Online Business Models for Technology Businesses
Customer service obsession has increased the opportunities for creating more online businesses. Initially, businesses had followed only the traditional methods of business models – B2B, B2C, C2C, C2B. Now, the evolving innovations and technology advancements both together have created various online technology based business models. These models are innovative which would help you to think out of the box for your business.
In this article, we have curated a list of a few types of business models based on the new online technologies along with their respective real-time examples. This would help you to choose the most suitable business model for the enhancement of your business in your niche.
What is a Business Model?
Online business models are a strategy that any business would use to establish a successful online presence. Identification of the products, services, target market, and costs are facilitated by online business models. Both new businesses and those that are already established need to evaluate their business models.
Online Technology Based Business Models for Education
Below are some common business models in the education industry and few examples representing those models,
Online Tutoring Using Third-party Platforms
In this model, the tutors can make use of third-party websites for educating the learners. The tutor just has to make use of the application to create the course and upload them for the learners.
Examples of third-party websites who allow educators to create their course on their platform,
UnAcademy
UnAcademy allows educators to create their course just by downloading their application. This is the only way the educators can create their courses and they are not allowed to use any means of recording or uploading the videos.
Byju’s
Using the platform the tutors from various specifications can teach students and instantly solve their doubts.
Online Learning by Selling Third-Party Videos
The model is very much supportive for those who are interested in developing and selling courses online. This type of platform is different from LMS and is useful for businesses and individuals to earn money by selling their courses.
Examples of this online learning model,
Udemy
The best platform to launch your first video. Become a premium member and create your first paid course. In case you need any guidance for creating it, Udemy can help you with it by providing a review on your sample video. It also has tailored-made marketing tools that would help in your sales.
Skillshare
Skillshare is the best platform for anyone who wants to teach anything creative – designer, photographer, writer and more. Become a premium member, publish your course and get paid for it.
Assessment Platforms
The online assessment platforms are mainly used by tutors to check on the performance of the candidates who have enrolled for the course. The model allows tutors to create tests and also to keep track of the student details for future reports.
Examples of this online assessment platforms,
Assessment Generator
Using, assessment generator allows users to create surveys, tests and assessments that would help evaluating an individual’s progress and help in improving their decision making skill. The platform also allows users to even share the reports of the assessments.
ClassMarker
ClassMarker, is a web-based, customizable quiz maker for businesses, training and educational assessments. The platform would automatically evaluate the assessment.
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Online Technology Based Business Models for Healthcare
Below are some common business models in the healthcare industry and few examples representing those models,
Virtual Hospital
With the help of new technologies, the concept of virtual hospital is taking its root. Here, the virtual hospital will provide remote hospital-level care by connecting patients and doctors via any telehealth-based communication. Hospitals even use AI to identify different patterns of diseases during the diagnosis of any rare diseases.
Let us have a look at few real-time examples of virtual hospital,
Mendelian
Mendelian is an AI-based platform that concentrates on rare diseases. It uses algorithms to capture the disease’s patterns across patients. The clinicians can make use of the insights for improving the accuracy of the services offered.
Tunstall
With the help of Tunstall, people who need care and medical attention can live independently in the home of their choice. The service is comprehensive and has a wide range of applications, including complex care management, support for chronic diseases, assisted living in retirement communities, and assisted living in other facilities.
Online Pharmacy
Online pharmacy is one of the models in the healthcare industry through which the users can get their medicines delivered at their doorstep. When the online pharmacy receives the prescription request from your doctor, the pharmacist will process it through the EPS (Electronic Prescription Service). The prescription will be dispensed and delivered to the user. There are also various online pharmacies who have developed their applications, where the user can request for the medicines just by uploading the prescription from wherever they are.
Let us have a look at few real-time examples of online pharmacy,
SesameRx
SesameRx is excellent in overall. Using the tool, the users can refill their prescriptions, get medications at lowest price despite the location (delivers over 50 states in the US), and insurance status.
Amazon Pharmacy
The user can simply look for the medicine and proceed with the purchase after uploading the prescription in the application. In addition to the supply of medicines, the application also supplies other health care and personal care products.
Online Counseling
Online counseling is similar to that of traditional counseling, where the councilor and the patient would be conversing in person in regard to the patient’s mental health. The service will be provided through any medium where the conversations can be carried out virtually.
