Digital Product
A word found everywhere in today’s world. From mobile apps to e-books and online courses, digital products have revolutionized the way we consume and interact with information.
But what exactly is it? Let’s find out.
In simple terms, a digital product is an intangible item delivered electronically, such as music, software, or ebook. You can also describe it as a product lacking a physical form. Anyone with a digital device like a desktop, tablet, or mobile phone, and an internet connection can create them.
Google Search, Facebook, everyday apps etc.., are good examples. Some of these products exist on their own, while others are part of a physical product or business that has been made digital.
What is the Difference Between Digital and Physical Products?
The primary difference is that unlike physical products (e.g. electronic devices) that are tangible and can be touched, web-based products don’t have a physical form. They exist only in the digital world that can be easily sent and received over the internet, while physical products need to be physically shipped or bought from a store.
Additionally, these products can be easily updated or modified because they are stored electronically, whereas physical products cannot be changed once they are made.
Lastly, digital products often come with licenses that allow you to use them in different ways, whereas physical products may have certain limitations or restrictions on their usage.
Benefits of a digital product
Digital product has numerous advantages. Let’s explore some key benefits:
- Cost-Effective: Traditional product distribution channels often involve significant expenses such as manufacturing, shipping, and warehousing. Digital products, on the other hand, make distribution affordable and scalable. They do not require any inventory or overhead costs. Besides that, there are no shipping charges.
- High-profit margins: The profit margins a great in a digital product due to their cost-effectiveness and reduced handling cost.
- Easy Freemium: A digital product can serve as a good freebie to boost your business’s brand awareness.
- Global Accessibility: Anyone, anywhere can access it as long as they have an internet connection. This global reach supports creators to reach a wider audience and expand their customer base.
- Instant Delivery and Low production cost: With less production cost and reusability, these products are more efficient compared to their physical counterparts. Let’s not forget, they are downloaded with a click!