Introduction to Selling Online
At some point, you’ve probably heard of “digital goods” and wondered what they are. If you’re like me, selling online digital products may have seemed like a far-off dream. But with the rise of e-commerce platforms such as Etsy, Shopify, and WooCommerce—and their corresponding apps—selling digital products has never been more accessible! This post will explore why they could suit your business (and how to get started).
Platform independence online selling
It is possible to sell online digital goods on your website or other sites like Amazon, eBay, and Etsy. Or, market your digital goods online through a marketplace like iTunes or Google Play (if you’re an Android user).
The time-to-market is one of the most important advantages of digital products. You can get your product out there faster and get customer feedback sooner than if you were selling in person. Suppose a customer has an issue with their order. In that case, the Customer can get a reply sooner than waiting for weeks or months before they hear back from you.
By storing the information on the same server, customer repurchasing can be streamlined and made more efficient with just one simple click.
Predictable revenue is critical to building a successful business. You can use the same methods to forecast profits or losses. Calculating net sales for the month would be the top priority.
- Calculate your net sales by adding all of the products sold during the month (subtracting any returns or discounts taken), then dividing it by two and multiplying by 100 percent. Here’s an example:
If your gross profit margin were 50% last month, then this would mean that every $1 in revenue would generate $0.50 in profit at the total price—or 50%.
No physical inventory to manage
You are not having to worry about managing physical inventory or shipping and returns and selling your digital products anytime, anywhere in the world.
No shipping and handling costs
Worry about shipping and handling costs? Try offering your digital products at a highly discounted rate and still make money; also, forget about lost or damaged goods because once you’ve sent them out as gifts, they’re gone forever!
No one will ever see them again—even if they got lost somewhere between you and your Customer (which is extremely unlikely). Handle any issues promptly if they occur with the customer’s order after shipping.
Well, no problem—you’ll refund their money! It’s straightforward compared to traditional shopping methods like retail stores or online retailers, which require expensive returns policies before you can sell anything!
More accessible pricing and bundling options
- Sell a digital product for $1 or $100.
- Bundle products and sell them as a package.
- Offer multiple payment options, such as recurring and automatic renewals (which auto-renews at the end of each month).
- You are changing prices anytime by updating the price field on your store page in Shopify’s backend interface.
Digital goods can be a great ROI, but you must work at it.
- You need a good product.
- A good marketing strategy.
- Reasonable pricing and customer service that’s on point, too.
A grand launch is crucial to getting people excited about your digital goods!
Here are some platforms that you can use to sell products online :
Note that selling online may incur charges from the individual platform; for example, Amazon charges additional listing costs and transaction charges per sale. Find out more before signing up for any media.
Some Platforms do ban dropshipping. Be careful about how you sell on media; they can help you make money, and always understand how to operate as each forum has its house rules. Make sure to go through them before you start your selling!
Digital products can be a great ROI, but you must work at it. With many upfront costs and trade-offs, there’s no getting away from it: digital goods require more time and investment than their physical counterparts. But if you have the patience and willingness to make those investments, the benefits are worth it.