Digital submissions, e-learning, student portals, zoom classes, and virtual presentations are just some of the new terms added to our lingo.
As we learn to adapt to the pandemic and re-open schools and colleges, we can’t undermine the fact that the use of EdTech could be many times more than learning on-campus. From a market-share perspective, the content consumed by students through the use of Edtech will continue to rise. Let us understand why this is the case.
EdTech in India: Second-Largest in the World
All students might not have access to good quality education. However, with the increasing use of smartphones, and faster internet access, EdTech can be considered as a vital differentiator in democratizing education.
Byju Raveendran, the CEO of Byju’s stated this about EdTech – “The idea is to make learning contextual and visual. It is important to show ‘how to learn’.”
Irwin Anand, the Managing Director of Udemy India, said, “With a greater number of people being exposed to online learning for the first time, we anticipate that many may continue to rely on learning this way in the future.”
Moreover, even though the consumer base of the EdTech industry is soaring in the academic space, new opportunities are being created in the skill development and vocational space.
Now talking about the scope of EdTech in the Indian market, the current market size is about $700-800 million and is expected to reach $30 billion in the next 10 years. Also, online education offerings for grades 1-12 are expected to grow 6.3X by the year 2022.
The industry has attracted private equity investments of $4 billion in the last five years, leading to the emergence of global edtech leaders like Byju’s which now commands a valuation of $15 billion,
What’s more, the scope of EdTech is not only limited to schools and colleges. It has now expanded to online training providers, universities, e-learning companies, academies, corporate training, and Massive Open Online Course (MOOC) providers.
How Can Outsourcing Help EdTech Companies Grow?
As the administrative costs continue to rise, the traditional education system is at crossroads. The growth prospects of e-learning overpower the requirement for students to be present in the classrooms. For EdTech businesses to flourish, different aspects like live chat support services, vernacular support, account management, welcome & onboarding call services, and improving customer experience need to be a matter of focus.
With operations like these being important for running a successful business, outsourcing for EdTech is essential. Listed below are some areas where BPO’s can help EdTech businesses with:
1) Subject Matter Expertise
Today, students have multiple study options to choose from. They expect all the information about the subjects they want to pursue. Having an in-house team can prove to be helpful, but it comes with additional costs for hiring, training, infrastructure setup, and developing a cohesive employee retention plan. This can prove to be cumbersome for any business that wants to focus on the core activities.
Proficient outsourcing companies will already have the right infrastructures and subject matter experts to answer all queries related to different education streams and courses. The outsourced team will also ensure that your prospects stay up-to-date with new upgrades and additions in the courses provided by your company
2) Live Chat Support Services
When it comes to online assistance, millennials and Gen Z are more likely to prefer agent-assisted digital communication platforms that have little to no wait time. Offering students with instant support while they are completing payment or finding the right courses can help EdTech businesses receive more signups for their services. This is where outsourcing can help.
Instead of installing a support system, EdTech companies can simply outsource live chat functionality to a reputed BPO. By doing so, they can save on costs and offer instant and quality support that will help students with a seamless learning experience.
3) Vernacular Support
Initially, the EdTech industry took off by catering to one specific audience. However, with increasing popularity and time, people speaking different languages and from varied regions started demanding services and support in their native language. Lack of vernacular support can put EdTech companies in a difficult situation, leading to customer churn.
According to a recent study, 75% of customers are likely to stick to a brand if support is offered in their native language. This is where outsourcing to a BPO that offers multilingual support can prove to be beneficial.
Call center agents are trained to speak in your customer’s native language and are available 24/7*365. They can help clear students’ doubts easily and will also assist with their decision-making process.
In the long run, this can help your brand build a good rapport with your audience and go a long way in maintaining customer loyalty.
4) Bookkeeping & Accounting
Governments and global agencies are adapting to the evolving dynamic of the growing digital economy. With this comes new rules, rebates, and taxes. It can be difficult for EdTech companies that want to focus on brand building to shift their attention to mundane tasks like bookkeeping, accounts payables, accounts receivables, and tax processing.
What’s more, bookkeeping and accounting require a specialized skill set. Investing in technology and training your employees can prove to be expensive.
By outsourcing, EdTech businesses can focus all their attention on promotion, marketing, and collaboration while trained experts handle their finance and accounting requirements. This can also help EdTech players develop a competitive edge and ensure finance and accounting tasks are completed within the deadline.
5) Ensure Repeat Customers
Students could be signing up for your EdTech services at a steady rate. However, the important question to ask here is – How many first-time learners are being converted into recurring customers? After all, the measure of long-term success depends on that.
Outsourcing can help you manage the end-to-end lifecycle of your customers, thereby ensuring that the customers are constantly delighted and retained. From customer onboarding, welcome calls and emails, relationship management services, customer satisfaction surveys, cohesive retention plans, and offering multi-channel customer help-desk, an experienced BPO can handle these tasks seamlessly.
In conclusion, to ensure continuous business expansion, EdTech businesses need to save on costs, time, and resources and outsource the operations they don’t specialize in.
If you are planning to search for a renowned outsourcing company, then look no further. Meet Kserve! We have been providing quality outsourcing services to businesses for 18+ years. If you have any queries or want to have an in-depth understanding of our services, feel free to connect with our experts today!
Sources:
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