How to become a successful entrepreneur in the eLearning Industry?
The coronavirus pandemic proves to be vicious for almost two months now. This outbreak has led to nationwide lockdowns with governments imposing strict regulations on people. Schools and colleges are indefinitely pushed to closure with no signs of opening in the near future. Students are deprived of their destined education. However, modern technology has provided us the opportunity to learn online. The advancements in technology have made tutoring reliable and convenient.
Students and working professionals are gradually beginning to incline on these online platforms for education. Online platforms like Udemy, Coursera, etc., are already thriving in this quarantine season. A passionate entrepreneur will look to capitalize on this situation. In this blog, you’ll get to know the development process of an e-learning app like Udemy. Moreover, the ways of revenue generation from a Udemy clone app is also discussed here.
The rise of online education platforms:
- According to Statista, Global e-learning platforms would generate a revenue of $234 billion by 2022.
- Almost 65% of teachers support the online open education system.
- There has been a 30-40% increase in the site traffic of various online education platforms.
- The global eLearning market is expected to return $325 billion by 2025.
- According to Deloitte, comprehensive online training programs to employees have increased the revenue by 218%.
- The eLearning industry is returning investments at a rate of 900% since the start of 2000.
- The online education market is expected to grow with a CAGR of 8.47% between 2016 and 2022.
Development of an eLearning app:
There are various ways to develop an on-demand eLearning app. They are,
- Development from scratch: You can develop an Udemy like app from scratch. You need to do an extensive market study of your locality. Moreover, you determine the features and functionalities of the app. You approach an app developer, negotiate your budget, and get your app developed.
- Approaching an app development company: In this type, you get customized Udemy clone apps from app development companies. You can modify the app according to your specifications. These clone apps are developed according to the latest advancements in technology and can be launched instantly in the market.
For either way of development, you need to be well acquainted with the features of the eLearning app.
Features that make up an online education app:
An Udemy clone script contains features and functionalities to enable uninterrupted workflow. An eLearning app solution comes with a student app and an instructor app. Certain key features can be,
Key features of a Student app:
- Registration: Students can register with the app through different social media handles. This is usually a simple sign up process.
- Advanced search filters: Students can search for different courses, tutors, etc., with advanced search filter options. The filter option narrows down the user’s search result to what he/she is expecting.
- 24x7 access to tutors: Students should have complete access to tutors in the app. Students can communicate via in-app chat/call facilities available.
- Subscription plan: Students can access a subscription plan of their choice. Subscription plans may include attractive benefits like download sessions, access to tutors, etc. They can also make payments via different payment gateways like credit, debit cards, digital wallets, etc.
Key features of an Instructor app:
- Push Notifications: Instructors can receive instant updates on activities with the help of push notifications.
- Instructor Dashboard: With this feature, instructors get to know the courses they are currently offering, the monthly earnings they receive, etc. This feature provides ease-of-use to instructors.
- Question Answer session: Instructors can answer varied questions posted by students. A user-friendly design can guide instructors to access the app more easily.
Ways of revenue generation with an Udemy clone:
Any business owner will look to generate revenue for their business. Here are certain ways of revenue generation with an Udemy clone app.
- Revenue through commissions: This eLearning platform bridges the gap between students and instructors. Hence, business owners are entitled to receive a part of the instructors’ payment as commission.
- Revenue through third-party ads: Business owners can join hands with third-party vendors for advertising purposes. By putting up ad banners in the app, revenue can be generated. To generate revenue this way, your app should be popular enough in the market, with many users accessing the app.
- Revenue through primary courses: Your app can house primary courses to students. These courses are your trademark courses. You can customize prices for each course based on its popularity.
- Revenue through subscriptions: Students can unlock the premium version of the app by selecting subscription plans. These subscription plans provide certain key benefits to students. Students pay for their subscription plans, and this adds to revenue as well.
The eLearning industry is flourishing in recent times. The coronavirus pandemic is providing a major boost to these online education platforms. It is a wise option to get an Udemy clone app from companies and venture into the market instantly. Certain key features add to the longevity of the app. With multiple ways of revenue generation, an entrepreneur can become successful in the eLearning industry.