Are you considering investing in an online learning marketplace? Now is a promising time.
Online learning is in high demand, with increasing enrollment in education programs and course purchases. This trend is expected to continue, as 96% of students have experienced a positive return on investment from online courses.
On the business side, the e-learning market is projected to achieve a steady annual growth rate of 3.22%, reaching $65 billion by 2027. Furthermore, 47% of schools have increased their spending on online programs.
In this post, we’ll guide you through the process of developing an e-learning marketplace from scratch, covering ideation to initial profits. We’ll also discuss popular features and technologies and recommend a monetization strategy. Let’s begin with some essential definitions for shared clarity.
An e-learning marketplace, also known as an online education platform, serves as a hub where educators and content creators provide digital courses and educational materials for learners. This platform enables individuals to access and enroll in diverse educational resources presented in various formats.
Prominent e-learning marketplaces include Udemy, Coursera, SkillShare, and EdX, which offer a wide range of subjects. Additionally, niche educational platforms like MedYouCate cater to distinct audiences, such as medical students and practitioners. MedYouCate, by the way, was developed by the Syndicode team and has garnered recognition for its outstanding quality and execution.
These e-learning software solutions offer various online courses on different subjects, often provided by individual instructors, educational institutions, or companies. Learners can enroll in courses of their choice and learn at their own pace. Udemy, Coursera, and EdX are the most prominent examples of online course platforms.
These marketplaces offer assistance in specific subjects or provide general academic support. They connect students with tutors and educators for one-on-one or group learning sessions. Examples include Chegg Study, Preply, and Tutor.com.
These platforms focus on language education, providing courses, lessons, and language exchange opportunities. Duolingo, Babbel, and Italki are examples of language learning marketplaces.
These marketplaces cater to individuals seeking to acquire practical skills for personal development or career advancement. They offer courses and resources to help learners develop specific skills, such as coding, design, writing, or digital marketing. Skillshare and Pluralsight fall into this category.
On these platforms, one can find courses, coaching, and resources to help learners advance in their careers, transition to new fields, or improve their professional skills. LinkedIn Learning and General Assembly are examples of such marketplaces.
These platforms focus on helping students prepare for standardized tests, entrance exams, and certifications. They offer study materials, practice tests, and resources to aid in test preparation. Khan Academy and Magoosh are examples of this category.
These marketplaces offer educational resources, lesson plans, teaching materials, and tools for educators working in K-12 classrooms. Teachers Pay Teachers is a prominent example.
Some software applications focus on connecting students with colleges, universities, and higher education institutions offering various degree programs and courses. These platforms may also provide resources for scholarship and financial aid information. FutureLearn can be categorized as an example of a higher education platform as it collaborates with universities and institutions to offer online courses, degrees, and micro-credentials across a range of subjects.
These platforms cater to companies and organizations seeking to provide employee training and development opportunities. They offer courses and resources to enhance employee skills and knowledge. For example, Skillsoft provides e-learning solutions for corporate training, so it falls into this category.
These platforms connect learners with instructors or resources for creative pursuits like music lessons, art classes, and other artistic endeavors. Examples include Fiverr and SoundBetter for music-related services.
As an experienced marketplace development services provider, Syndicode follows a proven process that optimally balances product quality and development resources. The outlined workflow is adaptable based on the product’s development stage.
1. Project discovery and estimation
We collaborate with the client to clarify project goals, purpose, and expectations. We also find it crucial to document key details about the product, current state, target market, success metrics, etc.
The main goals of the discovery stage include:
As a result, both the client and the development team gain a clear vision of the product and can estimate the development costs and times. This proactive approach anticipates potential risks, facilitates mitigation strategies, and enhances development process efficiency.
You can learn more about the activities and documentation from the discovery stage in our earlier blog post, “Discovery session for the new project.”
2. Wireframes and UI/UX design
During this phase, the project team collaboratively envisions and outlines the evolving system. Here’s a brief overview of what happens:
Syndicode’s UI/UX designers prioritize functionality and usability while delivering distinct, memorable experiences. You can find more insights into our UX/UI approach in our prior blog post about the “UX design pyramid.”
