The pandemic has changed the way we shop. Since the UK went into lockdown, we have all developed an appetite for buying online. Not being able to go out and physically buy the things we want or need has meant we’ve all been buying in a different way.
For those selling the products, there are certainly considerations to make. But if you’re thinking of setting up shop and wondering what to sell, now is a good time to think carefully about the direction you want to move in.
The biggest question of all is what type of product do you want to sell? Do you want to sell something tangible or something digital? To help you decide, here are the pros and cons of both.
Pros of Digital Products
- Instant access
When your customer buys your digital product, whether it’s am eBook or an online course that you’ve set up, once you’ve taken their payment you can deliver the product to heir inbox on your platform immediately.
- No delivery costs
Similarly, there are no delivery costs to factor in. Once the product has arrived in your customer’s inbox, the transaction is complete.
- Never-ending supply
Digital downloads are available forever. For as long as you’re able to duplicate the product you’re selling, you will never run out of stock.
- Global reach
Another pro is that you can tap into markets on a worldwide scale. Anyone with internet access and a desire to buy your online course or download can do just that, giving you a wider reach.
Cons of Digital Products
- Difficult to Quantify
It can be tricky to keep track of how successful your product is. A download doesn’t necessarily mean your product was a hit, so you’ll need to set up a follow-up system to get feedback.
- Lower Value
As the product you’re selling isn’t tangible, it’s harder to place a value on it. This can prove tricky when you’re pricing it up.
Pros of Physical Products
- Easy delivery
While digital downloads are instant, there is still the possibility of a glitch or a fault on the system. There are couriers available for physical products that travel across the globe, providing smart tracking systems and a full delivery service. Comparison sites such as Parcel2Go, for instance, make it easy to select couriers that allow you to keep up with where everything’s going.
- High perceived value
It’s easy to workout the value of a physical product as it’s tangible.
- Easy transactions
There is very little in the way of explanation needed for a physical product. Digital downloads, on the other hand, might need to be explained or the buyer might need help getting set up.
Cons of digital products
There’s more to consider with a physical product. Where will you store the stock? Do you need to hire staff to help?
How will you keep track of everything? You’ll need to do regular stocktakes to make sure you can meet demand. This is more time consuming that selling something that just needs a few clicks.
What type of product do you think you’ll sell? Which is easier for you?