The juggernaut roll of ride-hailing
Around 2019, it looked as if there was no stopping for the on-demand business when it comes to the realm of transportation. The industry was expanding both vertically and horizontally.
In one dimension, multiple countries were embracing this concept of ride-hailing on demand, and a lot of new companies started to sprinkle in some of the most unexpected geographical areas. In another dimension, there are specialized services that cater to requirements like airport pick up and drop, daily work commute, luxury riding, specialized riding for women and children, and even school trips.
The industry is expected to grow at a staggering CAGR of 8.75% until 2026. Considering the value of the ride-hailing market of $113 billion, it would easily reach a value of $230 billion by 2026.
The Pandemic speed bump
While everything was going in the right direction, both literally and figuratively, the pandemic came in as a massive roadblock for the ride-hailing industry because it had affected every other segment of business that fuels the ride-hailing industries.
Tourism had come to a screeching halt. People were no longer engaged in leisure travel. Even the number of people going to their offices had drastically come down. Working from home had become the norm, and even if there was a need for some commute, people preferred to use their own transport instead of getting into a vehicle that might have been used by someone else.
The opportunity that lies ahead
Just like how there is a silver lining behind every cloud, the pandemic helped refine the market off ride-hailing. It has also presented people and businesses with new opportunities that might not have held true before the pandemic.
Public transport was one of the biggest contributors to the everyday movement of people. However, people have grown a bit hesitant towards using public transport because of the risk of additional exposure. Therefore, it is quite possible that people might resort to using ride-hailing as the go-to commute option.
Considering the health of employees, even offices are contemplating on running their own shuttle services for their staff commuting. This enhances the possibility of the travel being safe.
The obvious safety measures
In line with The needs of the new normal, the ride-hailing industry has implemented a few changes and conditions that will prepare the users and the drivers for the future of commuting.
- Plexiglass separators have been introduced between the driver and the passengers. No one is allowed to occupy the seat in the front. A maximum of three passengers is allowed in the backseat.
- Artificial intelligence has been introduced to verify if both the driver and the passenger have masks. Both of them have been given the authority to reject ride requests if they do not have the mask on, and that too without any additional cost.
- The car is regularly sanitized to ensure maximum safety for both the driver and the passenger.
How to capitalize on this opportunity?
The points quoted above surely help in attracting people back into the routine of using cabs for their everyday commuting needs. However, if you would like to go the extra mile, both literally and figuratively, you will need to understand a lot more than just some mundane measures.
There is no better way to learn about the customers than the customers themselves! Closely watch the customer pulse and see the different ways in which the emotions of the customer manifest themselves. You can look at your driver feedback, understand the ways in which a competition outperforms you, and also look at the frustration vented out by your customers and the customers of your competitors on social media.
Understanding customer pulse goes a long way in perfecting your product and making it worthy in a highly competitive market.
Social media is, without question, the most active hangout joint on the Internet. People spend extensive time on social media sharing a lot of personal, professional, and trending content. Social media also gives you the advantage of demographically reaching customers, which might not be possible with other advertising platforms.
It is strongly recommended that you amplify your social media presence, so you can reach your target audience with the right messages. For example, a parent of someone aged between 22 and 30 Will be concerned about the safety of the children commuting to work. This could be a perfect example of how you can talk about the assurance of safety that your service brings.
The core features of a ride-hailing app
In the clutter of features that are needed to set yourself apart from the competition, you should not forget to perfect your core features.
The onboarding should be simple and easy. Customers, in addition to using the usual email and phone number for registration, should also be able to use legacy credentials like Google and Facebook. The registration should immediately create a profile for them that keeps a record of all the bookings that they have ever done, the payment instruments, the usual pick up and drop addresses, and if possible, even an SOS record.
The onboarding should be medically easy for the driver, but it should also involve a step to verify the authenticity and identity of the driver, in addition to verifying their drivers’ license.
Any app that offers services serves as a financial mediator between the person who avails of the service and the person who provides the service. To take charges from customers, the app should be able to take payments from multiple payment instruments like credit cards, debit cards, and Internet banking, for which the app should be tied up with a versatile payment gateway. At the same time, the cash transfer from the app to the drivers should be swift and timely, contributing to the trust that the drivers have in your brand.
The GPS can be considered the epicenter of the entire on-demand revolution. It helps in precisely identifying the location at which a customer needs service. The GPS should also help drivers in navigating through locations that can be unfamiliar for them. The GPS should also serve as a passive update for the customer in letting them know the position of the driver approaching them for pick up over the mapping interface.
Maybe the ride-hailing market might not grow at the magnitude that was expected, but it still does not mean that the service segment will see its sunset anytime soon. Just like the mutations of a virus, the service segment of ride-hailing has also adapted itself to the new normal by bringing in features and facilities.
Ask any stock trader, and they will tell you that the slump is usually the best time for people to invest because the price is going to increase very soon after the slump. Taking the same analogy now would be a perfect time for any aspiring entrepreneur to launch their own ride-hailing app. Instead of building the app from scratch, you can go for a white label solution that will ensure that your app gets up and running in no time with some customizations.
All that is left for you to do is get in touch with the company that specializes in the development and customization of white label clones of ride-hailing apps like Uber. They will take you to understand your business requirement and present you with a perfect up garnished with the features and interface of your choice.
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