Digitalization and the spread of the Internet have increased the demand for online learning. According to research, the global e-learning market is projected to reach $374.3 billion by 2026, growing at a CAGR of 14.6{ea2cba5bdf6fe62bbe85e24807814144a71e77d3ae7311fbc27a008558d1372c}.
So if you’re planning to launch an eLearning Marketplace, now is the right time. Check out our blog to learn how we built our eLearning Marketplace.
table of contents
- What is eLearning – its benefits
- Getting Started: Building an eLearning Marketplace
- Conducting market research and competitive analysis
- Choosing an eLearning Marketplace Type
- Choosing the right features
- Choice of technology stack
- development
- test
- Launch and support
- marketing and promotion
- Possible revenue generation methods
- Conclusion
What is eLearning – its benefits
eLearning is the delivery of education through online channels. Contrary to conventional learning, e-learning Learners get an organized learning experience regardless of location, curriculum, and more.
Benefits of e-learning
accessibility
This is one of the most important advantages of eLearning. E-learning has no geographical boundaries, so learners around the world can access the same educational content.
Flexibility
Another benefit of eLearning is flexibility. This means that learners can study at any time according to their availability. In other words, virtual connectivity allows students to take classes that are difficult to accommodate due to busy schedules.
Supports individual learning styles
eLearning supports a variety of learning styles and is an ideal choice for students. Some students prefer to learn visually, while others prefer to learn by audio. Similarly, some students study alone while others thrive in a group environment. Therefore, the eLearning Marketplace can be personalized in many ways to meet the end user’s needs.
cost efficiency
E-learning reduces all costs associated with commuting, infrastructure, textbooks, etc. Additionally, online courses and classes are priced cost-effectively as there are no printing costs.
sustainability
Using eLearning eliminates the cost of printing learning materials (as mentioned above) and eliminates the need for learners and tutors to commute, greatly reducing the carbon footprint. Sure, it uses more power, but the footprint is smaller compared to traditional learning.
Getting Started: Building an eLearning Marketplace
Building your own e-learning marketplace takes a lot of time, effort, and planning. Below are the steps for building an eLearning Marketplace.
Conducting market research and competitive analysis
Initial diagnosis allows you to understand your target audience, their expectations and preferences, and the competitive landscape. In addition, the information collected also helps develop powerful marketing strategies.
Choosing an eLearning Marketplace Type
After doing market research and competitive analysis, choose an eLearning marketplace type. Broadly speaking, eLearning is either synchronous or asynchronous. Both standard models are detailed below.
Synchronization
Synchronous eLearning is a meeting where teachers and students communicate in real time. Much like traditional learning systems, video conferencing is the medium of communication here.
asynchronous
In asynchronous eLearning, tutors do not communicate with students in real time. In addition, the tutor will provide the learner with an assignment or questionnaire, the latter of which must be submitted at a specified time in the future. This model supports self-paced learning.
In addition to these, some e-learning marketplaces are hybrid in nature as they incorporate both synchronous and asynchronous models.
Choosing the right features
Feature selection is of utmost importance as it can define the success of your e-learning marketplace. Highlighted below are the most important features, grouped into four categories.
administrator
- User management
- Commission management
- Settings management
- Appointment management
teacher
- Sign up and profile
- Reservation calendar
- course creation
- Price management (sessions and courses)
student
- Sign up and profile
- Feedback and Rating
- Reservation and checkout
- lesson rescheduling
- cancel
Other important features
- User authentication
- filtering system
- Video conferencing (1:1 and group video calls)
- Multiple payment methods
- Multilingual support
- Document upload
Choice of technology stack
Choosing a tech stack is critical to building your eLearning marketplace. Depending on the requirements, developers can choose the technology stack for front-end and back-end development. Below are programming languages, frameworks, and more that you can use to build your eLearning marketplace.
- back end – Java, Python, PHP, .Net, Ruby on Rails
- front end – Javascript, CSS3, Bootstrap, HTML5, Angular JSS
- database – MySQL, MongoDB, Apache CouchDB, MSSQL
development
Launching an eLearning marketplace can be a daunting task. Once the tech stack is decided, the development phase can begin. There are two main approaches. One is custom software development and the other is choosing a pre-built solution.
Custom software development
Developing an e-learning platform with custom development allows you to incorporate your customized requirements. Custom building a platform is time consuming (depending on features and functionality) and expensive to develop.
off-the-shelf solution
Time is of the essence and competition is fierce, so off-the-shelf solutions such as Yo!Coach and Yo!Coach Plus can be chosen. Built by industry experts, they offer a faster way to enter the growing eLearning market.
Below are more details about Yo!Coach and Yo!Coach Plus.
Yo! Coach
A white-label, fully customizable, synchronous e-learning software that enables entrepreneurs to: Launching a marketplace for tutoring and consultation simply. Tutors can enroll on a platform built using Yo!Coach to deliver one-on-one or group online sessions to learners in real time. The software is GDPR compliant, offers 1 year of free technical support and has a great set of features including:
- User management
- Commission management
- Order management
- Appointment scheduling
- multi payment
- Multilingual
- more
Yo!Coach Plus, on the other hand, is an e-learning software designed for entrepreneurs looking to launch a platform (such as Udemy or Coursera) that supports both synchronous and asynchronous learning. It incorporates all the synchronous learning features found in Yo!Coach. Additionally, it includes:
- Ability to provide learners with certificates for skill certification
- Add prerecorded course-based videos for sale
test
Once development is complete, the testing phase begins. This involves evaluating the created eLearning Marketplace. In other words, the test team evaluates whether the eLearning platform built meets the initial requirements.
Launch and support
After testing, the platform can be deployed to production. To perfect the production process, the platform is working in real conditions and should be tested after deployment. In addition, post-implementation software improvements are also important. This can be an ongoing process, but providing support when unpleasant and unexpected performance issues arise is extremely important.
marketing and promotion
Marketing enables you to connect with your target audience and helps you acquire loyal users who become advocates for your e-learning marketplace. Additionally, social media marketing and advertising tools may be used.These consist of paid campaigns such as advertising, PPC, subscriptions etc. They can also be tracked using certain marketing tools consumer behavior Increase conversions.
Possible revenue generation methods
Ultimately, the eLearning Marketplace only requires a steady income that leads to profitable growth. Therefore, using multiple revenue strategies in combination is crucial to increasing your ROI. In the following, we will discuss several methods in this regard.
- Paid course – It’s one of the most popular ways to generate revenue, where students purchase courses and administrators charge a commission for each purchase.
- subscription – The eLearning Marketplace offers monthly or yearly subscription plans and can charge learners for access to courses, expert consultations, and certain features on the platform.
- Paid Certificate – The eLearning Marketplace offers free courses and can charge students if they need a course completion certificate.
- premium – Learners may be charged to upgrade to a premium account on the eLearning Marketplace.
- Affiliate model – Affiliate links may be added to materials available for learning on the Platform, but may be charged for promotion thereof.
- Donate – The eLearning Marketplace offers free learning materials and courses, but you can choose to receive donations and funding. For example, Google donated her $2 million to Khan Academy for the development of new content and translation into multiple languages.
- Corporate eLearning – E-learning marketplaces have a potential customer base as companies need to train their employees and are phasing out classroom training in favor of e-learning systems. As such, e-learning marketplaces are able to offer relevant tools and learning materials in exchange for huge fees.
Conclusion
E-learning is beginning to replace the traditional brick-and-mortar paradigm. It transcends borders and opens up learning avenues for all strata of society. Therefore, launching an e-learning market is the way forward as it has a lot of potential to grow in the coming years.
