While businesses are responding to the crisis in their own way, multiple industries and business verticals have witnessed the effect of a shift in consumer behaviour, both positive and negative. Education system has seen a paradigm shift this year, Covid-19 being a catalyser and also helping individuals realise there is an alternative to traditional lessons and teaching.
This is how Edtech companies are making a mark today by providing affordable means to education to anyone regardless of age and location, especially in today’s dynamic world, where the ability to adapt and learn new skills throughout the course of your life is paramount.
What Makes EdTech Ideal
With the diversity and the need to keep up with the changes, companies are offering various courses to a variety of audience. For example, coding and computer languages are being taught to children in their junior schooling, while stay at home moms’/ gap year career individuals have a way of scoring a bigger come back with mentorship based technical courses at affordable prices.
India has around 3,500 EdTech startups. By 2018, the industry had amassed an impressive $700 Million in funding. According to KPMG’s Online education in India: 2021 report, by 2021, the industry could be worth $1.96 Billion.
With videos being the new text book, most companies are propagating the visual way of learning concepts enhances the understanding in humans better and by delivering on demand expertise, mock tests etc. students achieve the additional support required to earn the certifications.
EdTech Apps Performance during the Pandemic
Edtech apps in general, have seen an increase in downloads and active users, with most of the schools and universities switching to online classes since March 2020.
Here is an overview of the Edtech App Growth
The Americas saw the largest increase in new users (42.25%), significantly higher than the global average of 34.14% while India came a respectable second with 31.35% increase in new users in Q2 over Q1.
Globally, edtech apps have seen an increase in Daily Active Users (22.39%), downloads (34.14%), frequency of usage (31.18%) and the average session duration (2.73%).
The Session Duration and Downloads have increased in the last 6 months comparatively.
Southeast Asia saw the biggest jump in the average session duration (3.80%), whereas the Middle East and North Africa region is the only one to have seen a decrease in the average session duration (-2.03%).
Europe is the only region that saw no change in the average session duration considering how the lockdowns were not as strict in most EU countries as compared to west and east.
Some of the biggest edtech firms such as Coursera, Khan Academy, edX, Udemy etc, have provide catalogue access for campus students and offered free certification courses for certain courses, pushing more people to sign up for online courses eventually.
Challenges for Edtech
With plethora of edtech apps in the market for people to download, it can be difficult to choose just one ed tech company. And while most of these companies face the problem of student engagement and lower rates of retention. Keeping a student engaged throughout the customer journey is a general void for all app based companies.
To overcome this issue, companies have started onboarding a few automation tools which help them keep the user engaged across channels and mediums. For example, a user who has just signed up for a course/ starter kit will receive a welcome email along with a few offers and materials designed to get the user started . Over the course students who are losing interest or leaving the platform can then be incentivized using various marketing techniques such as discount coupons, notifications, or even rewards with other courses. With the pandemic situation, companies had started providing free courses/ upgrade to premium study material to ensure their users have a smooth experience which will turn them into loyal users eventually. The empathy factor for users was employed well by most edtech brands around the globe making education accessible to everyone.
These are indeed exciting times, looking at the potential of these edtech firms create value and a difference in the lives of so many individuals might be the new normal for a long time to come.
Source : NewsOnFloor