3. Product development
Transitioning from requirements and designs to functional code is the next phase in the education software development process. Software engineers execute the project’s functionality based on the delivery plan devised during the project discovery phase. This involves:
Sometimes, preliminary testing is necessary before committing to a comprehensive product, and we opt for minimum viable product (MVP) development. In this case, the MVP development process largely mirrors the standard pattern, yet with certain modifications to accommodate limited resources.
4. Testing
Syndicode’s software testing process seamlessly integrates into the Software Development Life Cycle (SDLC). Each feature undergoes thorough checks before the team moves on to the next item in the delivery cycle. Here are the main activities for this phase:
5. Launch and post-launch activities
Post-launch, Syndicode’s commitment doesn’t end. Our team continues monitoring the system’s performance, providing ongoing refinement. Activities during this phase include:
Achieve your dreams by partnering with Syndicode.
Contact usEducational websites and applications stand out from other marketplaces due to their specialized focus on providing tailored learning experiences. This distinctiveness is achieved by incorporating a variety of features that are typically exclusive to this category of platforms:
Considering building an e-learning marketplace platform like Udemy? Let’s see what unique features set apart these major players in the global education market.
Udemy is an open-source learning platform that allows users to become instructors, upload courses, and earn from enrollments. It offers a wide range of pay-per-course topics and also features a corporate portal for tailored employee skill training.
Key distinguishing features of Udemy include:
Udemy’s impact is evident, with 57 million users and nearly $500 million in annual revenue.
Coursera, an online learning services provider, collaborates with educational institutions to offer diverse learning materials. It hosts subscription-based courses, specializations, and degrees spanning numerous subjects. This eLearning platform also facilitates skill-based learning for businesses and government entities.
Its distinctive features comprise:
Coursera has amassed 100 million users and collaborates with over 275 universities and companies. The platform generates annual revenue surpassing $300 million.
EdX is another popular online learning platform that offers a variety of courses, programs, and degrees from universities and institutions worldwide. It employs a pay-per-program approach for individuals and offers business subscriptions for tailored courses.
Notable features that distinguish EdX include:
As of this writing, EdX boasts 76 million users and an estimated annual revenue of approximately $120 million.
Syndicode’s experts will help you make an optimal decision considering your target market, competition, resources, and technical feasibility.
Contact usSelecting the right technologies to build an online education platform is one of the most crucial things to ensure a robust, scalable, and user-friendly solution. The choice of technologies depends on various factors, including your platform’s features, scalability requirements, development expertise, and budget.
Here are the top popular technologies for e-learning marketplace development in 2023:
1. Backend technologies
2. Frontend Technologies
3. Content Management System (CMS)
4. Video streaming and hosting
5. Cloud services
6. Authentication and security
7. Real-time communication
Read also: React vs. Angular: Choose the Best Framework for Your Next Project
Should you launch your e-learning platform as a web-only version, a web app, a mobile app, or a cross-platform solution? The choice will depend on various factors, including your target audience, budget, development timeline, and long-term goals. Each option has its own set of pros and cons. Here’s a comparison to help you decide under which conditions one might be better than another:
| Pros | Cons | |
| Web-only version | Wider reach as it can be accessed by users on various devices Lower development costs Faster deployment | Limited mobile experience and accessibility due to limitations in utilizing device-specific features |
| Mobile app | Enhanced user experience due to the use of device-specific features Brand presence due to having an app icon on users’ devices Push notifications | Higher development costs Longer development time |
| Web app | Cross-platform compatibility Easier updates | Potential for slower performance |
| Cross-platform solution | Unified development Time and cost savings due to a single codebase | Wider reach as users on various devices can access it Lower development costs Faster deployment |
Considering the strengths and weaknesses of each approach, our recommendation is as follows:
1. Course fees or enrollment charges
Many online education marketplaces charge learners a fee to enroll in individual courses or complete a full program. Usually, this entails life-long access to the purchased course. Udemy uses this business model, charging from $19.99 to $199.99 per course and getting an average revenue per buyer of $20, as seen from the latest statistics.