Let us have a look at few real-time examples of online counseling,
BetterHelp
The tool is user-friendly and has the largest network of therapists. The communication is carried out through audio, messaging, chat and video conferencing. It also provides financial support to qualified individuals.
Talkspace
Talkspace comes up with flexible subscription plans, various communication platforms and therapy options. The application can prescribe medication and also accept insurance.
Online Dental Lab Solutions
Online Technology Based Business Models for Real estate
Below are some common business models in the real estate industry and few examples representing those models,
Real Estate Farming
Real estate farming is a marketing technique that is used to generate more leads in a specific geographical area. This would help your real estate business to get established as an expert in the location. Keep your farm small to deliver more value.
Let us have a look at few real-time examples of real estate farming,
Zillow
Zillow is considered to be the all-rounder in the real estate industry. It concentrates only on the US and its territories for the business and doesn’t encourage real estate agents to promote to an international audience.
Vacasa
Vacasa provides vacation rental management services in North and Central America. Their expertise and specific geographic coverage makes them a winner in their niche.
Rental Property Business
In a rental property business, the investor would purchase and manage more than one property and consider it to be the income-producing properties. These properties are given out to tenants in exchange for monthly rental fees. Either the investor manages these properties directly or will hire a property managing company to take care of the duties of a landlord.
Let us have a look at few real-time examples of rental property business,
Greystar
Greystar serves property owners all around the world. It has a wide range of services that drive performance and profitability.
Colliers International
Colliers International is a real estate management service that includes world-class property management solutions.
Virtual Walkthroughs
Virtual walkthroughs in the real estate industry is the best way to display your property. This would help your potential-buyers to visualize how the property will look like. The implementation of VR in real estate has helped in the growth of the industry. The better you display things, the probability of sale is high.
Let us have a look at few real-time examples of real estate business with VR,
Sotheby
Sotheby is a luxury real estate dealer who has implemented the concept of VR to their business. Here, the customers can take an online virtual tour and examine their future homes. Checkout the 3D space that the website offers.
Roomy
Roomy helps customers to imagine their house filled with furniture using the concept of VR. This would really give a better view of the house instead of viewing a house with just bare walls. The clients can imagine the final version of their house by the services offered by Roomy.
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Online Technology Based Business Models for Travel
Below are some common business models in the travel industry and few examples representing those models,
Merchant Model
The entire transaction involving the property owner and the OTA falls under the merchant model. In this case, the property owner sells the rooms to the online travel agency (OTA) for less than the going rate, and the OTA then sells the rooms to the customers and makes money. Without specifying the guest profile, this model aims to sell rooms in bulk.
Examples of merchant model,
Booking.com
The information provided on the website is completely based on the information given by the service providers. The platform makes it easy for its customers to compare bookings from many hotels, property owners and other service providers.
Advertising Model
Advertising never goes out of style. In today’s trend, hotels and travel bookings are featured through website pages, suggestions, or advertisements and is the current advertising model.
Example of advertising model,
Tripadvisor
Here, the platform initially only displayed information about the travel destinations. Now, it is partnered with the existing booking websites, and it can add prices and availability information for its users.
Peer-to-Peer Network
This model connects travelers with property owners who are willing to rent out rooms or entire homes for the duration of their stay. These websites work to promote the sharing economy. They offer a portal for booking these rooms and charge a commission to both the buyer and the seller. Due to the fact that they offer inexpensive and flexible travel options, they are more popular than vacation packages.
Example for this model,
Airbnb
The platform brings together those looking for lodging in particular areas and those looking to rent out their homes.
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Choose Your Business Model Today
Are you yet to choose your model? Don’t delay it anymore. Run your business with advanced objectives by choosing a suitable business model. Ensure that you are in line with the market trend, by implementing a business model adhering to the latest technology as well as your niche.
Are you confused about deciding the best, suitable business model for your business? A professional digital agency, specializing in social media design services can help you with better clarity. This would help to choose the right model along with other functionalities that are suitable for your industry.
If you are looking for professional assistance, you can contact ColorWhistle by sending us a message or call us at +1 (210) 787-3600, we’ll get back to you at the earliest. We provide services tailored to your requirements that suit your business.
Disclaimer:
All the images and sources we’ve listed in this blog don’t belong to ColorWhistle except for the featured image. We’ve taken these after a complete research on the web (pinterest, google images, dribble, etc.). ColorWhistle doesn’t own any of the above images.
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