Those days are gone when people were crazy about owning a car to travel from one place to another. The only reason they were heading toward buying a car was the convenience and comfort. But as time passed, several environmental and health concerns came out due to the uninterrupted vehicle usage. So, solutions like Uber, Lyft, BlaBla cars were obvious to come. All these apps offered an easier taxi booking form, anywhere, anytime.
Uber is one of the most used ride-sharing apps by people around the world. There is hardly anyone in the world who doesn’t know Uber. The Uber business model does not only facilitate people to get the taxi service anywhere, anytime but also provides easy ride-sharing with other people. All the identical ride-sharing apps such as DiDi, Grab, Bolt Cabify, Gojek, and Ola, etc got big thumbs up due to this unique service provided.
Table of Contents
What is Uber’s business model?
The Uber business model is as easy as pie. The entire business is based on groups of buyers and sellers. Uber connects them via a technological ride-sharing app and keeps the transaction as profit. Uber works on the simple concept of hiring a taxi with “ease”. Uber made the process of hiring vehicles more reliable and flexible. It was founded with the idea of excessive expansion, and now Uber is offering its service in more than 785 metropolitans around the world, so far.
Uber manages 15 million rides daily. The company predicted that by 2021, around 539.49 million users will use its taxi service
Why Ride sharing Apps are so popular?
Ride-sharing apps like Uber provide more convenience in taxi booking service, hence they are more popular for drives.
Is there any opportunity for new ride sharing Apps?
Although, ride-sharing apps are popular and competition is increasing, still, there is ample room left for new ride-sharing startups.
Is there any scope for new ride-sharing apps?
With the growing era of digitalization, the idea of developing a ride-sharing app like uber is increasing. But is there any scope left for entrepreneurs to consider the ride-sharing app business model viable? Although, Uber and other ride-sharing apps have captured a significant amount of proportion in first-world countries. But there’s lots of space still left for you to venture. Let’s check how!
Changing customer preference is an ever going concept. Due to changes in habits, likes, interests, society, and trends, customers tend to change their preference from one to another. Take the examples of Millenains (18-35 years), who is an upcoming asset of every company, and they are actively looking for:
Commercial Vehicle Reservation App
College Students Cab Sharing
Commercial Vehicle Sharing App
Office Goers in an Area – Cab Sharing App
Innovation And Technology
Customers can be lured easily by providing some excessively great features. Continuous, technological innovation and add on features always tend to provide more customers. With ongoing mobile transformation Mobile apps, GPS navigation devices, constant network connectivity, e-transactions, ride-sharing apps have strong potential to grow.
Let’s check some figures:
Facts and figures make a claim more stronger and reliable. Hence, It’s important to go with facts rather than predictions. According to Geeksscan, the ridesharing market is expected to grow at a 20% CAGR and if the growth continues at the same pace, the market value of the ride-sharing industry is expected to reach a staggering $220 billion by 2025.
Another researcher Spacetechnologies predicted that:
The Uber alternates are predicted to grow at a CAGR of 9.22% between f 2019-2024. The alternate apps will generate $285 billion in revenue by the year 2030.
Alone in the United States, approx 25% of the total population use ride-sharing apps at least once a month, and the numbers are continuously increasing.
By checking the future growth predictions and facts one can easily understand that there is ample space for uber alternatives to be in competition and grow.
Want to unleash the ride-sharing Growth Opportunity?
TWS is always ready to help you in your entrepreneurship journey by developing automotive solutions tailored to your business needs.
Unique features to add-on in ride Sharing apps
Knowing that the ride-sharing apps are spaciously available, one can easily rush to hire an app developer without thinking a bit.
If you are also looking to step into the ridesharing app venture. Then hang on and rethink what you are going to provide “unique” in your ride-sharing app apart from giving ride features to the user. Because the user’s always gravitating toward new and improved things in order to get shifted from one service to another.
Unique Features to be included in the Ridesharing app
Accept and Reject request:
Accepting and rejecting ride requests can be useful for drivers to make them comfortable while driving. As of now, only a few apps provide the feature of accept/rejects requests to their drivers.
This unique feature has the potential to bolster the new user base. While ordering the taxi, the user can have the chance to select the vehicle of his own liking. He can select according to the model, size, and space available in the vehicle.
This is one of the best methods used by most companies to increase their profit as well as satisfying customers at the same time. While booking a taxi, the price is automatically adjusted by the AI algorithms. Such a feature gives him a sense of freedom to riders and thus, they retain the app for future use.
My destination feature can be extremely useful for drivers and companies. All they need to do is set their home location in the app. At the start of the work, passengers who reside in the routes of his home can make a trip request to the driver, all the other requests will be returned.
While automobile app development, having a driver dashboard with all the necessary analytics will make it easier for them to understand and manage the rides.
Contrary to traditional taxi booking service, that drops the rider to the final destination only. Multiple drop off systems will give riders the convenience of completing their work in ‘one-go by managing their priorities with different drop off points.
The scheduling of trips is another crucial feature that needs to be added while developing any travel app. It facilitates the riders to schedule the rides for the future without any difficulty.
Compensation on ride cancellation:
This will help provide better service to riders and drivers. If a rider cancels the booking after the driver has left for the destination, he has to pay compensation. The same goes for the driver case.
Traveling with an unknown driver definitely needs some precautions to be safe. To do this, the rating and reviews of a driver will be helpful for riders. Also, the riders’ rating will be useful for drivers to know about the upcoming passenger.
Have an idea to transform the ride-sharing industry?
Innovative minds always look for new ideas to change the world. Ridesharing was the same idea that Uber, Lyft, Ola, Grab, Lecab, BlaBla cars had implemented and gained huge applause around the globe. At present, ride-sharing apps are a new business trend with immense potential. They are not only saving people from inconvenient public transport But also save costs on individual taxi booking. TWS believes that your idea also has the same potential to revolutionize the ride-sharing industry. Hire a Ride-sharing app developer to turn your idea into reality.