In this blog, we’ve compiled three lessons, which will give a new way to startups and entrepreneurs to think like Toyota and why the brand has invested in the Uber-like app?
Toyota is not new in the string of auto industry giants partner with ride-hailing companies, or we can say that Uber-like apps. As per the report, Toyota and Uber announced the partnership in the year 2016.
With the rapid investment in the trends of car usage from the last few years, the development is clearly seen in new areas, including ride-sharing and car-sharing services.
According to the latest news from TechCrunch, “Toyota will invest 7.5 billion JPY i.e. $69 million into JapanTaxi”. JapanTaxi is an Uber-like service in Japan, which is owned by Ichiro Kawanabe, CEO of Nihon Kotsu (Japan’s largest taxi operator).
Growth Rate of Toyota Hitherto
Toyota, the company that requires no introduction, is widely famous brand worldwide. The company has shown much interest in investing in Uber-like applications as it is seeking one of the biggest roles in the future of connected mobility. So, here we are going to explore more in terms of growth about the global leader of the automotive industry – Toyota.
- Toyota ranks at the top in the marathon of the most valuable brands within the automotive sector globally as of 2017, which you can see in the below image.
- In addition to this, the below-chart from Statista illustrates the market capitalization/valuation of top companies in the year 2016.
Well, aforementioned data is revealing about the growth rate of a successful company, Toyota. Undoubtedly, the company is itself a big brand, and despite this, it has been investing in ride-sharing services. Thus, this data simply gives reasons to investors that it’s time to invest in ride-sharing market. Now, let’s check out the three lessons which you can learn from this biggest brand.
3 Lessons Learned From The Auto Giant – Toyota, Why The Company Has Been Continually Investing in Uber Like App So Far?
1. Solving the Global Challenges
There are various global challenges like traffic, pollution and difficulty in booking taxi and these challenges are constantly affecting the lives of global citizens. However, the carpooling options from various Uber-like services are one way to improve the traffic condition. Moreover, as per the new study, “Using carpooling services from Uber and Lyft could reduce the number of vehicles on the road by the factor of three without impacting travel time”.
The ride-sharing service is responsible to transfer urban mobility by providing – convenient and timely transportation services to people. Therefore, we can say that ride-sharing taxi app development is solving one of the biggest challenges.
Well, this is the idea of investment in solving the biggest global challenge. And, it is not at all surprising that why Asia’s auto giant Toyota has invested in uber like apps so far. Now, the whole scenario is translucent.
So, this is the first lesson that investors can learn from Toyota, and can decide to invest in the ride-sharing app like Toyota.
Image Source: SFChronicle
2. It’s Good to Go With The Flow, Sometimes
It goes without saying that Toyota is a global leader in the automotive industry. It would be great if investors can learn a lesson from Toyota, which has successfully invested in on-demand solutions like Uber, Grab, and JapanTaxi. Toyota vehicles are among one of the most popular cars on the Uber platform. Also, the Global carmaker, Toyota keeps its fingers in the pie of taxis as well as hire cabs.
Toyota and other carmakers involve more because the craze of hiring taxis is increasing dramatically more than anything in the recent times.
The above image has clearly explained that the craze of ride-hailing is never going to an end.
3. Never Put Your Eggs in One Basket
Toyota has not only invested in white label Uber like app, but the company has also invested in other ride-hailing service providers like Grab.
Basically, Grab is a Singapore-based technology company, which provides ride-hailing and logistic services through taxi booking software. And, Grab offers 300 million daily rides via private cars, taxis, and carpooling services across seven countries in Southeast Asia.
Toyota has covered absolutely three major ride-hailing areas: Uber, Grab, and JapanTaxi. Therefore, being an investor, if you are planning to invest like this, then you should cover other areas as well as like what Toyota did.
The bottom line is that investors should also have such clever ideas that not only invest in one ride-hailing service, but they must invest equally in the marketplace. This is the third lesson, which can be learned from Toyota before investing taxi applications like Uber.
The on-demand taxi-hailing apps have played a major role in the plans of successful car makers like Toyota. If you’re one of those entrepreneurs who run taxi business, covering different cities, then these three above-mentioned lessons can help you to make most of your business.
If you have any query in the niche of taxi booking software, it would be a good idea to consult with any trusted iPhone app development company that has experience in developing taxi booking apps like Uber.
Still, if you have any question like:
- How to create a taxi booking app like Uber?
- How can taxi booking app benefit your business?
You can consult us through below given form and we will figure out your queries and get back to you with a right solution.