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?
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.
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