Since the introduction of the internet and the possibilities it offers, many companies saw the potential to increase their exposure and made themselves available online, which is when the digital economy began. With technology constantly evolving and internet speeds reaching the stage they are in now, it became clear that the digital economy would bring down the traditional economy a lot and greatly improve profits. Recently, the digital economy is one of the key drivers of economic growth in the US and has grown approximately 7.2% annually over the last decade, a rate approximately 4 times faster than GDP. The development of technology has also led many companies to easily improve their efficiency in many fields with lower costs.

The digital economy has some advantages over the traditional one and those are:

1. Effective allocation of resources: in the digital world there is the option of obtaining an algorithm that has information about what people search on Google, what they want and how they want it, and it is much cheaper than paying people who can or they can’t to help you sell your product.

2. Location – It doesn’t matter where you are as long as you have an Internet connection and an online presence. You can be sitting at home in your pajamas and making millions selling services or other products if your online store is well marketed.

3. Faster Small Business Growth – When you put your business online, it would cost $ 20- $ 30 to reach an audience of 3,000-4,000, which means it would only cost very little to get your new business out there to so many people there who may be interested in your product or service.

Affiliate marketing

Having a website or blog that is frequented by a lot of people is one of the best things you can have in order to make money online because if you have one of those, you can use it to place affiliate links and refer people. services for which you will earn commissions. If this sounds simple it is because it is, but the difficult thing is to get to a website or blog that many people are reading. It takes some time for a new website to become popular and have a lot of traffic. It involves working hard and posting content regularly, but once you build your audience, you can really enjoy the passive income and quit your job to work from home.

The way affiliate marketing works is by offering a commission for the products or services sold. There are many websites that have various products and services listed and available, and all you have to do is register on their site and apply to be a product affiliate. Once you get approved (this usually happens very quickly), you will get a unique link that you need to insert in your posts so that your audience can see it and if they buy the product or service through this link, you will get commission for it. That can range from 20% to 200%, depending on the product and the company that offers it.

Make sure to recommend products and services that you really think are worthwhile to your readers, because if you refer them to something mediocre, you could start to lose audience and your online income will take a hit. Do your research before requesting any service to ensure that you are an affiliate of something great and that you can proudly present it to your readers.

There are several affiliate websites that you can sign up for and choose from the products and services they offer, including Rakuten Marketing, Share-a-Sale, Commission Junction, ClickBank, Impact Radius, and many more, but you don’t have to use these sites to be an affiliate. There are many companies that recognized the potential to offer affiliate options on their own without using one of the above websites and implemented an option that deals directly with the company.

Overall, affiliate marketing is definitely the best way to make money online and increase your passive income, allowing you to quit your day job and work from home and ultimately pay people to work for you for May you enjoy your day and spend your time as you see fit.

E-commerce business

E-commerce is a very fast growing business that people can use to take advantage of the rise of the digital economy and make money online. This method also involves working from home and can eventually turn into a passive income stream that will only need constant workplace maintenance and great effort.

The blueprint for ecommerce businesses begins with choosing a niche and a personality. Once you have done that, you will need a website where you can create your online store and choose a product that you think will sell well and have the highest profit margin. It has to be within the niche you chose and match the person you decided to represent. It’s better to start with just one product rather than many because it can be tricky if orders start coming in and you can’t cover the costs right away. There can be issues with shipping and returns, which is really difficult for newly created websites. Once you’ve established a good markup for a product, you can expand and find out what else is selling like crazy so that you can put it on your page for your visitors to buy.

It’s a fairly straightforward model, but today’s e-commerce market is highly competitive and it’s not easy to compete with websites that are already well established and trusted by consumers. However, it is still one of the simplest and most effective ways to generate real income online using the growth of the digital economy.

Coaching and consulting

Take advantage of the many applications available

The apps that are available on your smart devices aren’t just for fun and games. There are many apps that have the potential to make you big bucks if you really dedicate yourself to becoming part of the digital economy and making money online. There are few apps available that you can use to find a coaching or consulting job and one of them is Task Rabbit.

Homework rabbit

A very simple to use application that can generate some extra money. Clients post tasks to the app and you can request any posts there. The various tasks can be simple and easy, which would pay less and could become extremely complicated and require experience in a field, but it would also pay more. To find a consulting or coaching job, you just need to search their database of published jobs and see if anything is available at the moment. You can also try other similar apps and not just stick with this one.

Use websites to make money

One of the best ways to join the digital economy and make money online is to use the websites available to everyone to generate active and passive income. Some of the sites that are set up can be used to sell digital products such as clothing designs, but can also be used for consulting and training services. Basically, the websites that we include in this category are the ones that focus on long-term working relationships with freelancers in various niche areas such as photography, design, content creation, online marketing, coaching and consulting. Some of the sites available on the web are as follows.

Upwork

An amazing market for freelancers to find a part-time or even full-time job. It’s great for selling any kind of digital service you can imagine. The best part is that what you need for this site is to be good at what you do. No need to create your own website or special business account. If your service is top-notch and your knowledge in the field you are working in is exemplary, you have nothing to worry about. The only downside might be that there is a lot of competition and you will have to “fight” to get a job, but other than that it is an amazing place where you can earn money online, which can easily be turned into passive income.

Fiverr

Another website similar to Upwork, but on this one you are posting what you can do for a certain amount, while the minimum amount is $ 5. So if you are looking for coaching clients, you can post a gig that allows people to Know that you are available for coaching sessions for x amount of money and people looking for something like that will be able to see your concert. and hire you to be their coach. Here is a link where you can sign up for Fiverr.

conclusion

The digital economy is a very fast growing economy compared to the traditional one and we should all seize the opportunity it offers.

The 3 simple and effective ways we presented above are the ones that work best to generate your passive income and while affiliate marketing comes first and is the best option, e-commerce and consulting and coaching service offering are seconds. Choosing any of the three ways, or even a combination of all of them, is something that everyone with a little knowledge and ambitious should do. It’s never been easier to go online and start your own small business while sitting comfortably on your couch and working from home.