‘Edtech’ goes hybrid; a way toward transformation
‘Edtech’ goes hybrid; a way toward transformation/Representational Image
Again a crisis spark has recently been seen in the edtech sector as the Educational technology players suffered a major setback after the tremendous growth in the COVID-19 pandemic. Online institutions and businesses have set a good mark when the whole world was suffering and slows down during pandemic. However, the reopening and following the traditional way of learning students are setting them up as the covid situation is easing up.
Seeing the online growth sloping downwards, the top edtech companies including Byju's, Vedantu, and Unacademy are now in the process of expanding their business through offline mode.
As India reopens and started the hybrid mode in every educational institution which is a new normal now, the edtech firms see a serious dip in online tuition demand which strikes down the capital of some firms, due to which they either shut the shop or fired employees. Vedantu, an Indian online tutoring platform also laid off 600-plus employees this year and now phasing towards the hybrid model to strike the growth and cater a larger audience.
Going hybrid is a natural strategy to precedes heights. Not surprisingly after seeing this notable situation, Recently the country’s largest edtech firm Byju’s announced to invest $200 million in offline (physical) tuition centres, scaling up to 500 of them across 200 cities in the next 12-18 months. Coping up with this situation by going hybrid will be one of the suitable for education providers and students. This model will not only be a transformation but a way to make things go easy and rapid adoption of education and technology.
Apart from Byju's, Unacademy marked its hybrid-retail model with the launch of experience stores across the country. Currently this edtech platform looking to launch four stores for students and parents to understand its offerings and various subscription models. This will help to focus on the new goals and users who are looking for courses and also the existing ones can also come and meet their teachers at these stores.
Moreover, this is the next step of the growth which will lead the edtechs to the different audiences and accessibility effectively. The future of Edtech industry is online and offline both combinations that will suitable for everyone.
This sector is leading towards a great upgrading with a huge competitive market. Furthermore, as the pandemic boom is fading slowly, the edtechs are also trying to cope-up for survival.
By Sneha Bisht