With the world getting better day by day with the technologies and innovations, are you the one who got stranded in the same place? That is, more than half of the business got its hands-on digitally. With the help of their impeccable business ideas, they analyze their business growth from the initial phase till their online presence. One such highly reputed business venture is the online taxi booking business.
Are you wondering how anyone could invest in this online taxi business amidst this pandemic?
Find your way in the mid of struggles to find what life awaits to unfurl things for you!
So, let me get straight into this topic. Though the worldly conditions may vary from time to time, you should be on your track to find opportunities. Online taxi booking business is one such.
STATISTICAL ANALYSIS OF ONLINE TAXI BOOKING BUSINESS
Around 90 million users use online taxi booking apps for their daily rides and, over 3 million users benefit from them as drivers. The online taxi booking business serves as the right choice for many.
BRIEF DESCRIPTION OF ONLINE TAXI BOOKING BUSINESS
The main motive of this business is to meet the customer’s needs right at their doorsteps. Whenever a customer demands a cab or taxi to hail, ease their hailing process with your business emergence online. When you have an online taxi booking app, your driver gets notified of the customer and their pickup location. With open-ended services, the customer can view the invoice bill and the booking details when they reach the drop location.
STAKEHOLDERS INVOLVED IN THE ONLINE TAXI BOOKING BUSINESS
ADMIN
· The admin is the one who has complete authorization for the workflow of this business. The Super admin can allocate access for each admin under him. Usually, the super admin role gets handled by the owner.
· The role of the admin is to set commission percentages, tax rates, fix rates based on limits, peak hour rates, hourly rates, etc., for all the stakeholders involved in the business.
· The admin can verify the user and the driver’s details and documents from the web panel.
DRIVER
· The driver is the backbone of this online taxi booking business. They pick up the customer on receiving a ride request from them.
· The driver is supposed to submit their vehicle documents and proofs of their id during the account registration. The admin verifies them, and only after the approval does the driver get access to all the features.
· The driver can change his availability in the driver app and check the payment details, the commission amount, wallet balance, etc., from the driver app.
RIDER
· The riders are the customers who can use the services provided by this business. The main motive of this business is to satisfy the drivers by picking them up at the earliest and providing them with a sophisticated riding experience.
· The riders get a verification code while registering from the app. They can log in to the app either from their social logins or the verification code.
· The riders also have wallet options to recharge the amount and get deducted every time they hail a ride.
ONLINE TAXI BOOKING APPLICATION BUSINESS INSIGHTS
Let us dive deep into the concepts and features of this taxi booking business to generate revenue in better ways. Apart from the general concepts, you can add additional features that suit your business requirement, which might be a unique point in your business.
BUSINESS WORKFLOW
· A rider books a taxi from the app by filling in the pickup and drop locations.
· The nearby driver gets notified of the rider’s request. Either they accept the ride or cancel the ride based on their availability.
· If the driver accepts the ride, they get the rider details, and the rider gets the driver details with the fare details calculated approximately.
· The driver picks up the rider by confirming the verification code sent to the rider app and drops them in the exact location, where the rider app has options to track the ride. The specialty of this feature is that the driver and the rider app show the optimized routes to reach the location.
· Once they reach the destination, the complete fair details of the ride, including the tax and waiting time charges, get displayed in the invoice generated.
· When the rider pays the driver either with cash or wallet(rider), the admin deducts his commission amount from the driver’s wallet.
Here is the basic workflow of the online taxi booking business. If you want to add unique features or customize them is up to your choice and investment.
REVENUE GENERATION
COMMISSION AMOUNT
The admin can earn from the commission amount they receive on the completion of each ride.
CANCELLATION CHARGES
When the rider cancels a ride, he gets the cancellation charges affected on his next immediate ride.
WAITING CHARGES
If there is a delay due to the rider, the waiting charges get imposed on the rider’s fare.
WAYS TO FIND CUSTOMERS
Okay! Now you are good to go with the business workflow and revenue generation. But have you ever thought about the ways to find customers?
Yes! Finding the customers for your business is tricky yet easily attainable with the optimized approach. There are ways to popularize your brand, either online or offline.
Social Media Marketing
Traditional Marketing
Direct referrals
FINAL ANALYSIS
I hope you have had enough of the process of building an online taxi booking app. So, draft your requirements clearly to accomplish all the goals and analyze your competitors to know the pros and cons. Considering all of the facts I have stated, I recommend you purchase a ready-made online taxi booking script, which is easy for customization.