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The idea of an online taxi booking business has gained huge popularity in recent years. Be it an office commute, a ride back home from an airport or a trip down to a shopping plaza, online taxi booking is becoming the chief mode of travel to get around places.
This trend owes much to the increasing population in urban cities where traffic continues to get worse and parking lots remain full from morning to evening. Companies such as Uber, Lyft, and Grab have successfully capitalized on this state of affairs.
According to statista, the ride-hailing segment amounts to US$183,677 and is expected to grow by 14.8% resulting in a market volume of US$318,765m by 2023.
Smartphones have also played a vital role in revolutionizing taxi booking business. Now users can book a taxi from just about anywhere using mobile apps on their smartphones.
Here are some of the popular names in taxi booking business:-
How To Start a Taxi Booking Business
This recent revolution in the taxi market has encouraged entrepreneurs to start a taxi booking business. While Uber, Lyft and Grab remain the dominant players in this segment, there’s plenty of scope in the online taxi booking business to offer greater value and convenience to the end-user. There are cities where the population is increasing rapidly but the big names of the taxi booking segment have yet to make an appearance.
Starting a business in these areas would be a smart decision compared to ones where companies such as Uber and Lyft are firmly established.
One of the key things to succeed in a taxi booking business is to provide prompt service to the customers. That’s only possible when a business has a large network of drivers.
To kickstart an online taxi booking business, one needs to launch a driver app, rider app, and a web admin panel. The owner of a business verifies the taxi and driver documents manually and manages the same through the web admin panel.
Riders and drivers manage their booking operations through dedicated mobile applications.
In the above graphic, we can notice the discrepancy between the market share of iOS and Android platforms among different regions. So when starting a taxi booking business, entrepreneurs need to factor in the demand for different platforms based on their target region. Ideally, though, launching an app on both platforms is recommended.
How to Launch a Taxi Booking App
If your taxi booking app is rich in features and has a user-friendly design, then half the battle is won. But if you’re someone who has to build a taxi booking app from scratch, then you may need to hire the services of an expert development team, which is no doubt very expensive and can take months to complete depending on its features and functionalities.
Following are the most popular ones:
The selection of right technology is also very important it should support all the key features essential to launch user-friendly taxi booking apps and more importantly it’s highly customizable to suit a wide range of business models.
The online taxi booking vertical has lots of opportunities for entrepreneurs but one needs to consider the key factors mentioned in this post such as availability of taxi drivers, mobile app platform, and readymade solution to gain that all-important edge in the market.