In popular culture, the wheel is always shown as a symbol of progress. It is interesting to note that one invention that has changed so much and yet so little is the wheel. One of the most common vehicles we think of when we reflect upon wheels is the motor car, and the concept of a cab has made the motorcar more accessible and has brought in the comfort of travel in a car without the burden of ownership.
Until a little over a decade ago, even the concept of a taxi was very much like that of a wheel. Except for rare and preplanned instances where you could book a cab by calling, in most cases, you had to wave at a random taxi passing by. If you do not find a cab, you might just call yourself unlucky! This is not the complete picture, either.
Right at the very next street, that might be a driver shuttling between one end and another, hoping to find a ride so that they can buy some snacks and goodies for their kid. This gap between the two streets defines the gap that was plaguing the taxi industry for a long time… Probably ever since the inception of the concept of taxis.
All these hassles changed overnight… At least relatively! This revolution was spearheaded by the then-start up in San Francisco called Uber in 2009. By combining though features of a personal profile, GPS, mapping, and navigation, this simple app had solved the problem that existed between demand and supply.
The best part is that this business model was absorbed by a lot of business verticals and has resulted in a flurry of apps that use the same mechanism. However, for now, let us focus on taxi booking on-demand alone.
Between 2020 and 2025, the ride-hailing market is expected to grow at a CAGR of 15%, and the revenue, by a CAGR of 18.8%. This results in a projected market volume of about $385 billion by 2025. The expected used penetration is at about 20.8% by the same year, and the average revenue per user will stand at about $113.
The COVID-19 pandemic might have delivered a massive blow to the industry but it yes almost assured that the segment will bounce back more powerful than ever. Today, there might be a heavy restriction on travel for every purpose. This means that people do not use a taxi booking application for either everyday commute or four travel and tourism.
However, there has been a growing awareness in terms of ensuring social distancing, and the hangover is expected to last for a considerable stretch of time after the pandemic is over. At this time, people might refrain from using public transport, and even if a taxi falls into their spectrum of affordability at the periphery, they might still go for a cab compared to taking public transport.
Needless to say, quite a lot of comfort and convenience has always been the selling point of these on-demand taxi booking apps. The flexibility and the control position these on-demand apps as a favorite among millennials.
Considering all these factors, it is possible to reduce that the market is quite wide and open to accommodate new players in the same industry. This statement holds true even in spite of competition from big players at both local and international levels.
Starting your own taxi app
If you would like to ride the crest of this wave of taxi booking app on-demand, you will need to invest in app development. Make an aspect can be effectively and efficiently addressed through a smarter solution which we will look at later. Parallel to technology, however, there are a few more aspects that need to be adequately taken care of if you need to ensure your success.
Your taxi booking app is a digital entity, and it would mean that an excellent digital marketing strategy needs to be in place. You will need to ensure a strong digital presence on all online avenues, and especially, on social media. Completing your online footprint but an engaging social presence, interactive videos, and a good position on search engines for relevant searches ensures that your app gains much-needed visibility.
In the beginning, you get to customers for the utility value that you offer. All that customers will need is to travel from point A to point B comfortably. If you will need to move that customer from the band of utility to loyalty for your brand, you will need to enhance customer loyalty. One of the most common methods to enhance loyalty or at least retain it is to offer periodic discounts and promotions. Although it might be old gravy, it is still a tried and tested formula.
Life is too short to learn everything from your own mistakes! Therefore, always keep your competitors in the radars of observation. Finding out what makes them your competitor and what makes them profitable might be good areas to start your competitor research. Sometimes, you can consider following the path of your competitor to emulate their success. Alternatively, you can consider looking at a different market that has not been touched yet by your competition.
One of the biggest contributors to the initial success of Uber worse than being present at start-up networking events in the bay area. This ensured that they got noticed by some of the biggest influencers in the region. In addition to technology and traditional marketing, Uber also chose to piggyback on the trend of its time. The trend does not stay confined to marketing and promotions alone. You can even consider using the latest technology to ensure that you can maximize and community support.
Uber and of a lot of other taxi booking apps have been subject to a few legal problems arising from harassment of passengers by the drivers. While we cannot take bad apples as standard examples, it should be remembered that even a single instance can tarnish the brand that you built over the years. Strategies like the inclusion of an SOS button can go a good distance in ensuring passenger safety.
When everybody offers the same set of features, it is essential to distinguish yourself from the crowd by providing a few additional customer-centric features. Scheduling of rights, especially pick up and drop at the airport, payment gateway integration, facilitation of social login registration, and addition of multiple pickups and drops can make your app extremely appealing and marketable.
When we live in an era of Netflix, where one can choose what they want, it might not be a good idea to stay away from personalization. The personalization should not be limited to offers and discounts. It should consider aspects like habits and lifestyle. For example, a user, if seen booking a cab from their gym to their home every Thursday, though routine can be standardised and a cab can be made available in the vicinity through predictive analysis.
Apart from the usual essentials mentioned above, there are a few more areas to focus on, especially during these times of uncertainty.
Today, can we talk about safety, it was a completely different connotation altogether. The driver and the passenger should be separated by plexiglass partitions. This ensures safety not only for the passenger but also for the driver.
It is to be ensured that the driver wears the mask and the passengers also comply with the safety regulations. Some cab booking apps have made it mandatory for the driver to upload a selfie before they start The ride, and an artificial intelligence engine takes care to confirm if the driver has a mask on or not.
No passengers should be allowed to sit beside the driver, and the number of passengers in the backseat should be limited to two—Ridesharing and carpooling. However, lucrative as concepts, they should be suspended until the pandemic is entirely over.
The right time
A lot of traditionally conditioned business minds would suggest now would not be the right time to kickstart your business. However, starting your business in the middle of a dull period has its own set of advantages. It gives you enough space and time to experiment with the features without burdening yourself with operational costs and the irrational urge to beat the competition right from the start. It can help you experiment with features that you deem as useful, and can help you statistically conclude if it should make it to the bigger picture of your app.
With so many positive things coinciding, now would be the right time for an ask fighting entrepreneur to invest in developing an app like Uber.
Developing the app from scratch, however, can be demanding and daunting. Alternatively, you can make use of an Uber Clone script. The Uber Clone app is available as a product and can be easily customized to fit your business needs. The taxi booking at clone also ensures that you hit the market faster than you would if you go for a fresh app.
All that you need to do to start your taxi booking business with an Uber-like app is to approach a company that specializes in the creation and customization of white-label Uber clone script. They will take care to craft the app in line with your needs and deliver it to you, so you can start rolling forward in the journey of your profit and success.