Are you looking to expand your business in the digital world? Understanding what a digital product is can be the right solution for you.
So, what exactly is a digital product? Simply put, it’s a product delivered and consumed in a digital format. Popular examples include software, apps, e-books, and online courses.
In this blog, we’ll dive into the world of digital products, explore their definition and different forms, and discover why businesses are turning to digital products as a means of growth and the benefits they offer in today’s tech-driven world.
What Is A Digital Product?
A digital product is a product that is delivered and consumed in a digital format. This means that it is created, stored, and distributed electronically, without the need for physical materials.
Examples of digital products:
- Software programs
- Online courses
- Music and video files
- Digital art
The rise of digital products has revolutionized the way businesses operate and opened up new opportunities for entrepreneurs to reach customers and generate revenue.
Digital Products vs Physical Goods
Selling digital products can offer several advantages over selling physical goods.
- Lower production costs. Creating and distributing digital products typically has lower costs compared to manufacturing and shipping physical goods. This enables businesses to sell digital goods at lower prices, increasing their accessibility to a wider range of clients.
- Unlimited distribution. Digital products can be easily distributed and delivered instantly to an unlimited number of customers through the internet, without the need for physical storage or shipping. This means that customers can start using the product as soon as they complete their purchase.
- Global reach. Digital products can be sold and consumed by anyone with an internet connection, allowing businesses to reach a global audience.
- Ongoing revenue. As demand for digital products increases, such as software and online courses, it can generate ongoing revenue by starting a subscription-based business. Plus, it is easy to scale production and distribution to meet that demand.
- Environmentally friendly. Digital products have a lower carbon footprint compared to physical goods, making them a more environmentally friendly option.
While selling physical goods still has its advantages, the rise of digital products has provided new opportunities for business owners to reach customers and generate revenue in ways that were not possible before.
Types of Digital Products
It is possible to turn vital information into a marketable digital product. You can make a good living while sharing things like your skills, viewpoints, expertise, and passions.
Talk about turning your passion into a business.
Here are the most common types of digital products to sell:
Software is a type of digital product that provides a set of instructions for a computer to perform specific tasks.
Software can range from simple utilities and games to complex programs that run on desktop computers, laptops, mobile devices, and servers.
The most popular types of software that are being sold as digital products are:
- Mobile apps – software applications designed for use on mobile devices, such as smartphones and tablets.
- Web-based software – is accessed through a web browser and runs on a remote server, rather than on the user’s device.
- Cloud software – hosted on remote servers and accessed through the internet, rather than installed on the user’s device.
Mobile apps can perform a variety of tasks and provide a wide range of services, including gaming; productivity, such as email, calendars, and to-do lists; social media marketing, etc.
There are even apps that allow users to purchase goods and services directly from their mobile devices.
One great example is Prosperna’s myChat. You can easily launch your online store and create beautiful product catalogs, all straight from your mobile phone.
Plus, you don’t need to have coding skills in order to perform these tasks, which makes it user-friendly. You can download myChat from the App Store or Google Play.
2. Digital Content
Digital content refers to any type of information that is created, stored, and distributed in a digital format.
Some popular examples include:
|e-books, articles, blog posts, and other types of written content
|movies, TV shows, video tutorials, and other video-based products
|photographs, illustrations, infographics, and other types of graphic-based products
|games, virtual reality experiences, and other interactive products that engage users in a more immersive way
3. Online Courses
Online courses are a type of digital product that is designed to provide learners with access to educational content in a digital format.
Pre-recorded videos, live webinars, interactive tests and assignments, and discussion forums are just a few of the different formats they can take.
Online courses can cover a wide range of topics, from academic subjects to professional skills, and can be sold individually or as part of a larger e-learning platform.
They are becoming a more widely used method for people to learn new information and skills since they provide a convenient way to learn at one’s own pace and can be accessed from anywhere with an internet connection.
How to Create Digital Products
Finding innovative business ideas is more of a process. It’s wonderful to have an idea that inspires you, however, if you want a profitable idea, you may need to consider these steps in
creating digital products.
The first step in creating a digital product is to come up with a concept for the product. This may involve conducting a competitive analysis to identify unmet user needs and determine the feasibility of the product idea.
Once you have a clear idea of what your digital product will be, the next step is to plan the development process. This may include creating a business plan, determining the technical requirements, and identifying any resources that will be needed.
Now that you have a profitable idea, it’s time to make the digital product itself.
The design phase involves creating a user interface and user experience for the product. You may need to work with designers to create wireframes, prototypes, and visual designs, and developers to write code, integrate software components, and test the product.
Once the product is ready, the next step is to launch it. This may involve creating a marketing plan to promote the product, setting up a sales and distribution channel, and creating an online store.
Prosperna is the easiest way to launch your online business in the Philippines. You can create an online store, accept all types of payment, and automatically book shipping even without coding skills.
Prosperna’s eCommerce platform is for any Philippine MSME who wants to sell any kind of product or service online, including digital products, with their own branded online store and through multiple channels like Facebook, Instagram, Viber, WhatsApp, Twitter, etc.
As with all types of businesses, creating a product doesn’t just end with its launch.
There should be ongoing maintenance and support, i.e., fixing bugs and updating features, to ensure that your digital product continues to function properly.
Challenges of Developing Digital Products
Developing digital products can be a complex and challenging process, and there are several challenges that businesses must overcome in order to create a successful product.
- Technical expertise. Developing digital products requires a high level of technical expertise in areas such as software development, design, and user experience. This can be difficult for businesses that do not have in-house technical resources.
- Beating the competition. The digital product market is highly competitive, and businesses must constantly innovate and improve their products to stay ahead of the competition.
- User adoption. Successfully launching a digital product requires getting users to adopt and use the product. This can be challenging, especially if the product is not well-designed or does not meet your customer’s needs.
- Monetization. Monetizing digital products can be a challenge, especially for products that are offered for free. Businesses must find effective ways to generate revenue, such as through advertising or paid subscriptions.
- Security and privacy. Digital products often handle sensitive user data, and businesses must ensure that they have strong security and privacy measures in place to protect this data.
Despite these difficulties, a significant number of businesses are having success creating digital products, and the market for these items is still expanding.
Businesses can overcome these challenges and produce successful digital products by addressing these issues and concentrating on providing high-quality solutions that satisfy customer needs.
What is the best digital product to sell?
- Ebooks (and audiobooks)
- Online courses
- Digital art
- Subscriptions and memberships
- Video content
How can I sell my digital products in the Philippines?
The most common way is through an online store, like Prosperna. You can also sell them on various marketplaces or social media platforms.
From the convenience and accessibility of online courses to the flexibility and lower costs of digital content, digital products have transformed the way we live, work, and learn. This is why, as a business owner, it’s important to understand what a digital product is and how it can benefit your business in today’s tech-driven world.
By creating high-quality digital products that meet the needs of your target audience, you can tap into the potential of this rapidly growing market and achieve new levels of success and profitability.
So, start exploring the possibilities of digital products today and discover how they can help you take your business to the next level!
Prosperna, Your Partner to eCommerce Success
Prosperna is an all-in-one eCommerce platform for Philippine businesses. We are on a mission to empower 100,000 Philippine MSMEs with simple and affordable eCommerce solutions.
In fact, we are super passionate about helping Philippine MSMEs we’re giving you a free account forever!
Want to sell digital products online? Create your free-forever Prosperna account now.