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Increase in digitization and access to the internet has increased the demand for online learning. Research shows that the global e-learning market is expected to reach USD 374.3 billion by 2026, growing at a CAGR of 14.6%.
So, now is the right time if you are thinking of starting an eLearning marketplace. Read the blog for insights on how to build an e-learning marketplace.
details of the situation
- What is eLearning – the benefits
- Getting Started: Building an eLearning Marketplace
- Conduct market research and competitive analysis
- Choosing the type of e-learning marketplace
- Choosing the right features
- Choosing a tech stack
- Development
- Try
- Launch and support
- Marketing and promotion
- Possible income generating methods
- Conclusion
What is eLearning – the benefits
eLearning is the delivery of education through online channels. Unlike traditional learning, eLearning allows students to have a structured learning experience regardless of the environment, curriculum, and more.
Benefits of E-Learning
Accessibility
This is one of the most significant advantages of e-learning. There are no geographical boundaries for eLearning, so students from all over the world can access the same educational content.
Flexibility
Another benefit of e-learning is flexibility, meaning students can learn at any time based on their availability. In other words, the virtual connection allows students to take classes that are difficult to accommodate due to busy schedules.
Supports individual learning styles
eLearning supports different learning styles and makes it an ideal choice for students. In other words, some students may be visual learners, while others prefer to learn aurally. Likewise, some students may be solitary learners, and some may thrive in a group setting. Therefore, the eLearning marketplace can be personalized in many ways to meet the needs of the end user.
Cost effectiveness
eLearning reduces all costs related to transportation, infrastructure, textbooks and others. In addition, online courses and classes are designed to be cost-effective as there are no printing costs. Study material is easily available for download.
Durability
With eLearning, the costs of printing learning materials (as mentioned above) and the fact that students and teachers are no longer able to travel, carbon emissions are significantly reduced. Of course, the energy consumption increases, but the footprint is smaller compared to traditional learning.
Getting Started: Building an eLearning Marketplace
Building a dedicated eLearning marketplace requires significant time, effort, and planning. The steps for building an e-learning marketplace are outlined below.
Conduct market research and competitive analysis
Preliminary research can provide insight into the target audience, their expectations and preferences, and the competitive landscape. Additionally, the data collected helps in developing a powerful marketing strategy.
Choosing the type of e-learning marketplace
After conducting market research and competitive analysis, it’s time to choose the type of e-learning marketplace. Broadly speaking, eLearning can be synchronous or asynchronous. Below we discuss both standard models in detail.
Synchronized
Synchronous eLearning is a meeting where the teacher and students communicate in real time. It is like a traditional learning system but here video conferencing is a communication method.
Asynchronous
In asynchronous e-learning, instructors do not interact with students in real time. Additionally, the tutor gives students assignments or quizzes, which must be submitted at a future time. This model supports self-directed learning.
In addition to these, some e-learning marketplaces are hybrid in nature as they include both synchronous and asynchronous models.
Choosing the right features
The choice of attributes is very important as they can define the success of the e-learning marketplace. The most important features are explained below – they are divided into 4 categories.
Administrator
- User management
- Administration of the commission
- Settings management
- Planned bond management
Teacher
- Register and profiles
- Booking calendar
- Course creation
- Price Management (Sessions and Courses)
Students
- Register and profiles
- Feedback and ratings
- Booking and checking
- Reorganization of the course
- Cancellation
Other useful features
- User authentication
- Filter system
- Video conferencing (one-on-one and group video calls)
- Multiple payment methods
- Multi-language support
- Uploading a document
Choosing a tech stack
To build an eLearning marketplace, choosing a technology stack is important. Depending on your requirements, developers can choose a technology stack for front-end and back-end development. Listed below are programming languages, frameworks, and more for building an e-learning marketplace.
- Back – Java, Python, PHP, .Net, Ruby on Rails
- the front – Javascript, CSS3, Bootstrap, HTML 5, Angular JSS
- database – MySQL, MongoDB, Apache CouchDB, MSSQL
Development
Developing an eLearning marketplace can be a daunting task. Once the technology stack is determined, the development phase can begin. There are mainly two approaches. One is custom software development and the other is opting for a pre-built solution.
Custom software development
Developing an eLearning platform with custom development allows you to incorporate custom requirements. It takes longer to customize a platform (depending on its features and functionality) and the cost of development is higher.
Pre-made solutions
Because time is of the essence and competition is cut-throat, as Yo! Coach and Yo! You can choose pre-built solutions like Coach Plus. Developed by industry experts, they offer a quick way to tap into the growing eLearning market, without breaking the bank.
Below is more information about Yo! Coach and Yo! Coach Plus we will discuss in detail.
Yo! Coach
It is a white-label, fully customizable synchronous eLearning software that allows entrepreneurs to easily launch a training and mentoring marketplace. Teachers can use Yo! to deliver one-on-one or group online sessions to students in real time. You can register on the platform built using Coach. The software complies with GDPR, offers 1 year of free technical support, and features such as:
- User management
- Administration of the commission
- Order management
- Reservation schedule
- A lot of pay
- Multilingual
- and others
Yo! Coach Plus
Yo!Trainer Plus, on the other hand, is e-learning software designed for entrepreneurs who want to launch a platform that supports both synchronous and asynchronous learning (like Udemy or Coursera). At Yo! It includes all the synchronous learning features in Coach. In addition, it includes:
- An institution that provides certificates to students for skill verification
- Add pre-recorded course-based videos for sale
Try
After the development is completed, the testing phase begins. This includes an evaluation of the resulting e-Learning marketplace, i.e. the testing team assesses whether the developed eLearning platform meets the initial requirements.
Launch and support
After testing, the platform can be deployed in the production environment. In order to make the production process flawless, the platform must be tested after the post-distribution as it now works in real conditions. Also, post-distribution upgrade of software is critical. While this can be an ongoing process, it is critical to provide support when unpleasant and unexpected performance issues arise.
Marketing and promotion
Marketing allows you to connect with your target audience and become an advocate for your e-learning marketplace to gain loyal users. In addition, social media marketing and advertising tools can also be used. These consist of paid campaigns like ads, PPC, subscriptions and others. Certain marketing tools can be used to track consumer behavior and increase conversions.
Possible income generating methods
Ultimately, what you need from your eLearning marketplace is steady income that can lead to profitable growth. Therefore, for maximum ROI, using a mix of revenue strategies is critical. A few ways in this regard are explained below.
- Paid Courses – One of the most popular monetization methods where students buy a course and the administrator earns a commission on each purchase.
- Subscription – An eLearning marketplace may offer monthly/yearly subscription plans and charge students for access to the courses, expert consultations, and certain features on the platform.
- Paid Certificates – An eLearning marketplace may offer free courses and charge students if they want a course completion certificate.
- Premium – Students may be charged to upgrade to a premium account on the eLearning Marketplace.
- Affiliate Model – Affiliate links may be added to learning materials on the platform, but a fee may be charged for their advertising.
- Donations – The eLearning marketplace offers learning materials and courses for free, but can choose to accept donations and funding. For example, Google has given Khan Academy $2 million to develop new content and translate it into multiple languages.
- Corporate E-Learning – E-learning marketplaces have a growing customer base as corporations seek to train their employees and support e-learning systems for classroom training. So the eLearning marketplace can provide them with relevant tools and learning materials for a great fee.
Conclusion
eLearning is beginning to replace the traditional brick-and-mortar model. It has crossed borders and opened learning paths for every section of the society. Hence, launching an e-learning marketplace is the way forward as it has a lot of growth potential in the coming years.
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