Science-fiction novels and movies from half a century back depicted intelligent vehicles. The characters were able to operate such vehicles with compact devices. Although some tech-savvy reviewers welcomed these ideas as a correct prediction of future in-car-system, yet many debunked them while labeling them as fictitious concepts.
Astonishingly, the contemporary technology is ahead of what was forecasted in those scripts. Many vehicle-owners are still unaware of the current technological depth. The past scripts exhibited a range of separate devices embedded in the vehicle which allowed the riders to operate various functions through voice commands or by tapping the screens or buttons.
Each of these technologies is not only present in modern vehicles but can be integrated into a highly compact setting, in essence – the smartphone. Very few stories demonstrated the ability to operate a vehicle while sitting thousands of miles away from it. Regardless of the age and model of vehicle, one can have a smartphone app to control the operations of unlocking, music/radio playing, navigation, and a bunch of other cool functionalities.
Ride-Hailing and Smartphone Revolution
The biggest stakeholders of this technology are the on-demand taxi apps like Uber. The ability to acquire taxi services by a few easy taps on one’s smartphone is a remarkable relief for consumers. The ability does not only provide the service to users at their doorstep but ensure security, time management, and efficient fare calculation mechanism as well.
Vehicle owners and cab service providers love this smartphone capability. However, there are very few tech companies which offer development of applications with such features. Thus, the entrepreneurs have the chance to move ahead and fill the void by developing the perfect mobile app.
However, before investing one’s time and the money, it is plausible to run the requirement analysis for transition to smartphones from in-car-system and determine the specific business needs.
Entrepreneurs face the following business challenges.
1. Scope of System
The scope defines the depth and breadth of software. An application can be as simple as comprising only a few pages or excessively complicated to incorporate additional functionalities. The investors should try to keep the system as concise as possible. This way, they can save money and prevent users from finding the application an overly complex one.
The success of Uber reflects in the fact that the interface is easy-to-use but comprehensive at the same time. The essential features should not be traded-off for simplicity.
2. Competition Analysis
The on-demand service is proving to be one of the most successful investments in every region of the world. Still, the new competitors need to assess the established businesses, their packages, and customer relationship management. Although the business keeps the potential to grow despite having flaws, yet entrepreneurs can beat their rivals only by outperforming them.
A successful analysis involves online surveys to determine customer satisfaction levels and their demands. Some of the demands – including a significant drop in fares – will be hard to address but many of them are agreeable. Satisfying the customer needs will rapidly flourish the business.
3. Region of Operations
Most of the world regions, including the developed countries, still lack the on-demand services. The customers end up acquiring poor on-demand services in some areas because the companies do not pay attention to customer satisfaction owing to the lack of competition. The entrepreneurs should consider the following points while selecting the region.
- Lack of provision of appropriate services by the established businesses.
- The absence of service in a high-demand region.
- The index of ease of doing business. This is crucial because the businesses suffer from lengthy registration process and/or law and order situation in some regions.
4. Application Development
Once the scope, competitors and operational region analysis are done, the investors should choose between acquiring a developer and developing the application oneself. If the entrepreneur is skillful and experienced enough, it is okay to give the development a go. However, if there is no prior experience, it would be unwise not to seek the expert advice and services.
The experienced development teams do not only ensure the integration of required features but also enhance the efficiency. A taxi dispatch solution with every feature that a customer may desire will fail to impress the user if it is inefficient. The inefficiency reflects in the form of delays in request processing, data breaches or frequent crashes. No investor would want an application failing after investing a considerable sum of monetary and temporal resources.
5. Enterprise Registration
Every country has a unique set of the enterprise registration process. The business-friendly states assist the startups whereas some states place a range of restrictions which discourage investors. The aspirant business owners should study the registration requirements at the earliest and have their company registered as per the local law. Any negligence in registration may put the business liable to penalties and, ultimately, to termination.
The marketers need to inform consumers about the availability of a new startup with all of their desired features. Effective marketing of a startup grows it quickly. If the startup is sharing the market with other established companies, more extensive marketing will be required. The entrepreneurs need to make sure that the consumers of existing services attract to their newly inducted company.
Publicity is a way of informing the public about why your startup is better than the rivals. Social media print and electronic media and brochures are some of the traditional marketing strategies. Some new marketing domains including neuromarketing are also making huge gains. The selection of marketing strategy rests on the investors.
Are You an Aspirant?
Making a firm decision is the first but most significant milestone in the path to owning a flourishing business. The selection of industry after careful analysis considerably increases the probability of success. However, the lack of requirement elicitation or poor development and testing may lead to failure. Therefore, the guidance from industry experts is vital.
Cabstartup assists entrepreneurs in transforming their business ideas into reality. Our expert team can help you in every phase including planning, development, testing, and marketing. If you intend to own the most promising startup, sign up today.