A big competition is being given to both public and private transport operators. It is none other than cabs. While Uber started the trend with its ride-hailing services in a big manner in March 2009, more competitors are emerging now. Entrepreneurs can also enter the on-demand transportation sector now by launching Taxi booking software.
Some tips for techpreneurs who want to initiate Taxi app development
Focus specifically on affordability – There are various kinds of taxis. For instance, Uber has introduced types like Black, X, XL, Express Pool, Lux, Select,
Sports Utility Vehicle (SUV), and Wheelchair Accessible Vehicle (WAV). Accordingly, the prices vary depending on the location, traffic, and weather conditions.
Digipreneurs must give abundant discounts, offers, and promo codes to passengers. This will ensure that they book cabs regularly and use them as an alternative to their personal vehicles.
Launch Carpooling Services – Operating costs can be reduced easily by offering carpooling services. Techpreneurs can attract working professionals who do not own a vehicle. Cabbies who possess a vehicle would offer rides from one point to another. Other travellers who stay in the same vicinity will receive updates and they would book a ride if they wish to go on the same route.
Digipreneurs benefit from real-time monitoring of cabs and a reduction in petrol and diesel expenses. Co-riding is a major factor that powers ride-sharing services. In the long run, taxi drivers get the upper hand through flexible targets, turn-by-turn driving, complete ownership of their vehicles, and abundant savings.
Create a driver app – Self-service is the hallmark of a taxi app for drivers. Cabbies can keep track of their daily rides from one place to another. They can explore features like an alarm button, change of profile information, a live chat option, operating zone, an odometer for a rating and review system, grievance redressal mechanism, and a route optimization facility.
Besides that, they can withdraw their earnings anytime by syncing their bank accounts and digital wallets. This ensures transparency as they will receive earnings reports over a period (daily, weekly, and monthly).
Captivate travellers with loyalty programs – Retaining customers in the competitive taxi booking industry is essential. Entrepreneurs can use Taxi management software and introduce a lucrative loyalty program. They can engage users with reward points for each ride.
Later, passengers can use these points and pay for their future rides. Techpreneurs can divide their target audience into groups based on age, gender, and occupation. It would be done based on the average spending per trip, the type of cab they take, and the route used.
Collect data of customers and drivers – Data science is the biggest trend that will change the mobility sector. For instance, technologies like Artificial Intelligence (AI) and Machine Learning (ML) are useful in compiling large volumes of qualitative and quantitative information.
State-of-the-art algorithms will ensure real-time matching of drivers with passengers. Besides that, it would lead to the matching of the demand from travellers and the supply of cabbies. Insightful data such as acceleration, average speed, traffic, and vehicle number is accumulated.
Predictive modelling techniques are used for assembling data into charts and graphs. Location is collected immensely for efficient management of maps. Entrepreneurs can also pocket more income by introducing luxury cars, Multi Utility Vehicles (MUVs), and Sports Utility Vehicles (SUVs) for premium customers. This contributes to the consistent inflow of revenue.
Implement online marketing campaigns – How to be in touch with customers always? The key lies in organizing promotional activities across the Internet. Entrepreneurs must recruit a team for being active on emails, instant messaging apps, and social media platforms. Multimedia content like GIFs, memes, newsletters, photos, and videos will get good traction. This will lead to greater traction in the industry and a positive buzz.
Likewise, social network platforms would help in sharing instant responses to aggrieved customers. If they face any issue, they can claim coupons, discounts, promo codes, and refunds for financial compensation.
Analyze business performance regularly – Amidst the cut-throat competition in the market, focusing on the financial metrics is crucial. Entrepreneurs have to monitor stats like the average number of bookings per day, call answer rate, driver productivity, expenditure, profits, and revenue.
This information is none other than Key Performance Indicators (KPIs). Owners of a Taxi booking business must zero in on the strengths and weaknesses and make improvements. This will uplift the operational efficiency of their venture. Over a period, they would defeat their competitors easily.
Introduce Electric Vehicles (EVs) – With more focus on environment-friendly transportation, EVs have a bright future. Drivers will get the edge with savings on fuel, emission-free travel, low maintenance costs, and non-requirement of gas due to the presence of charging stations.
How will the taxi booking sector move forward?
With a rapid increase in smartphone usage and Internet connectivity, customers will prefer to book cabs online. Entrepreneurs must divide their business into 2 parts, Ride-Hailing and Ride Sharing.
In the next 5 years, the global taxi booking sector will be worth $327.54 billion. Importantly, it will grow by a high annual rate of 8.95% from 2021 to 2026.
Asia-Pacific and North American markets would generate a lot of revenue for entrepreneurs. This is because of the humongous population. Factors like rising petrol and diesel prices, outdated transportation laws, and traffic congestion will lead to the demand for more cabs.
Wrapping Up
Mobility is changing and entrepreneurs must adapt to how the market moves. Futuristic business visionaries can make a big impact in the transportation industry now. They can contact an app development company now and get hold of an ultra-modern taxi management software soon.
