Big data is changing the future of the retail industry. One study found that the value of big data in this sector was worth $3.45 billion in 2018.
Big data is especially important in the eCommerce industry, since the market is digital. Smart marketers will look at ways to utilize it. Big data is going to be even more important for companies selling digital products online.
Big Data is Going to Be Essential for the Sale of Digital Products
Selling digital products is one of the easiest ways to make a living online. You have low overhead and no inventory make it accessible to new sellers and once your product has been uploaded, voila! All you have to worry about is driving traffic to it.
However, just because a business model is popular doesn’t mean you can go in halfway. Like a traditional business, there are still certain steps you have to take to successfully and securely sell your own digital products.
Big data is going to play a vital role in this process. The global eCommerce market is estimated to grow to $24.3 trillion by 2025. According to research from Meticulous Research, big data is going to play a huge part in this.
Let’s take a look at how you can do that below.
Understanding the Nature of Digital Products and Building a Data Strategy Around Them
In short, digital products are products that are sold and downloaded online. They can be created easily in the form of PDF’s or video files and purchased by users who can then download them onto their cell phone or computer.
With over 4.33 billion people are actively using the internet, many people are beginning to sell digital products. It’s instant and can be accessed by anyone with an internet connection, giving creators the opportunity to sell globally without paying huge shipping fees. They can use many different types of machine learning and predictive analytics technology to get the most of it.
The Different Types of Digital Products
Digital products come in many different shapes and forms, all of them downloadable. Some of the more popular digital products include:
- eBooks: eBooks are arguably one of the simplest digital products to make. eBooks are also the most common. They can be created for any industry and sold easily.
- Videos: Videos are another popular digital product. Whether it’s a lesson plan or fitness video, filming one is fairly simple and appeals to a large audience.
- Presets: Many artists will pay to have access to pre-programmed settings on software, such as Photoshop or ProTools.
Big data can play a huge role in marketing any of these products. You can use big data to segment customers, identify growing market opportunities and optimize campaigns far more effectively. A growing number of advertising platforms such as Facebook are using AI and other big data technology to get more value for their marketers, which means that your ROI will be higher as a marketer of digital products.
Digital sellers aren’t just limited to selling single products, either. A useful business model that many sellers adopt for their digital products is to sell subscriptions. By selling something like a magazine subscription or weekly meal plan, you can continue to make money off of your products on a regular basis.
The sky is the limit for up and coming sellers, so don’t be afraid to think outside the box for your next product! With over a hundred digital products to sell, it’s never been easier to come up with unique products your customers will love.
Selling Digital Products Securely
Piracy and theft are very real threats in the digital world, so it’s important to make sure you’re selling your products securely. This begins with the eCommerce platform you choose.
eCommerce platforms are increasingly popular options for sellers to get started quickly and affordably. You can “rent out” software from an eCommerce provider and then use it to create a customizable online shop to sell your products from, no coding needed.
Not all eCommerce platforms are created equally. In order to sell your digital products securely, you’ll want to choose an eCommerce platform that offers the following:
- PDF File Stamping: If you plan on selling PDFs, file stamping is a great way to deter thieves from distributing your content. Platforms that offer PDF file stamping will stamp the buyer’s email address onto every page of the PDF file, making it more risky for them to give it away.
- SSL Encryption: If a platform doesn’t offer SSL encryption, run for the hills! SSL encryption ensures that the data of you and your customers stays safe, preventing digital pirates from accessing your personal information.
- Protected Downloads: Limiting the number of times a user can download your product can help keep your products safe from mass distribution.
By choosing a platform that offers modern security features, you can minimize risk and keep both your products and your customers data safe from piracy. This is vital because once your product has been compromised, it’s difficult to get it back.
Securely selling digital products is a fun and easy way to make some money, if you do it right. Remember these key takeaways when selling online:
- Over half the global population is online, making digital products a lucrative business.
- Digital content is easy to make and distribute, so have fun with it! Create products your customers will enjoy and don’t be afraid to create recurring revenue with subscription products.
- eCommerce platforms are a simple but effective way to start selling online.
- The popularity of digital products has made them a target for piracy. Reduce risk by choosing a platform that offers up-to-date security measures.
You need to keep all of this in mind when developing a big data strategy for your eCommerce business.
Big Data is the Key to Growing Your Digital Product Marketplace
Selling digital products can be a challenge. You will need to leverage the latest big data technology to do so effectively. Fortunately, machine learning and predictive analytics will help you make the most of your online product sales.