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By Faith Ashmore, Benzinga
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Dr. Ann Marie Sastry, CEO of Amesite, shared, “We invested heavily in the tech and we believe we are seeing the rewards of this now, in terms of user outcomes and reduced costs of delivery for us and for our customers. Our AI-powered programs and infrastructure enable institutions to deliver learning with lower costs and price points, and we are working now to drive scale.”
Learner retention is an important metric for the success of a learning program – learner retention spells more revenue and recurring revenue from satisfied users. Amesite Inc. (NASDAQ: AMST), an artificial intelligence (AI) software company that offers a cloud-based learning platform for businesses and the education market, recently reported industry-leading high retention rates after instituting a no-setup fee model in late 2023.
Amesite's cutting-edge learning environments are designed to support a wide range of organizations, particularly colleges and universities. The company’s platforms are known for their user-friendly nature and appealing user interfaces, making it simple and cost-effective for these organizations to introduce their own branded learning programs. By placing a strong emphasis on innovation, Amesite helps businesses and educational institutions stay ahead of the curve. The company offers a zero-cost setup fee for its AI-powered platform and personalized, engaging and efficient learning experiences, which has resulted in a dramatic increase in active sales prospects.
On average, the retention rate for comparable paid online courses ranges from 68-73%; however, Amesite has reported an overall retention rate of 96-98% for its platforms. This percentage is split across four major categories of coursework the company has offered: 96% for technology upskilling programs, 95% for professional development programs, 97% for cohort-based programs and 98% for self-paced programs. These numbers highlight the perceived value provided by Amesite’s AI-powered programs to its customers.
Over the past year, Amesite underwent a strategic pivot of its business strategy aimed at enhancing its services for partners. The company transitioned to a more cost-effective business plan, distinguishing itself from other SaaS e-learning platforms through a no-cost set-up fee model. This transformation was made possible by leveraging the company's AI capabilities. The introduction of the no-cost set-up fee approach significantly broadened Amesite's target market, enabling companies and universities to deliver professional training without requiring substantial initial investments.
Since the pivot to a no-setup fee offer with no minimums, the company has reported a 169% increase in meetings with sales prospects and a 118% increase in sales opportunities. The company has notably signed deals with Benedict College, Drake State Community and Technical College, West Virginia Northern Community College and Joliet Junior College. Mr. Brandon Owens, Amesite’s VP Sales, shared, “Our technology investments have resulted in an offer that every college and university can leverage. Our partners appreciate our straightforward business terms and our ease of implementation.”
The company has also recently announced it is teaming up with Partners for Advancing Clinical Education (PACE) to provide accredited continuing education for healthcare professionals. This collaboration means that Amesite, as a Joint Provider, will be able to create and deliver CE programs on their AI-powered platform. These programs will offer continuing education credits in various healthcare fields, providing valuable educational opportunities for learners.
According to Market Research Future, the global AI in education market is projected to grow from $3.45 billion in 2023 to $23.82 billion in 2030. The SaaS market is also poised for growth with an expected increase from $167 billion in 2022 to $462 billion by 2028. As Amesite continues to see the positive results of its new AI-enabled model, the company may prove to be well-positioned to expand its partnerships, resulting in more clients and more revenues – and potentially more value for investors.
Featured photo by Steve Johnson on Unsplash.
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