It was the winter of 2008, a snowy evening in Paris. Travis Kalanick and Garrett Camp are waiting on the streets, cold and shivering, for a cab to take them to their hotel. Minutes start piling up with no free cab in sight. In this predicament, an idea popped into their heads. Why not develop an application to book cabs on one’s phone? This idea that was born out of desperation is now a multi-million dollar company – Uber.
In a world where on-demand services have taken over possibly every sector, the taxi business is the first to flourish. Apps like Uber, Lyft, and Ola are now providing on-demand taxi services that range from a carpool ride to premium black car services. It has now extended its operations to more than 633 cities in over 60 countries. If you’re a business owner or an entrepreneur, this might seem like a prospective sector to invest in, and it certainly is. So, you might be wondering, how can an app like Uber help my business grow? Or instead, can I step into the on-demand taxi business and see profitable gains? The answers are down below.
Who Can Benefit From an Uber Clone App?
Taxi Owners and Businesses
Several businesses are running successfully already with traditional methods. These businesses usually have a fleet of taxis under their wing. Such establishments can streamline and revamp their taxi cab business using the Uber clone. Since the app is built with essential features that are serviceable to the passengers, drivers, and the admin who owns the app, business is efficient and extra streams of revenue flowing in, which will be discussed later.
Start-ups and Entrepreneurs
If you’re an entrepreneur looking for a profitable business venture, the Uber clone guarantees a favourable outcome. With an Uber clone, all you need are licensed drivers who own cars and are willing to come under the benefits the Uber clone provides. These freelance drivers can register with your app, go through a verification process, and get hired to work. The Uber clone will provide the drivers with tasks they can choose to undertake to pay.
Corporate ventures can benefit from an Uber clone by providing their employees with a transportation service that will enhance efficiency and provide a transportation system that will be beneficial for them. An Uber clone is the right fit for a venture like this.
What are The Revenue Models or Streams of Revenue That are Integrated with The Uber Clone?
The commissions from the cab rides are not the only source of revenue for the Uber clone app. Other sources are explained below, which contribute to the overall revenue generated out of the app.
The most apparent flow of money is the commissions that you, as the app owner, will receive from the rides. This percentage can be determined beforehand with the drivers. For example, Lyft and Uber get about 20% and 25% respectively. This amount, of course, depends on the demand for a vehicle, the type of vehicle that the user chooses, etc. the remaining 80% of the revenue usually goes into the pockets of the driver.
Under special circumstances, the prices of fares can be increased. For example, say it is the peak hours on business days or a festival, the demand is higher for cabs. Based on these algorithms, your Uber clone can hike up the price and make the best of this demand-supply mismatch.
Although apps like Uber generally started with normal ride services, they are now offering cabs for people belonging to all economic classes. If a user wants to book an SUV or a limousine for a party, your Uber clone can arrange these for special prizes. These premium ride services are exclusive, and users will be willing to pay for such luxuries.
Although most passengers would look at the cancellation fee as a bummer, it is an extra cash flow that ensures your Uber clone business stays afloat.
Drivers who do not have cars but wish to be aided by the Uber Clone app’s services can do so by leasing cars from the business owner who will provide them. These vehicles can be provided for minimum lease rates in the market to benefit both parties.
Other companies can advertise their services on the Uber clone platform. To avail of this, they can pay an amount to you, as the app owner, and display their services for a predetermined amount. This age-old method of revenue making is sure to support your on-demand taxi app business.
From all this information, investing in a Uber Clone app is sure to bring in profitable returns.
Extra Benefits Of An Uber Clone App
Apart from offering a seamless workflow and a sleek process, the Uber Clone has added benefits like the following –
- The user can pay multiple payment options using Credit and Debit cards, E-wallets, Netbanking, etc.
- Built-in navigation system for both the drivers and passengers
- Digital receipts
- Efficient taxi dispatch
- Fare estimates
- SOS button
- Promo codes and referrals
- real-time ride tracking
The taxi-booking business is now widespread all over the world. According to Statista, by 2022, this industry is projected to reach 2.72 billion dollars. The time is right to invest in this remunerative sector. Find the right developers, pitch them your ideas for a proficient Uber Clone app, and stake your claim in this lucrative sector.