Today’s taxi market is crowded with ride-sharing apps like Uber, Ola, and Lyft. They are giving serious competition for upcoming ventures. These on-demand apps have initiated the radical shift in the taxi industry enabling the smooth transition from conventional taxi hailing to booking a cab through an app. Customers are opting for hailing taxis through the app because of its reliability to get a taxi and ensuring a much better cab booking experience. Thus, the taxi market is ripe for the taking, and this is the right time for entrepreneurs to make use of the opportunity.
Statistics on the Taxi Industry
The traditional taxi industry is still stuck with inefficient phone call bookings, competitors and they stand to lose at least $20 million on an everyday basis just because customers couldn’t find a cab. Another statistics survey tells us that almost 80% of the commuter prefer Ola and Uber over regular taxis and that Uber has completed nearly 2 billion rides since its inception. The profits soared over $20 Billion in the process. What made Uber and Ola successful ventures is the sound business strategy they employed. So if you are going to establish your venture then understanding the market is imperative.Читать полностью »