Growing demand for ride-hailing apps: Market growth & implementation
Posted by Jennifer Atkinson on August 7th, 2019
In the earlier era of domestic transportation, it was hard for people to find rides and also it was costly. Now with the inception of smartphones and access to increased internet speed has helped people in booking their rides from the comfort of home using the taxi-hailing apps. The change of tide in transportation has made new opportunities for entrepreneurs. The taxi-hailing business idea has so much potential. Even when there are pretty prominent players in the industry, there is always space for new entrants.
To satisfy the needs of the users, businesses have started to make full use of the technology. The ride-sharing apps have come a long way and the currents apps mostly have a user app and a driver app. The customers can book their rides using the user app and the drivers will get a manage their rides in the driver app. Now let’s have a break down on increasing scope for the ride-hailing industry and how to start such a business.
The Growth of Ride-hailing apps
Worldwide, the overall market revenue for the ride-hailing business is valued at 36 billion in 2017 and is expected to reach 126 billion by the end of the year 2025. North America is considered to be the highest contributor in this market segment and will continue to grow in the coming years.
How to launch a ride-hailing business?
To launch and have a successful ride-hailing business, the entrepreneurs need to launch an app to connect the customers and the drivers. Developing such an app from scratch requires lots of research and effort. Also, the cost of developing a taxi app from the start will incur a huge amount of money.
Instead of starting the development from scratch, entrepreneurs can make use of the ready-made solutions available in the market. There is a catch in making use of the clone scripts in the market.
Since the basic requirement in a business like this is to stay unique and have a brand name, it is important to adopt a Uber-like app solution for your taxi business. It will help you to keep all the basic & advanced features for a taxi app and also make yours unique with UX and branding.
Major benefits of ride hailing business
Here's the list of advantages of a ride hailing business,
Ride hailing service can be available 24*7
Customers can book rides without having to worry about the timings. Since there are drivers who are willing to work at any point of time, entrepreneurs can make use of it. Also, they can apply peak time charges or night time charges based on the time to give more value to drivers efforts.
GPS system and automatic ride calculation
With a full enable GPS system, users can easily track their rides navigation and also share it with their friends. Since everything is automated, the fare calculation will also be automated giving users the right estimate to decide on booking the ride.
Complete transparency in the pricing structure
The drivers are often not comfortable with the fluctuating payments for their rides but with the ride-hailing apps, there will be full transparency in the pricing structure. The users will also have the complete details regarding the pricing from the start of booking a ride.
Options to make payments
Passengers will not always have cash with them and they would expect multiple payment options. Taxi apps will have a range of options to make payments. There are multiple payment options like cash on a ride, wallets, UPI, credit cards, debit cards and more.
Advanced security measures
When a user books a ride, they will get complete information regarding the driver’s details in the app as well as in the mail. So they don’t have to worry if anything goes wrong. Also, there will be an inbuilt SOS panic button in the app to make sure that the users can notify their closed ones that they are not comfortable in an on-going ride and call them for help.
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About the AuthorJennifer Atkinson
Joined: April 25th, 2019
Articles Posted: 40
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