Developing a taxi booking app like Uber can be an efficient way to boost your taxi business. By the year 2020 – 2022, it is expected that the revenue of taxi services would reach 2.72 billion dollars in the US.
This is almost the right time to develop a taxi service app and fetch a good profit. Many firms offer an on-demand taxi app development service. It is essential to choose the right firm depending on its script.
In developing an Uber-like app for taxi, it is essential to keep in mind the revenue model of Uber and integrate it into it. Successful revenue streams that can be implied are
Revenue from the ride
Uber receives 20% of the ride's fare as commission. Likewise, this can be integrated into your taxi app, depending on the business model. Customers can pre-pay for monthly subscriptions or taxi wallets. These aids in receiving cash in advance.
The pricing model of the fare
The ride's price/ fare can be estimated depending on the distance, the traffic, the demand for trips, peak hours, and the driver's availability. This gives the company to gain appropriate profits depending on the need.
Customers can book taxis depending on their needs and interests, instead of letting everyone use a standard taxi. The customers can book cabs accordingly like Uber black for those who want to travel in black cars, SUV for more people to take the ride, ride-sharing, which is economical. Each of these can be priced accordingly.
Charges for cancellation
Customers can avail cancellation options within a particular time from booking. If the time is exceeded, they will be charged a nominal amount.
In addition to the above revenue model, the companies need to be very keen on every penny spent. Uber does not take ownership of the car, and the business is run by the driver's vehicle. This way, the maintenance charge of the car can be avoided. Thus it is an effective way to target drivers owning a car into working than buying cars and hiring drivers for it. As important as it is to develop a glitch-free app for the taxi business, it is also vital to create an app that has an efficient revenue model to quadruple your ROI.
