Nowadays, our smartphones are full of mobile applications. This is because of the fact that we all are so dependent on apps for getting all our services done. Earlier, when the buzz for taxi booking apps started, we never knew that we were all marching towards digitization.
Taxi booking apps like Ola and Uber created a revolution to help people reach their destinations hassle-free. In the present scenario, almost all metropolitan cities are connected by this type of transportation. The demand for taxi booking apps has spurred a mixed reaction among people.
Key players in the market should brace themselves to compete with newbies. And, for those budding entrepreneurs, the doors are open for them to try their luck. This blog will aim at the newbies who are trying to enter the taxi app market.
Some interesting facts and numbers related to taxi booking apps
- In 2020, the global taxi funding increased to a figure of $3.3 billion. In the same year, the taxi app projected value reached $50 billion.
- The taxi app’s projected value will increase up to $150 million by 2026.
- The global market of taxi booking apps is expected to increase to @28.65 billion in 2021, with a CAGR of 22.3 percent.
- The taxi booking app market is forecast to reach USD 327.54 billion by 2026 at a CAGR of 8.95 percent.
- Amidst the pandemic, Uber generated a revenue of $11.1 billion in 2021.
- In 2020, Uber was projected to have around 93 billion users. The app witnessed gross bookings worth $57 billion.
What are the steps involved in developing an Uber like app?
Building an app or launching them is quite a challenging task. It all starts with a proper plan and road map which can take us to a desired level of success. In the below passage, I have listed few important steps to follow for developing an app like Uber,
- Research and competitor analysis
Before launching a business, the first step is to know about the market. Conduct frequent research and understand the market demands and trends. This will help you figure out potential ideas for your app. While conducting your market research, you will start knowing about the key players in the market. It is obviously important to know the strengths and weaknesses of your competitors so that you could figure out strong strategies for your app.
- Be specific with what you offer
At this stage, you would have got some ideas about the market and its potential. Now, this is the time for you to decide on your business model. Here, you can decide between the service you wish to offer to the people. For example, there are several categories within the taxi business like taxi booking, ride-sharing, bike-taxi, and carpooling. You can select your feasible service according to your budget.
- Decide your business model
An effective business model is very important for a business to function successfully. So, choose a wise business model that can be a good revenue generator for your business. There are three major business models like aggregator model, ownership model, and revenue generation model when it comes to taxi app development. Moreover, you can select your business model based on the type of service you choose for the business.
- Find your app development team.
When done with your planning and business model, start finding a perfect app developers team. Make sure that they can work on different technical stacks and app platforms. Remember, the outcome of all your ideas lies in app development. So, you have to extra-focus on hiring a good team of developers.
Must-have features to include in your Uber like taxi app
Easy registration – While developing your Uber like app, develop a swift registration process where the users can register with their email address, phone number, and social media account.
Taxi booking/canceling – The users can schedule their ride by entering their destination address. They can also cancel their booking if they really do not feel like having the ride.
Fare calculator – The app will calculate the cost of the trip based on analyzing the distance, their route, and traffic commotion. While booking the ride, the users should receive their fare estimate.
Live tracking – Integrate GPS navigation to your app so that the users and drivers can track the live location effortlessly.
Routing – The route optimization software will enable drivers to ride through safe paths. They will find out the uncertainties beforehand and suggest the drivers with the best routes.
Multiple payment options – Make your users comfortable with your app. So, you should provide more feasible payment options for the users. You can provide a list of options like net banking, card payments, mobile wallets, etc.,
Notifications – This is one of the vital features of an app. However, one should not forget to include this feature. The app will send instant notifications to the users regarding their fare details and many more. These notifications will help users to stay updated about the app at all times.
What will be the cost of developing an Uber like taxi app?
The next question that comes to your mind is the app development cost. Generally, the cost of developing an Uber like taxi app is determined by several factors. These factors decide the total cost of your app. I have listed those underlying factors in the below passage.
App platform – The platform on which you want to run your app has a huge impact on the cost of the app. If you want to operate your app in any one of iOS and Android platforms, the cost will considerably vary from each other.
UX/UI design – The app’s design is a vital thing that attracts people at first sight. So, intricating a wise design pattern is important. The design of the app will also decide the cost of the app.
App size – The overall features constitute the size of an app. The more the features, the more will be the app size. The cost of an app also increases based on the app size.
The sudden outreach of taxi booking apps was one of the major reasons for the surge in mobile apps. The market analysis has revealed the scope and demand of taxi apps in the market. So, this will be the apt time for you to launch your Uber like taxi app.