Technology has been revolutionizing education alongside most key sectors that aid human survival. The education sector is witnessing the power of tech to enable greater affordability and accessibility. However, infrastructure challenges impede growth of EdTech companies in Tier II and Tier III cities.
A new initiative of ‘learn from home’ made EdTech simpler for teaching too. Amidst the COVID-19 pandemic, EdTech platforms in India have recorded the next level of growth. But, the real challenges into midway 2022 arise as most platforms still face a challenge in addressing the crucial needs of the child’s learning process, together with other issues.
Here are the 5 challenges that the EdTech companies are facing on a significant scale:
1. Introduction of Unnecessary Technologies
Many entrepreneurs have been ushering AI, AR, IoT, ML, Blockchain, and other technologies into their educational business. Since it is seen how technology affects other industries, despite thinking of bringing more sales, involving the target audience, and contributing to the app’s core idea, this trend has become clear.
This has been adding to the increasing app development cost and driving confusion among the app users.
2. Poor Market Exposure
Trust has been a critical factor for reputation in the Education industry. Also, the brand image of the EdTech companies plays a vital role in integral creation with marketing campaigns and elevating reach. However, limited event-based interaction involving internet usage makes it difficult to create digital marketing campaigns using SEO, social media, or SEM.
As for Edtech companies, there are several innovative possibilities. However, all prospects are not essential. So, proper market research and competitive analysis are needed to implement the best ideas in the educational industry.
3. Digital Payment Preferences
A shortage of trust in digital payment modes has become common in semi-urban and rural parts of the country. Also, the penetration of digital payment modes in the country is below 20%, with most transactions happening in the metropolises. The main issue is limited exposure to digital modes of payment.
4. Language Barriers
Native languages are still on the solid line of choice in India. Despite English being a common language, the formula of online education has been confounded by more than 50 local languages and thousands of dialects.
5. Disrupted Content Streaming
With faster internet speeds rolling all over the country, disruptions do remain in place. The reduced connectivity and bandwidth deter even knowledgeable students from opting for an online course. The option is to use downloadable content that can be viewed anytime.
Solutions to Overcome Challenges
The challenges can be daunting sometimes. But solutions prove to be the game changers, and here are the reasons which make EdTech ‘innovative’ ideas lead into the EdTech space. Learn how to prevent failures as we go.
1. Focus on KPIs
Many players in the market gain higher downloads for certain apps but fail to convert them into subscribers. So, it’s better to look forward to considering different mobile app KPIs to improve the app revenue and maintain a significant success ratio of the EdTech platform.
2. Business Model
The revenue generation process is quite hindering in the case of the eLearning app development market. So, it is preferable to opt for a business model that helps remain in the competition until revenue generation on a huge scale begins.
3. Relevant Strategies
Three different monetization strategies turn the business a real success, depending on the investments:
Freebies – The mobile application is free to use under this strategy. But, it can drive leads and subscribers. Further, another way of managing users is to apply a formula with an additional amount to be paid for a better experience or for unlocking new features.
Subscription – The top EdTech platforms, including the startups, follow this model. This allows the platforms to demand a price for accessing the product/services.
Pay as You Go – This business model functions so that users have to pay only for the time and services they use the EdTech app.
4. Onboarding Top Faculty
The best staff plays a vital role in parents/students trusting the EdTech platform. Hiring such expertise can push forward the evolution of business in the market. Hence, one of the biggest challenges turning into opportunities steers the direction of innovation.
5. Add Value to Existing Learning System
Consider your EdTech idea an integral part of the existing environment rather than a replacement. This can prevent failures while focusing on the challenges associated with the existing learning management system and looking ahead to solve them.
