Several industry verticals are seeing a huge surge in consumer adoption since the last two years, when most people were cooped up in their homes due to the epidemic. This was because of the new environment and its accompanying needs. Undoubtedly, Edtech was one of them. Comparing EdTech to E-Commerce, the latter has developed category by category, albeit not every category has been prosperous. Today, a small number of niche markets, including fashion, books, electronics, mobile phones & accessories, and cosmetics, account for a large portion of online revenue. Furniture and home furnishings, art, real estate, even food, all continue to experience severe difficulties.
There are many situations where using something offline is preferable such as Schools, K12 after-school programmes, and classroom exam preparation programmes. You can experience a learning atmosphere in an offline classroom, that cannot be duplicated on a computer screen. Physical Interaction definitely wins if the experience must be deeply indulgent and sociable, requiring interpersonal connection. Online may have a distribution advantage, but since indulgence is so important in certain situations, offline will continue to be the favoured medium.
However, there are other significant use cases in education that clearly benefit from being online.
Upskilling: In the post-lockdown era, upskilling is unquestionably the winner. People that need upskilling already have jobs, so they do not have much time. Online scores come into play here because engagement flexibility and certification brand value are its two main needs. This was initially accomplished offline through mails and physical certificates; thus, an online solution is unquestionably the best option.
Learning a new language: This is another activity that benefits greatly from the internet. Practice and following an own path are the foundations of language learning. In comparison, adaptive learning performs substantially better than offline approaches like flashcards or audiotapes.
Practice: From K12 to Testprep, students spend 2 to 5 times as much time practising as they do in class. Much like learning a language, this is an individual activity that may be completed considerably more effectively online in an adaptive, social learning setting than offline as watching for user progress and solving for user motivation becomes more customisable.
The Edtech market in India, which was estimated to be worth $750 million in 2020, is expected to grow to $4 billion by 2025. Since the pandemic, the EdTech services has experienced significant innovation in marketing strategies, user interaction, content creation, and E-learning technologies. E-commerce is expected to strengthen ties within the educational sector in India and enable significant vertical and horizontal integration of crucial business activities. Since the majority of players switched to online techniques to ensure learning continuity while simulating in-person encounters online, the rate of digital adoption by education providers has been tremendous. As a result, programs in business education will likely adapt to significant technological advancements, opening-up new job chances for students in the lucrative E-commerce industry.
E-commerce is the electronic sale of goods using online services over the Internet, according to its definition. In a similar vein, EdTech offers online services and courses. And in that regard, e-commerce and EdTech are similar.
We have seen situations where universities leverage ecommerce principles in providing the students access to learning materials and incorporating technology into their learning experience. Universities around the globe are starting to look at edtech from an ecommerce angle by looking for digital payment possibilities with student friendly commercial options that focused on university approved content’s commercialisation.
Opportunities for E-commerce in Education
Books are readily available: Before technology became widely used, students had to visit the library to obtain the necessary books for their assignments or projects. If just one or two copies of a book were available in a library and more students wanted it, more copies would be requested. Students in these circumstances had to wait their turn to borrow that book. This method was once employed to postpone their responsibilities.
Students can now easily access their particular books thanks to e-commerce. They can order books from a variety of websites, including Amazon, Liberty Books, and others. Online reading is an option for students who do not want to buy books because they can read them for free without having to spend anything.
Understanding: The term “e-commerce” does not just refer to the purchasing and selling of goods. On numerous situations, pupils are unable to grasp an idea on their own. In these circumstances, they may consider the following options:
- They can access websites online, where a variety of articles are available with just one click.
- Additionally, they get access to lectures given by academics from all over the world.
Students can gain a better comprehension of their subject by reading various articles and listening to lectures.
Beneficial to all: Teachers can also profit from e-commerce in the educational setting; it is not just for pupils. To learn about diverse teaching tactics, they can conduct an online search and visit numerous websites. This will help them to recommend the best possible reference materials for students.
Assignment assistance: Numerous internet organisations offer original, distinctive, and plagiarism-free work. Students can complete their assignments with the aid of these websites. Through these online services, educators can gain as well.
Easy educational medium: Having a book from any region of the world is convenient for both students and teachers. For instance, you can either buy the book or read it online if it is not easily accessible in your location. E-commerce makes it feasible to buy a book without physically travelling to that state.
Economical and reasonable: Operating an online store in the educational sector. You do not need to search for a physical business or shell out a sizable sum of money for its infrastructure. All you need to attract customers to your website is a well-maintained website, an excellent idea, competitive pricing, bundling ability and high-quality consultation services.
To quote Nelson Mandela “Education is the most potent weapon that we can employ to change the world,”. Education technology is that effective instrument. For an interactive learning interface, it uses blockchain, STEAM (Science, Technology, Engineering, Art, and Math), virtual reality (VR), augmented reality (AR), and other technologies. E-commerce and SAAS are included among the many components that make it up.
The rise of E-Commerce in EdTech has resulted in total transformation of higher education, including rise of virtual university, global competition in education and the beginning of what is dubbed as the end of campus education. How the education will change and progress in terms of e-commerce is still unknown, but the truth is here for everyone to see already. E-commerce is here to stay and its impact on the technology-led youth is so grand, we can only expect an even bigger raise in interest in this technology course or discipline.
Digitalizing education has impacted all the parts of education ecosystem. It has been expected that a major chunk of education will move online in few years and create some great future business.