2. Subscription model
A subscription-based model provides learners access to a library of courses or premium content for as long as they keep their subscriptions active. This revenue generation model has increased in popularity over the last few years.
3. Paid certificates (Freemium model)
Some platforms offer free course access but charge a fee for issuing verified certificates that learners can add to their resumes. Research revealed that a single program could bring around 49K active learners that paid, on average, $50 each for a certificate for some 1,5 years.
4. Corporate and B2B sales
Businesses and organizations often seek customized training solutions for employee training and professional development. Education platforms offer that opportunity and charge a premium for corporate accounts based on the number of users or specific features. About half of Udemy’s revenue comes from the B2B sector, and recently, this revenue channel has exceeded the B2C one for the first time.
5. Other revenue strategies
Less popular, although still effective, monetization opportunities include:
When setting up an e-learning application, selecting the right payment system is crucial to ensure smooth and secure transactions for users. There is a variety of payment gateway providers and aggregators on the market, the most popular of them being Stripe, PayPal, Authorize.net, and Payoneer.
When choosing the best payment solution for your education marketplace, we recommend considering the following factors:
As a globally trusted software development services provider, we approach clients’ projects with the same dedication we’d invest in our own. Striving to build an excellent product, we meticulously analyze ideas and select optimal technologies for implementing desired functionalities. As a result, most of our clients entrust us with ongoing maintenance and development services post-launch.
One of our recent projects is MedYouCate, an e-learning platform tailored for healthcare learners. It offers high-quality videos in two languages and a user-friendly creator studio interface that ensures comprehensive course creation following medical education standards.
Syndicode specializes in marketplace development, meaning we know everything about it.
See projectsThe e-learning industry is projected to thrive over the coming decade. While major players like Coursera and Udemy excel in general subjects, the demand for specialized training remains high. So, if you have a niche-focused concept, the time is ripe to seize the opportunity.
Hopefully, this article has given you an idea of what kind of e-learning platform to go for and what to expect from your partnership with a development company. If you have any questions we haven’t covered in our blog, feel free to request a consultation using the contact form. Outline your problem, and we will reply in less than 24 hours with possible solutions!
The time it takes to create an e-learning marketplace can vary widely based on factors such as the complexity of the platform, the scope of features, the size of the development team, and the level of customization required. Here’s a general overview of the key stages and their potential durations; note that the actual timeline may differ for your specific project: 1. Planning and research—2-4 weeks; 2. Design and prototyping—4-8 weeks; 3. Frontend and backend development—8-16 weeks or more; 4. Content creation and onboarding—4-12 weeks or ongoing; 5. Testing and quality assurance—4-8 weeks; 6. Launch and deployment—2-4 weeks; 7. Post-launch iteration and enhancement—ongoing. To sum it up, it may take 24-52 weeks and more, depending on the platform complexity, customization requirements, team size, and unforeseen challenges. Collaborating with an experienced development team, setting clear goals, and maintaining effective communication throughout the process can help streamline development and ensure a successful launch of your e-learning marketplace.
It’s challenging to provide an exact cost to build an educational marketplace as it can vary widely based on a range of factors, including the platform’s features, complexity, design, development approach, technology stack, team size, geographic location, and more. A general breakdown of the key cost components and factors that influence the overall expense are 1. Development team’s salaries; 2. Technology and infrastructure expenses; 4. Features and functionality building costs, including integrating third-party services, APIs, or plugins; 5. Content creation and management costs; 6. Quality assurance and testing expenses; 7. Marketing costs; 8. Post-launch maintenance expenses. Given the wide range of variables, we recommend consulting with experienced developers, project managers, or technology experts to get a more accurate estimate for your specific e-learning marketplace project. Keep in mind that developing an online marketplace is an investment, and focusing on delivering a high-quality platform that meets user needs and provides value can lead to long-term success and a strong return on investment.