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.

There are some key points to make your venture and Uber-like app to create a niche in the taxi industry,

Real-time Location Tracking

One of the critical points to be included in your taxi app is real-time tracking. This feature allows both, passenger and driver to track each other, and also guide the driver to the correct location. This also shows the exact ETA (Estimated Time of Arrival) for the passenger so that the cab picks them up at the proper time.

As the admin for your business, you can track the location of the driver and keep an eye on the route that he/she is taking to pick up the passenger. If the driver slacks off or not picking up the customer near to them, you as the admin can relay the instruction to the driver about it.

Higher Profits

Various taxi operators or drivers who have worked with reputed taxi apps have complained about levying large commissions and rapidly declining perks. Due to this, many drivers opt out of the aggregator services, and this can be eliminated by saving on the commission and have an omnichannel strategy for all the players connected in the app. Both the driver and admin can make their cut without any hassles.

Build the Brand

Companies like Uber, Lyft have established their reputation and goodwill by creating a brand for themselves and thriving upon it. Having a good and well functional taxi app will make you build a brand for yourself given the competition is cutthroat.

There are several ways to create brand value and retain it. You can build your brand through trust, credibility and unwavering service. If your app is customized to work flawlessly for a large number of users, then your app will stick on the market.

Auto-Pilot Mode

The taxi business handles over a million requests, and if you are going to take the traditional way of operating, then you would have to lose customers at some point. However, the automation of the entire process allows the passenger to book the cab, receive details of the ride and payment details all in advance with the help of an app.

Review from both Driver and Passenger

Taxi apps like Uber and Lyft have reviews section for both passenger and driver app to rate each other. This is done to improve customer and driver satisfaction in a linear way. In the form of ratings and reviews, the passenger or driver can rate the ride along with some notes that can be added. The ratings and reviews are taken very seriously. You can add this in your app to improve the experience of rides. Both passenger and driver can check for the ratings in the profile.

Try a ready-made solution to develop a taxi app

As the taxi industry is still expanding and thriving with the heavy competition, you could too make a stand in the market with solutions like white label Uber clone app. These clone apps are skeletal frameworks that can be customized or integrated with a wide range of features. Create your own taxi app under a score of features and take your venture to the next level.