Last Updated: 13th July, 2023
The world has witnessed a digital revolution in the past few years where every sector including education has undergone significant advancements. Further, human reliance on technology has led to the advent of e-learning portals. According to Forbes, the worldwide eLearning market is projected to be worth $325 Billion by 2025. That said, in this post, we discuss traditional and non-traditional learning methods and why eLearning platforms are gaining popularity.
Often referred to as eLearning or remote learning, online learning is an umbrella term for learning that takes place over the internet and not in a traditional classroom setting. Students interact with teachers in real-time using digital tools, attend online classes or study online courses. Moreover, by using online learning platforms, students can go through the curriculum at their own pace without having to go to any place.
Traditional learning or brick and mortar learning refers to conventional form of learning where students attend classes in physical classrooms on campus. It is a more teacher-centered learning as the emphasis is on direct instruction and learning for students. Both students and teachers need to be physically present in the classroom for this type of interactive learning. Furthermore, it involves strict classroom timings, fixed schedules, set curriculum and daily attendance.
The primary difference between traditional and online learning is the setup. Traditional learning takes place in a physical classroom environment whereas online learning takes place in a virtual environment. The only prerequisite for online learning is a stable connection to the internet and a device to connect to it, whereas for traditional learning, infrastructure is needed. Additionally, online learning is more convenient and cost-effective as learners do not have to travel.
As mentioned above, convenience is one of the most important factors that make online learning preferable for students. 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.
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%.
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.
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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.
As discussed, the benefits of eLearning significantly outweigh those of classroom learning. Still, a few entrepreneurs can shy away thinking of the initial development costs. Whereas one might think that traditional learning is cost effective, but it has ongoing costs related to infrastructure, teacher salaries and so on. Online learning businesses on the other hand, cut down overall costs and hence increase profitability. Let us discuss the factors that influence the cost of setting up an eLearning website.
eLearning websites can be different in terms of complexity and functionality. Hence, the biggest cost driving factor include:
|Region Wise – Hourly Development Rates
|$150 per hour
|$92 per hour
|$71 per hour
|$43 per hour
|$40 per hour
|$25 per hour
So, an elearning platform can cost around $20,000 approximately. But with customizations, it can cost more.
Another way of building an elearning website is through ready-made software. Websites built with these software usually cost 3x times less than custom developed from scratch.
Developed by FATbit Technologies, Yo!Coach is one such ready made software that is built with state-of-the-art technology. It is a fully customizable and cost-effective solution that enables one-to-one tutoring along with group sessions. The software is designed around a brilliant information structure that renders a stunning user-interface. Furthermore, Yo!Coach encapsulates rich features that make it the perfect software solution 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 hurdles. 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.
The success of online learning websites like Verbling and Live Music Tutor demonstrate 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 and hence 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.
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