Scale Education Business With Subscription Model In 2022

One of the most flourishing and blooming markets of 2020 and 2021 is eLearning. The reason behind this is the flexibility it offers to the corporate in educating and reskilling their employees and the education sector in managing everything from the student portal to assignment grading and certificate awarding. Despite the growing need for eLearning, the industry is facing a wide range of challenges ranging from course content optimization to enrolment management. Above all, collecting payment online and managing tier-based subscriptions along with the course material is among the rising challenges of 2022. Therefore, to make eLearning subscription management with subscription management software i.e. SubscriptionFlow, we have crafted this article to address the challenges an education business is prone to encounter in 2022. Lastly, this article addresses the opportunities that Subscription Management software offers to eLearning platforms.

Back Ground On eLearning & Opportunities

The pandemic has changed the ways education businesses used to operate from the inside out. Today, connectivity of the internet has changed the ways students was managed. According to reports, the eLearning Market is expected to grow 200% by 2025, and surprisingly 63% of business has already implemented the employee training program. And, the corporate eLearning initiatives, it is forecasted to grow 250% by 2026, the sole reason behind this is microlearning has more retention rate because of visual content. And, a study has found that 80% of online course components consist of Video.

All of the things that we have mentioned above have opened up a new avenue for opportunities for education businesses. Top of our list is the scalability of business beyond borders, followed by the opportunity to include global instructors in the pool of educators. However, doing so doesn’t guarantee success unless your system is agile enough to comprehend the new challenges that are about to occur as we move ahead in 2022.

Some of the key challenges that have been luring over the eLearning industry since the last quarter of 2021 are as follows.

Challenges & Hurdles Predicted To Weigh Elearning Down In 2022 (400)

Personalization – It involves everything from students’ experience customization to the course content and beyond. The gaint that are governing the education business has set the bar high that small businesses won’t able to comprehend. However, the availability of resources and subscription management integration with a learning management system, or the possibility of creating customized eLearning subscriptions can help one in customizing the experience of students on micro to mass levels.
Transition From Learn-On-Demand To Learning Subscription – There are two types of subscription models that eLearning businesses are battling to adopt. The prior one offers complete access to online learning content for a fair price, on contrary to this, the second one offers flexibility to both subscription businesses and students alike. Both of these models have different perks and loopholes, the selection of both is depended on the niche and market you are targeting. To give you an overview, Learn-On-Demand is popular in the USA, however, the trend of the second one can significantly be seen in UK and idea.
Student Retention & Interactive Learning – As the education industry grows, it saturates the market, and the concern of low-cost education and student retention raises. This results in student churn too. Therefore, the challenge that eLearning has to address in the coming months is to make the content more interactive and fun learning. And the key to achieving this lies in personalization.
Content & course Optimization – The learning trends and skills that most of the employees deemed higher and invested heavily in were people management, communication, and data-driven decision making. However, these skills are going to change in 2022 and beyond, hence having a course outline that is agile enough to adapt to the changing industry trends and needs is rated higher on our scale of education subscription challenges in 2022.
Secure Payment – When we talk about eLearning, the major concern that all students site for not opting for online courses is not having a secure payment system. In the past 12 months, the phishing attack has been increased to 83% and thus, the need for implementing a secure hosted payment page and payment gateway has become more important than ever.

Education Subscription Management & Optimization With LMS integration

Like we said in the previous part, that the challenges posed by 2021 are here to stay in 2022, but the intensity of these challenges is going to increase as days turn into months. In this regard, the integration of Subscription software with LMS can help you achieve the following benefits.

Personalization – The data on your subscriber or student is more diverse than you think and it is spread like bread crumbs and cookies on multiple platforms e.g. social media, applications, websites, and even within your businesses. The subscription management system brings everything bit of information on your subscriber to one system and automatically arranges it into a student profile. This information later linked with the marketing, sales, and support automation allows the system to alter its communication to match the intellectual and skill level of the enrolled student e.g. Duolingo. As a result, eLearning becomes interactive and fun for the student, and consequently the retention rate increases.
LMS & Subscription – An eLearning business that is managing multiple courses and offering tired subscriptions has to face difficulty in managing the payment. With a subscription management system, tiered subscription and pricing optimization becomes easier.
On-Demand & Subscription Learning – Another benefit that subscription management systems offer is the flexible transaction of on-demand and subscription learning. At the same time, it offers pricing optimization features.
Analytics & Reporting – The last benefit that LMS and subscription management system integration offers is the deep analytics that helps the subscription business in optimizing the content and personalizing everything from student onboarding to conversion with utmost ease.

Conclusion

In the changing world of subscriptions, the integration of subscription management and LMS is the only solution that the education industry needs to prosper in 2022 and stabilize the profit stream. Moreover, with the right customization and optimizing the pricing of subscription plans. Lastly, the subscription management software allows education businesses to manage courses and subscription variation from a single platform.