Since the introduction of the internet and the possibilities it offered, 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 phase they are in now, it became clear that the digital economy would far topple the traditional economy and become much better for profit. Recently, the digital economy is one of the key drivers of economic growth in the US and has grown by approximately 7.2% per year over the past decade, a rate roughly 4 times faster than GDP. The development of technology has also opened the way for many companies to easily improve their efficiency in many fields while having lower costs.

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

1. Effective Resource Allocation: In the digital world, there is an option to get an algorithm that has information about what people Google, what they want, and how they want it, and it’s much cheaper than paying people who they may or may not be able to. 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 people, which means it would only cost so little to make your new business popular. Known by so many people who might be interested in your product or service.

affiliate marketing
Having a website or a blog that is frequented by many 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 to services for which you you will earn a commission. If this sounds simple that’s because it is, but the hard part is getting to a website or blog that a lot of people are reading. It takes some time for a new website to become popular and get a lot of traffic. It involves working hard and posting content regularly, but once you build your audience, you can really enjoy passive income and quit your job to work from home.

The way affiliate marketing works is by offering a commission for 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 become an affiliate for a product. Once you get approved (this usually happens very quickly), you’ll get a unique link that you need to embed in your posts so your audience can see it, and if they buy the product or service through this link, you’ll earn a commission. which can range between 20% and 200% depending on the product and the company that offers it.

Make sure you refer your readers to products and services that you really think are worth it, because if you refer them to something mediocre, you could start losing audience and your online income will suffer. Do your research before ordering any service to make sure you are an affiliate of something great and can proudly present it to your readers.

There are several affiliate websites where you can sign up 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 of offering affiliate options on their own without using one of the above websites and have implemented an option where you deal directly with the company.

Overall affiliate marketing is definitely the best way to make money online and increase your passive income which will allow you to quit your day job and work from home and eventually pay people to work for you so you can 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 booming digital economy and earn money online. This method also involves working from home and can eventually turn into a passive income stream that will only need maintenance rather than constant work and effort.

The model for eCommerce businesses starts with choosing a niche and a personality. Once you’ve done that, you’ll 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 a single product rather than many because it can get complicated if orders start pouring in and you can’t cover 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 branch out and find out what else is selling like crazy so you can put it on your page for your visitors to buy.

It’s a fairly simple model, but today’s eCommerce market is very 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 earn 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 are not just for fun and games. There are many apps that have the potential to make you a lot of money if you really dedicate yourself to becoming a 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.

rabbit homework
A very simple to use app that can make you earn some extra money. Clients post tasks to the app and you can request anything that is posted 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 they would also be paid more. To find a consulting or training job, you just need to search their database of posted jobs and see if anything is available right now. You can also try other similar apps and not limited to this one.

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

up work
An amazing market for freelancers to find a part-time or even full-time job. It’s great for selling any type of digital service you can imagine. The best thing is that what you need for this site is to be good at what you do. There is no need to create your own website or a special business account. If your service is second to none and your knowledge in the field you work in is exemplary, you don’t have to worry. The only drawback 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 that can easily be turned into passive income.

five
Another website similar to Upwork but in this one you are posting what you can do for a certain amount while the minimum amount is $5. So if you’re looking for coaching clients, you can post a gig that will let people know you’re available for coaching sessions for x amount of money and people looking for something like that will be able to see your gig. and hire you to be their trainer. 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 take advantage of the opportunity it offers.

The 3 simple and effective ways that we present above are the ones that work best to build your passive income and while affiliate marketing appears in the first place and is the best option, e-commerce and the offer of consulting and training services are in second place. Choosing any of the three ways, or even a combination of them, is something that everyone who has a bit of knowledge and is 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.