If there is one industry where you can make zero compromises, it is inevitably the education sector. As MK Gandhi quotes, “If we want to reach real peace in the world, start educating your children.” The menacing Coronavirus pandemic has led to the indefinite closure of schools and colleges, as a measure to prevent disease contraction. This has led to a state where 1.2 billion students are deprived of their basic education. What can be done in unforeseen situations like these? But there are no restrictions to gain knowledge, isn’t it?
In this modern era, students are looking out for alternatives on the internet. Not only students but even adults are looking to spend their time qualitatively, as they are confined to their homes. Modern technology has provided them a gift, the smartphones. While so many criticize smartphones, they are acting as ‘lifesavers’ in this quarantine situation. People gain instant access to courses all across the world with just a few taps on their phones. Apps like Udemy have noticed increased user traffic since the lockdown. In this blog, let’s take a look at how entrepreneurs can develop an elearning app like Udemy.
‘The market for e-learning apps is on a high’
Let’s take a look at certain facts that visualize the growing demand for online educational apps.
According to Research and Markets, the online education market promises a massive revenue generation of $350 billion by 2025.
BYJU’S, the online learning app, recorded a 200% increase in the number of students accessing the app.
Udemy, the popular learning platform, witnessed a 425% surge in course enrollments following the lockdown.
Coursera, another prominent educational app, is set to roll out 3800 new courses free of cost.
The global market for educational apps is growing, with a massive CAGR of 27.46% between 2018 and 2022.
All these statements prove the potential of the vastly expanding online education market.
‘Choose your business model wisely’
Now, there are a couple of well-established business models you can consider for your elearning platform. Let’s discuss them here,
The academy model: This type of model is for a specific set of audience who need to gain a stronghold of the subject. For example, certain people need to gain increased knowledge of cryptocurrencies. Now, you can develop a site specifically for this purpose. While your site becomes popular over time, your site will enjoy a narrow set of audience.
The night-school model: Students get to choose what they learn and when to learn in this model. They enroll in a particular course and attend sessions from instructors. They make use of the Q&A sessions, quizzes, assignments, etc., to gain knowledge on the course. You can earn revenue with the aid of subscription models, advertisements, course fees, etc.
It entirely depends on the entrepreneurs to choose the business models according to your requirements.
‘Features attract users towards the app’
It is the features that determine the sustainability of any on-demand app in the long haul. Let’s discuss certain vital features of an Udemy clone app,
Registration: Users can register in the app either by specifying the essential details or signing up via different social media handles.
Search and filter options: Users can search for different courses in the app. They can sort out courses by applying various filter options available.
Wishlist: Users can create wish lists for certain courses to easily access them in the future.
Payment options: Users can pay for courses offered by the app through different payment gateways available, including credit, debit cards, digital wallets, etc.
Push notifications: Users can be notified instantly in case of new courses, or information regarding existing ones.
Course progress: With the help of this feature, users can view their course progress at any time. This lets them stay updated and track their progress easily.
In-app chat: Your platform can benefit users only if there is a two-way communication flow between users and instructors. With this feature, users can reach out to instructors for any specific doubts or queries regarding the course.
Multi-lingual support: Users accessing the app should have the option of choosing the language of the app. This way, users from different demographics can benefit from your app.
Download sessions: This is a stand-apart feature worth considering in your app. Users can download sessions from particular courses to access these videos without the aid of the internet. Besides, you can consider this feature for the premium version of the app.
‘Monetize your app through different sources’
By initiating your Udemy clone app development, you can generate revenue through different sources. They include,
Revenue through exclusive courses: One major way of earning revenue through the app is by offering exclusive courses. You can set prices for each course based on their popularity. This acts as a primary source of revenue generation through the app.
Revenue through paid commissions: Besides these courses, you offer a chance for instructors to offer classes on specific domains. Your app acts as a virtual platform connecting users with instructors. Hence, for every payment made, you will receive a part of it as paid commissions. This adds to a steady source of income, as well.
Revenue through subscriptions:You can provide a premium version of the app to users who pay a particular fee. This way, they enjoy special benefits by download sessions, 24×7 access to instructors, etc. This special fee adds to the revenue through the app.
Revenue through advertising:By joining hands with the third-party vendors, you can display their ads in your app. In doing so, you are entitled to receive payments for displaying ads for fixed hours.
With so many ways to generate revenue, entrepreneurs needn’t hesitate to pour in investments in this business.
‘The e-learning app comes with enticing benefits’
The online education industry poses several benefits to users, tutors, and business owners. Some enticing benefits include,
These platforms enhance the problem-solving skills and creativity of users by providing unique courses on a specific domain.
Even after the pandemic, your app will act as a source of additional knowledge, with users from different walks of life accessing them.
From the tutors’ perspective, the app acts as a platform to share their knowledge with students in need. Besides that, they gain revenue as well.
As mentioned earlier, entrepreneurs can generate revenue from various sources through the app. What more to ask when you can satisfy end-users and earn profits simultaneously.
The market for online education apps is expecting investments from various potential sources. You can propel your business by capitalizing on the current situation. All you have to do is reach out to us and tell us your vision about your app. We’ll offer you a highly scalable and reliable Udemy clone app in the shortest time possible. Venture into the market today!