Last Updated: 23rd March, 2021
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.
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.
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:
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.
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.
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