The global edtech market size was estimated to be worth US$ 74.2 Bn in 2021 and is forecast to grow at a CAGR of 14.5% during the forecast period between 2021 and 2031, totaling over US$ 288.4 Bn by the end of 2031.
In India, the Edtech sector rose to prominence at the onset of the pandemic, which is almost a decade after its establishment. The pandemic posed a significant learning curve for students, parents, and educators alike about learning during unpredictable times. As a result of it, a large portion of the country's $180 billion education sector migrated online.
In 2021, Indian Edtech startups raised $4.7 billion, up from $2.2 billion in 2020. These values make the Edtech sector India's third most funded startup category, after only e-commerce ($10.7 billion) and fintech ($8 billion).
At present, there are 33 Edtech unicorns across the globe which shot up from 22 at the same time last year. Moreover, India's Edtech market produced six unicorns, including Unacademy, Eruditus, UpGrad, Vedantu, Lead School, and PhysicsWallah, between September 2020 to June 2022.
Analyzing the scenario from a non-pandemic lens, the conceptualization of any startup, regardless of industry, must be based on one distinctive strategy and a long-term vision. If the vision was to capitalize only on one short-term problem - the pandemic, then the sustainability & growth of the organization might be questionable.
In times like these, a customer-centric & value-driven model stands at the forefront for any startup to survive & create a competitive edge, and the Edtech sector is no exception. This is precisely why 87% of senior business leaders in the US and UK see CX as their top-growth engine.
Still Sunny Days for Edtech Post-Pandemic?
India's Edtech firms have struggled to sustain the industry's pandemic-triggered boom for a while now. A few large Edtech companies that can afford a wait-and-watch policy are now scaling back from capital-intensive models. The majority of others, however, are going through layoffs to sustain their businesses.
India's funding landscape has been declining since the start of the year. To understand this further, let’s look at the following graph that analyzes the funding scenario from 2021 to 2022 based on the total funding amount of Edtech startups in India across the quarters.
According to the graph, from Q1 2021 to Q2 2022, the investment ecosystem has seen sharp volatility. The deal count stood at over 36 massive deals in the first quarter, which fell to mere 24 deals across the prominent startups in the Edtech sector.
Customer Experience Management: A Necessity to Scale Operations
The face of education has changed from textbooks and papers to e-learning solutions, online assessments, and virtual guidance programs.
More schools and educational institutions are looking to partner with Edtech companies to fulfill their curriculum and learning needs.
While it is not the end of Edtech in any manner, we are certainly at crossroads. Keeping up with the rate of change can be challenging, especially in times like these, but tech-driven customer experience management strategies are the key to success.
Investing in CX has long been viewed as a cost center, but the reality is far from this.
In a digital-first world, customers don't want to wait long minutes, handle language barriers, and multiple transfers of calls to resolve a simple issue. This increases the costs brought on by longer resolution times while decreasing customer satisfaction & brand reputation.
Simply put, CX is no longer a luxury but a necessity, especially for the Edtech sector in this post-pandemic world. When Edtech companies invest in customer experience to improve agent experience, adopt new technologies, and put customers at the heart of everything they do, it increases brand loyalty and improves business outcomes.
Currently, only 17% of Indian businesses deliver an exceptional customer experience, even though 79% said CX is a way to drive revenue.
Such changing & fiercely competitive times demand spending better on customer-centric initiatives by investing in modern tools, digital channels, and even support agents that can help brands to grow their customer base with positive word of mouth.
In line with this, 88% of Indian organizations have accelerated CX initiatives in the last 12 months alone, and close to two-thirds say it increases business resiliency.
We at Convin aid Edtech enterprises to evolve to meet customers' needs and focus on delivering better service. By eliminating repetitive tasks, enabling access to crucial customer moments, learning customer sentiment & discovering best call practices, we help businesses identify bottlenecks to fix them at the source and deliver a positive customer experience.
In fact, Convin’s Customer Experience Management capabilities improve the CSAT score of enterprises like yours by 27 percent. Convin Edtech customers witnessed multiple results in their customer experience efforts, including:
- Around 30% improvement in agent call quality.
- 1.25 hours reduction in manual auditing time.
- Achieved 100% visibility and compliance monitoring on all customer calls.
- Automatied 3 core processes-Reporting, auditing and feedback.
- 27% increase in student appearance in preliminary exams.
- 16% increase in student admissions
Providing good customer experience attracts more students and parents because memorable experiences drive customers to return and remain loyal.
Results first, payment later.