Businesses across the globe have
been
switching online. Whether it is buying clothes, purchasing groceries,
or ordering your favorite
food, the use and accessibility of the
internet have brought about a paradigm shift in consumer behavior.
One
of the trends that has seeped into the very fabric of our lives is
eLearning. Owing to its ease of
access and flexibility, eLearning has
become mainstream for learners who are looking to learn at their own
pace from the comfort of their home.
This makes the
eLearning market a
lucrative business for those planning to build platforms like Preply and
Chegg.
However, many of them do not know where to start when building
an online learning platform. This article
takes a look at the essential
information - business models, revenue streams, key features required to
build an online learning platform in view of the current trends of the
industry.
Table of Contents
- How do Online Learning Marketplaces
work
- Revenue Streams In Online Learning Marketplaces
- Must-Have Features In an Online
Learning Platform
How do Online Learning
Marketplaces work?
Before you invest in
developing an
online learning marketplace, it is imperative to fully understand its
workings. Without
the proper knowledge of the business model, your
online learning venture may sink before it launches. Online
learning
marketplaces have quite a straightforward business model. Other than
admin, the platform has
two more user types - learner and tutor. The
tutors can sign up and create their profiles as per their
experience and
expertise and get listed on the platform. The learners, after signing
up, can search for
tutors and browse the list of tutors to select the
one that best meets their requirements.
Revenue Streams In Online Learning Platform
Choosing the revenue model is an
important consideration
for your online learning platform to reach your
business goals and sustain long-term growth. Having a
revenue model in
place determines how you earn money through your platform. Below given
are possible
revenue channels to monetize your online learning platform:
- Commission earned from teachers upon successful
delivery of lessons.
- Annual/Monthly subscription for learners as well as tutors to access the
platform with premium benefits.
- Paid featured section to list premium tutors for better visibility.
- Displaying ads on your
platform of relevant businesses via Google AdSense
Must-Have Features In an Online Learning Platform
With so many learning marketplaces already present in the eLearning
market,
it is important to make sure you have the right set of
features to make
your business stand out from the rest. Not only is it beneficial for
the tutors and
learners, but it also helps the business owners achieve
their long-term business goals. Here is a list of
key features required
in an online learning marketplace for a great user experience and
maximized
conversions.
- Virtual Interaction: While
messages and emails may
cover most of the communication needs of the
tutors and learners, face-to-face interaction lets the
students have
close and personal guidance. Having elements like audio/video chat,
online whiteboard,
screen sharing, and TextPad in your online learning
marketplace further enhance the learning experience
of learners and
tutors. Simulating the in-person learning atmosphere, virtual
interaction aims to
engage the learners and improve their overall
learning process.
- Reports/Analytics: Measuring the
performance of your learning platform is vital to understand the
efficiency of
your business. Analysis of daily, weekly, and monthly
traffic from various sources helps to track the
performance of your
marketplace. Business owners can use this knowledge to identify weak
areas and
apply remedial actions for favorable outcomes.
- Self-Paced Learning: One of the vital features in an online learning platform for improving
engagement and knowledge
retention is self-paced learning. The students
should be able to learn at their own pace. This can be
done if they can
record and save the live session to be viewed at a later time.
- Easy Payment Methods: Making the payment process easier for your customers leads to increased
sales and conversions. Online payments are convenient for both - users
and businesses. Having
multiple payment methods including credit, debit,
net banking, etc. makes it quick to make payments
while continuing to
be secure. Integrating popular payment gateways further engenders trust
among users of your online learning marketplace.
- Marketing Module: Including an appropriate
marketing strategy for
your online learning business is imperative to gain recognition and
stay
competitive in an ever-growing market. SEO-Friendly features like
meta tag management, URL rewriting, and
sitemap help to increase the
chances of achieving better rankings in the SERPs and getting more
targeted
organic traffic from search engines. Other marketing features like gift
cards and referrals also help to promote your platform.
- Mobile Learning: The global mobile
learning market is projected to reach $63450 million by
2026.
With mobile phones being an inseparable tool in one's
everyday life,
mobile learning offers the ultimate solution to improve the overall
learning
experience. A platform that is accessible on mobile devices and
lets students attend live classes is
extremely helpful. Students can
start learning instantly without investing in expensive laptops and
computers.
- Time Zone
Synchronization: This
is a crucial feature if the platform has
users from across the globe. It
helps the users to coordinate their time zones for smooth and
non-interrupted interaction. Make sure your tutoring platform
automatically translates the time zone
of each user for a hassle-free
user experience.
- Review/Rating: To generate a high
degree of trust and transparency in the online tutoring marketplace, it
is vital to provide students
with the opportunity to leave their
feedback and rating which should be displayed on the teachers'
profiles.
It helps students to make an informed decision while selecting the
teachers.
- User Management: This essential
feature lets the admin manage the information of the users (students and
teachers) registered on the platform. It lets the admin track the
performance of the teachers, revenue
earned by them, sessions delivered,
students' history, and all the minor/major details related to
them.
- Advanced Search: As there are a
number of tutors listed on the platform, it becomes
troublesome for the
students to search for their ideal teacher. Search and filter function
based on
different criteria like location, expertise, ratings, and more
makes it easier for students to find the
teacher that suits their needs
the best.
- Reminders/Notifications:
Automatic reminder and push
notifications to the teachers and students
for the upcoming lessons, sessions booked/canceled, payment
received,
and many other things ensure neither the teacher nor the student forgets
anything from
their schedule.
- Multilingual/Multicurrency: To
make sure the platform
is accessed in all the countries across the globe
seamlessly, it is important for the platform to
support multiple
languages and currencies. It makes the user experience smoother for the
global
users also making the payment transactions easier.
- Gamification: The global gamification
market is projected to touch $22,913.0 million by 2022. It is an essential tool to keep the learners engaged and
motivated
through their online sessions. Integrating gamification
elements into the tutoring platforms offers a
learning journey to the
students to have fun as they learn, and the students welcome it.
Final Words
The digital revolution in the
education sector has transformed the way people
perceive education. More
technological advancements in the coming years will comprehensively
redefine
the eLearning landscape. With cut-throat competition in this
space, you need an online learning software
that helps you offer a
hassle-free, smooth experience to your users. Choosing an eLearning
software
packed with all the above features will not only help you
achieve your business goals but will also
establish you as a pioneer in
this competitive environment.
Yo!Coach is one such online learning and consulting software
developed for
entrepreneurs who are planning to enter the eLearning industry. This is a
ready-made and
fully customizable software that is capable of meeting
the varying requirements of online learning
businesses. With lifetime
ownership without any recurring fees, Yo!Coach empowers business owners
and
education service providers to become a leader in the eLearning
industry.
