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.
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.
- Generates 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.
- Smooth Interface: An easy-to-use interface will be highly appreciated by the tutors as well as learners. As a lot of tutors are still getting used to the practice of teaching online, it should be easy and efficient for them to navigate through the platform. The platform must allow the learners to use the platform smoothly and without any hassle. Features like searching and browsing tutor profiles using filters will make the learners’ journey more easy and accurate. The geolocation feature in the platform auto-detects the time zone, which further helps in coordinating with other users located in different geographic locations. Features like multilingual and multicurrency transcend the geographical restrictions making the user journey on the platform more seamless.
- 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 a range of 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.
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.
Launch a Robust Online Learning Marketplace with Yo!Coach
as possible. Despite our continuing efforts, we cannot guarantee that the information made available is complete, correct, accurate or up-to-date. We advise - the readers should not take decisions completely based on the information and views shared by FATbit on its blog, readers should do their own research to further assure themselves before taking any commercial decision. The 3rd party trademarks, logos and screenshots of the websites and mobile applications are property of their respective owners, we are not directly associated with most of them.Expand