned goods among others while there is no delivery headache for digital products. Digital products are sent to emails, WhatsApp, download links or sites, etc. delivery requires no extra cost.
3. Recurring production cost: you have to pay for the production of products at every point in time for physical products e.g. someone selling hard copies of books will have to pay for the production of more copies whenever there is demand but for digital products, there is no recurring production cost. Review of products will require little or no cost. There will be no need for another production whenever a review is made, unlike physical products. A single product is sold to all buyers in digital products, unlike, physical products where you have to produce for everyone and this is responsible for high profit margin in digital products.
4. Limited market: selling physical products to other locations or countries might be difficult or impossible due to delivery issues. Digital products can be sold to any part of the world. The process of delivery for everyone irrespective of location is the same.
5. Payment on delivery risk: a lot of people want payment on delivery option for physical goods and this involves a lot of risks. Some people order for fun and loss is incurred due to the cost of advertisement and failed delivery. Payment is made before delivery for digital products. Payment has to be made before the product is delivered and this conserves time and cost.
6. Limited stock: production of some physical products is stopped, or discontinued, this can lead to the product being out of the market. If one ventures into such a business, whenever the manufacturer stops production of a particular product, one will be out of business. Unlike digital products, the stock is infinite. Once a digital product is made, it is always there and never out of stock.

From the comparison made above, it is advisable to opt for the digital market for optimal financial independence.

Also Read: How To Make 6 Figures With Affiliate With Affiliate Marketing

Ways of Making Money through Digital Products

There are two ways by which one can make money through digital products. They include:

1. Vendor
2. Affiliate

Digital Products: The Vendor’s Perspective

If you have a skillset e.g. processing of visa, you can make an e-book or video about it. There are lots of people searching and willing to pay hugely for this information.

You can also make videos of what you know how to do e.g. different ways of cooking a dish, baking, etc. you can also teach people virtually and earn hugely from that. It can be knowledge of agriculture e.g., how to rear snail, fish, crop production, etc. people who need this knowledge will be willing and ready to pay for it.

There is something you know and is unknown to others, make content out of it and become a vendor of a digital product. This is how to create content. You can create products, markets and earn income from them. While this is good, it is not meant for all. Everyone can’t be content creators. Everyone can’t write books, create videos and build software.

Digital Products: The Affiliate Perspective

To become an affiliate marketer, you can register on notable platforms like www.afriliate.com and some other affiliate platforms and market their product. The process is to visit the site, register on the platform, get an affiliate link, promote and sell their products using your affiliate link.

You can get up to 50% to 80% of the amount of the product you sell through your link e.g. if you sell a product worth 100 dollars with your link, your commission can be between 50 to 80 dollars from the sales.

You can visit www.afriliate.com to join an affiliate platform.

Watch out for the next article on how to create content as a vendor and affiliate in an elaborative way.