This story lies information for taxi startups and entrepreneurs or fleet business operators, who want to develop a successful taxi-booking app like Uber or Lyft. Let’s check out what is inside this story?
Whenever we talk about ride-hailing or ride-sharing services, we always strike with one word i.e. Uber. The company is not only famous due to its unique business model, but the Unicorn company is famous because of its disruptive solutions and explosive growth that make it one of the most fascinating companies in the market.
Recently, Uber has announced that it would launch a taxi-hailing app for taxis operating in Nagoya, as the U.S. firm tries to expand its foothold in a country where it has been blocked from delivering its own ridesharing service. Let us check out the revenue, stats, the latest trends of Uber and the revenue of U.S. ride-hailing market, which will help you while developing a taxi booking app like Uber.
Uber Business Model: Revenue, Statistics & Trends
On the fundamental level, Uber is known because of its on-demand transportation service, which simply enables customers or users to book a taxi via a mobile app.
- Launched back in 2009, Uber was founded by Travis Kalanick and Garrett Camp, and Uber cab app was t was released in June 2010.
- Currently, Uber service is available in a total of 632 cities across the world.
- According to the report, “The ride-hailing giant, Uber has completed 10 billion trips across rides and deliveries.” In short, Uber has already hit the milestones.
- Furthermore, according to the latest report from TechCrunch, “Toyota has invested $500 million in Uber.”
- Initially, the service was an attempt to provide affordable black car service and later transformed into a ride-hailing giant company with a multi-billion revenue.
- According to the latest news from TechCrunch.com, finally, it’s confirmed that the ride-hailing giant Uber is picking up its Middle East rival Careem in an acquisition deal worth $3.1 billion — with $1.7BN to be paid in convertible notes and $1.4BN in cash.
- Total Funding Amount: According to the CrunchBase, the total funding amount is $24.2 billion. As per the latest report from the same source, Uber has raised $2B in Debt Financing round of funding. And, at a $120 billion valuation, the ride-hailing company, Uber is worth around 11.1 times revenue.
- Monthly Active Riders: Uber’s monthly active riders grew from 50 million in 2016 to 75 million in the year 2017, along with the number of rides hailed by each rider, which is also higher.
- It is estimated that the total ride-sharing users of the company will be 539.49 million by the year 2021.
- According to sensortower.com, Uber has secured the top place in the list of top ridesharing and taxi app worldwide for Q1 2019 by downloads with 40 million new installs.
- Uber’s Top Rivals: Lyft, DiDi Chuxing, Gett, and Taxify.
- Uber vs DiDi Chuxing: In the below-given image, you can check the comparison between Uber and its one of the biggest rivals DiDi Chuxing.
- In this image, you can check the Uber’s financial health Q2’18. The ratio of the net revenue to gross bookings and the ratio of gross profit to net revenue, which are both presented in percentage terms. The gross margin is derived by dividing gross profit by net revenue, which is highlighted in yellow. This reflects that Uber’s margin is up.
- Valuation History of Unicorn Startups: In the below-given image, you can see the top on-demand taxi app startups where the hail-riding services are dominated by Uber. In the year 2017, Uber’s total valuation was $68 billion.
- Furthermore, in this image, you can see the bubbles, which are representing the size of 2018’s revenues, along with Uber 5x Lyft.
- According to the report from App Annie, you can see the download ranks of Uber app in the below-given image,
- According to the report from SimilarWeb, you can check the ranking history of Uber app.
- According to the latest news from SensorTower, Uber was the second most installed travel app in Europe last year with more than 21 million downloads.
Moving ahead, check out some essential app features of Uber, which startups can consider while developing a successful taxi booking app.
Some Essential App Features of Uber
To build an app like Uber, here are some essential features that startups can consider during taxi app development.
1. Geolocation: To create one of the successful apps like Uber, the geolocation feature is essential. To identify the user’s location, the driver can easily get where he/she should go to pick up the rider. Likewise, the Uber-like app is beneficial for driving directions to drivers. To show point-to-point direction on the map, the driver can easily reach to rider’s location. So, the geolocation feature is a must-have to integrate while developing an app similar to Uber.
2. Push Notifications: Once the cab or taxi is booked, Uber sends notifications, including
- Finding the cabs nearby, and connect them
- The user will be notified with the driver’s name, vehicle number, and the contact number.
- In case, it is also important to notify about canceling the trip.
3. Payment Integration: To develop an app like Uber, startups need to know that Uber prefers the cash free system; however, it does not mean that the company is not accepting cash payments. The app user can easily pay via multiple payment options like credit/debit cards, e-wallets, and cash. Additionally, users can pay for the trip using the promo code or gift card where they can enter the code, and get discount for the trip.
4. Rating & Reviews: This feature allows users to rate and review the drivers after completing the trip. Along with the riders, drivers can also give rating and feedback about the riders. Considering rating and review feature plays an important role if you want to develop an app like Uber.
Some Advanced Features to Include
1. Schedule The Ride (in Advance): To provide convenience to your riders, allow them to schedule the ride as it is an advanced feature, which you need to consider.
Image Source: uber
Such feature works simple as ordinary cab booking does, but the user needs to select date and time to book their ride in advance.
2. Preferred Driver: One of the valuable features is to allow users to book a ride with their preferred driver. This feature is worth to include if you have ever planned to create an app like Uber or ridesharing app.
3. Past Trip Detail: When it comes to providing convenience to your users, it is important to enabling users to check previous trips’ details. Plus, the user can also check information about its upcoming rides if they have booked any.
4. Book a Ride for a Friend or Family: Let the user book a cab for his or her friends or family. The feature ‘Choose Who’s Riding’ lets the user to search the contact number of the person who wants to take the trip.
The Different Ride Options by Uber
1. UberPOOL: It includes the ride-hailing app service for the cheapest transportation options. As Uber allows its users to book a cab under UberPool where users have shared booking. And, this ride option can provide riders to save money. However, it is an affordable option, but it takes a little longer in order to reach the destination of the rider. Like Uber, you can also provide an affordable option for your customers to book a ride.
2. UberGO: It costs the low-cost or affordable ride option as compared to UberX. Make sure, you also provide one such option to your riders, where they can book ride on low-cost.
3. UberX: It is one of the standard options to take a ride as it includes cars, which are luxury ones. For business-class people, you can also one such option, where people can book luxurious cars for their rides.
Takeaways: Here’s What Startups Need to Consider Before Developing an App like Uber
Being a startup, if you want to build a successful business model like Uber, check out these takeaways that you can consider while developing your own taxi booking app like Uber. Have a look!
- The fact behind the success of taxi Goliath, Uber, is its solutions to the real-life problems of its customers as what they did not find earlier in other uber cab booking apps. So, the takeaway is that you need to come up with the solutions that can actually add value to your users’ lives.
- If you want to build a successful taxi business like Uber, then you need to focus on choosing a scalable business model. The key to success is a scalable business model as it is one of the important factors to consider when starting a taxi business like Uber.
- Customers always tend to choose those services where they find convenience and affordability. The bottom line is that you as a taxi business owner needs to provide a convenient taxi hailing solution to your customers, allowing them to book a ride with just a few simple taps.
So, if you as a startup are ready to take a plunge to embark with the ride-hailing services and get Uber-like success, then you just need to learn from the aforesaid takeaways that help you to develop a successful taxi app business like Uber and Lyft. So, if you have got an idea on the taxi-hailing app, then you can cross-verify it with us as we are a leading mobile app development company and have already developed over 50 on-demand taxi booking apps.
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