Last Updated: 14th April, 2020
The world has witnessed a digital revolution in the past decade. Every sector has been engulfed by the wave of digitalization. The education sector has undergone significant advancements in recent years and human reliance on technology has led to the advent of e-learning portals. According to Forbes, the worldwide e-learning market is projected to be worth $325 Billion in 2025.
Earlier if students had to learn something from a teacher who stayed in a different province, they had to cross miles and be physically present at the same place. E-learning platforms have eliminated distance barriers and made it possible for students and teachers all over the world to connect with each other.
One of the major reasons why online learning has gained so much popularity is the ease of accessibility and high flexibility. Since the year 2000, the growth of the E-learning industry has been 900%. Online learning does not limit students and teachers to a four-walled classroom and a predefined curriculum. Technology has brought those willing to learn together with those passionate to teach.
E-learning or online learning refers to learning through virtual platforms or online mediums. Lectures are delivered through online video/audio sessions and virtual classrooms take the place of real-world classrooms. E-learning platforms enable students to take up online courses offered by foreign universities and attend online lectures delivered by the professors of those universities.
According to a study by IBM, students learn 5x more material through online courses than they would learn in traditional classrooms. Since every student has a different learning pace, digital learning allows them to take as much time as they want on any particular topic without feeling discouraged.
This has been observed that students get to interact with their tutor or teacher better through online courses. E-learning programs provide more time and space for students to talk with the teacher. Students who feel uncomfortable interacting in front of others can easily share their course-related problems through messaging or any other digital means. The Research Institute of America states that eLearning increases retention rates from 25% to 60% while retention rates of face-to-face training are very low in comparison: 8% to 10%.
One of the most important factors that make online learning preferable for students is convenience. Online courses are completely flexible with respect to time and space for students. Students can schedule lectures on e-learning portals according to their availability. They may decide to devote 2 hours a day or 20 hours a week depending upon their learning pace and availability. Also, it does not require them to be at a specific place, all thanks to the distance learning solutions. All they need is an internet connection and their device, and they are all set to take online lectures.
In a traditional classroom, approximately 30-40 students learn together and a teacher attends to the whole class. The teacher, in this case, might not be able to attend every individual student and address specific student needs. E-learning platforms leverage technology and individualized teaching models to provide personalized learning experiences to students. Digital learning platforms are equipped with the necessary tools that enable students to connect with the teacher for a better learning experience.
Traditional ways of education do not provide complete freedom of teaching. With limited classes and time-bound lectures, it makes it difficult for passionate teachers to give their best. Online platforms provide absolute access to teachers for designing and planning lectures. They get to tailor the courses and teaching hours as per their preference. It enables them to connect with students from all over the world.
Who doesn’t like to earn from the comfort of their home? Of course every one of us. Online teaching has made it possible for professionals or teachers to teach from the comfort of their homes and generate an additional source of income through it. Some teachers even choose online teaching as a full-time career considering the growing interest of students in online learning. The pay can be quite lucrative, especially if you are experienced and good at it. Teachers can earn a good amount even if they teach for as little as three hours a day as fees charged is per student per lecture.
What can be better than working on your own terms? Online teaching through remote learning platforms allows teachers to set their own schedules. They may record the lectures and upload them for students or deliver live lessons, time and place don’t pose an obstacle. Also, a scheduled lecture can be easily rescheduled in case there is some issue in delivering the lesson on the planned date and time.
As the Novel Coronavirus is rapidly spreading across the world (with 1.5 million confirmed cases in 188 countries), governments have been taking necessary actions to mitigate the outspread of this global pandemic. The massive repercussions of this deadly virus have shaken the whole world and one industry that has been heavily impacted by its outbreak is the education industry.
In an attempt to limit the spread of COVID-19, most of the countries have temporarily closed schools and educational institutes which has affected over 91% of the world’s student population. As per statistics by UNESCO, there are around 1,576,021,818 learners who’ve been severely hit by the school closure worldwide.
These risk-control decisions have prompted most of the learners to opt for distance learning solutions due to the safety and convenience they offer. While learners in Hong Kong adopted homeschooling via interactive apps, China used live television broadcasts to provide learning material to its students.
As the education industry is in a grave situation due to the lethal Coronavirus, distance learning platforms have been providing support to students that are currently displaced from their conventional learning environments. Therefore, we can say that this emergency has led to the widespread adoption of online learning, resulting in the betterment of online content quality and attitude towards distance learning.
Starting an online learning platform can prove to be extremely beneficial for you taking into account the popularity that e-learning platforms are gaining. As digital learning platforms provide absolute ease of use for both teachers and students, it is widely preferred over traditional learning. You may be a teacher willing to expand your reach or a professional planning to launch an online learning marketplace as an additional business. No matter what your role is, starting a digital learning marketplace brings a lot of benefits.
The admin of the e-learning portal is the person who owns the marketplace and is in charge of managing every activity. Various professionals or teachers register on the portal by creating a profile that is verified and approved by the admin. The admin gets a portion of fees as a commission for every lecture or session delivered. As your learning portal starts gaining popularity among students and teachers, your profit percentage starts rising simultaneously.
You can also collaborate with various universities and help them implement online learning programs through your E-learning platform. This way you would be able to expand your business and enhance the ROI. Also, your online learning portal can help you contribute to society. You can start scholarship programs for economically weak students and help them achieve their dreams.
The success of online learning websites like Verbling and Live Music Tutor demonstrates the growing market demands and market shift towards e-learning. The shift of students and teachers towards digital education has led to the success of online learning portals making it one of the most profitable online businesses.
If you are thinking of starting an e-learning marketplace that is easy to manage and extends an exceptional user experience, then Yo!Coach is the perfect solution to your requirements. Yo!Coach is a ready-to-market online learning solution that enables you to develop an e-learning platform. It is a completely customizable platform developed with cutting edge technologies that enable one-on-one sessions. The software is designed around a brilliant information structure that renders a stunning user-interface. Here are features that make Yo!Coach the perfect e-learning software to launch an online tutoring and consultation marketplace.
The e-learning marketplace solution has in-built multi-currency processing payment gateways that make the transactions smooth and easy. PayPal and Authorize.Net are two of the integrated payment gateways that enable hassle-free transactions.
Yo!Coach comes with an advanced and easy to operate dashboard that makes it convenient for the admin and other sets of users to perform various functions. Admin can monitor various activities occurring on the e-learning portal like new sign-ups, profile updates, scheduled sessions and payment through the dashboard.
The e-learning platform is built with the latest front-end technologies and designed around brilliant information architecture that renders a stunning user-interface and fluid user-flow. The UX/UI is precisely and aesthetically designed to create exceptional experiences for all sets of users and provide top-notch performance.
One of the most enticing features of Yo!Coach is the multi-currency support. With its multi-currency feature, it enables you to trade all across the world and expand your business without any hurdle. The users can select their regional currency and the course prices get displayed to them in the selected currency. The final payment at the gateway gets converted and accepted in USD. The admin manages the exchange rates of currency.
In addition to multiple functional tools like white-board, TextPad, and Chatbox, Yo!Coach enables one-on-one video chat option to provide personalized learning or consultation experience.
There is no dispute in the fact that online learning has become an essential part of the education industry. It takes a thoughtfully designed platform like Yo!Coach to turn your business vision of building successful online tutoring and learning marketplace into reality.
Disclaimer: The Blog has been created with consideration and care. We strive to ensure that all information is as complete, correct, comprehensible, accurate and up-to-date 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.