In the past 5 years, CabStartup has been able to expand and grow. It has attracted a significant client base by successfully including startups and established ride-hailing companies alike under its banner.
A ride-hailing dispatch system registers different cab owners and drivers under one platform. This software allows users to hire a taxi or a private car to reach the desired destination; all through their mobile phones. It is extremely easy and convenient because it provides door-to-door services. Numerous taxi services all around the world have switched their mode of functioning and have transitioned from conventional taxi stands to mobile applications and online service platforms. These ride-hailing platforms are used by customers to book rides, track them and even make payments for them- all online.
Automation and improvisation is the way to go in today’s world. Talking about the taxi industry; the new way of dispatching taxis and booking rides is the online way. Changing the old school taxi stands into mobile apps and dispatch software is what the new ride-hailing business model is about. It can revolutionize the operation methodology and create waves of change within the automotive industry.
The existing ride-hailing companies in Australia
With the advent of the ride-hailing dispatch system; competition and market saturation have also reached the skies. Taxi services are no longer localized and everyone has access to them 24/7. Therefore, emerging in the taxi industry as a leader (given the number of competitors) is not easy. Our ride-hailing business model is specially designed to help you emerge as the market leader and catalyze your performance by evolving your just-another taxi company into a top-class service.
Let’s look at some of the leading ride-hailing companies in Australia.
Water Taxis Australia
Water Taxis Australia is a Smartphone application that can be used to book water taxis to Sydney Harbour, Palm Beach, Pittwater, Gosford, Hawkesbury River, Brooklyn, and Whitsundays. Water taxi service based in Sydney, Australia, and is one of the most successful CabStartup clients. Water Taxi app has helped us expand our client base to every corner of the continent all while adding incredible flexibility to the services.
Water Taxis Australia has a ready to use mobile app. It also provides an online quote for people not having access to a Smartphone. What has made the Water Taxi app emerge as the industry leader and first choice of the customers is:
- Easy Passenger Bookings: It is a fairly quick and easy process and involves just a click on one’s Smartphone. Download the app and book a ride.
- User-friendly mobile app: One does not need to be a tech-savvy genius to operate the app. It is simple and everyone can navigate their way through it.
- All payments through the phone: Once the ride is booked; all payments can be made online, through the Smartphone. Just scan and store the credit/debit card and be free of all payment hassles.
The Water Taxi app is leading the Australian market because of its time and cost-effectiveness. Customers have the ease to avail this service in all notable coastal areas.
MooV (Online ride-hailing platform)
MooV is another online ride-hailing platform based in Perth, Australia. This CabStartup client collaborates with taxi drivers and cab operators and allows customers to look up for a ride and book one for the desired time and location. This rideshare software app allows consumers to track their drivers in real-time, rate them and also make payments online. Any driver can register with this platform by submitting the required information and credentials.
MooV is one of the best rideshare software app examples. Anyone who owns a taxi or a taxi service can join the platform and offer their services to a massive client base.
The ride-hailing industry challenges
The ride-hailing business model has witnessed a massive boom in the last 5 years. Majorly because of the ease and cost-effectiveness that it offers. Experts are of the view that in the post-COVID world the ride-hailing industry will experience regression owing to several daily commuters working from home now and avoiding rides shared by multiple customers. The biggest challenge faced by the ride-hailing industry in the current (COVID) times is to ensure public safety by following all the sops. But the question remains: is it all fun and games?
Let’s look at some of the challenges this industry is facing:
- Market Saturation: For companies operating in the ride-sharing industry one of the biggest hurdles is to win over their competition. The domestic competition has grown bigger and brighter in the ride-hailing industry with each passing day. Many companies, therefore, find it hard to expand locally and globally.
- Government Regulations: When the ride-hailing industry was growing to see the light of the day, governments all around the world were not prepared for its impacts across the globe. Now, however, they are slowly but surely catching up, implementing rules and regulations which restrict the movement of the ride-hailing platforms in certain areas and at certain times.
The governments find themselves taking on extra responsibility by ensuring public safety, reduced crashes, and protection of city policy goals, fraud prevention, and labor exploitation along with the fulfillment of the taxicab regulations.
- Price and Profitability: Price war is one active battle that exists amidst ride-hailing companies. To gain market share, many companies slash their prices which results in popularity and customer base but pushes the company back in the profit race. Uber recorded a loss of $2 billion in 2018 as a result of adjustments, stock-based compensations, and driver rewards.
Becoming popular, successful, and the market leaders all while being profitable is the biggest challenge being faced by ride-hailing companies.
- Self Driving cars: Autonomous vehicles are coming and as the experts suggest; self-driving cars will be driving people around, dropping off orders, and making deliveries. This near-future advancement is a big threat to the business model of ride-hailing companies. They will need to invest in a big fleet of autonomous vehicles to survive and compete.
- Lawsuits: As easy and golden as it appears to be, the ride-hailing industry has its share of legal issues. The majority of the big names in the ride-hailing industry have faced massive lawsuits. The ride-hailing giant, Uber, for example, has 70 pending federal lawsuits to date.
Australian Taxi Market- Trends and Forecast
The Australian Taxi market is expected to project a growth rate of 9.61% from 2020 to 2025. Taxis are a big component of the Australian Transportation Network. Owing to the numerous benefits offered by the taxi services; the demand for taxis is ever increasing in Australia. The user penetration in the ride-hailing segment will be at 21.1% in 2021. The prime factor that makes a company grow popular and grow big is the accessibility provided by the ridesharing software app. This app then provides benefits such as:
- Booking Convenience
- Multiple Payment Options
- 24/7 effective customer support program
- GPS enabled and safe vehicles
- Electrically operated fare meters
- Cost benefits
For a newbie to enter the market successfully; the aforementioned characteristics are exactly what is needed. The Australian Taxi market has had glorious progress in the past and promises the same for the future as well. For any new vendor or company to penetrate the extremely saturated market; it is important to:
- Come up with a better and efficient business strategy.
- Make sure that the customer is being provided the best services at an affordable rate.
- Target the area where the minimum amount of ride-hailing companies are operating and where revenue generation is maximum.
- Provide ease of usage and payments.
CabStartup has been able to successfully turn its vision into a reality. We have created opportunities to pave the way for developing successful mobility networks. The number of successful names under the CabStartup banner speaks for our commitment to achieving our goals and targets.
We would love to work with you and help you launch your ride-hailing project. Join us for a free 2-week trial and see for yourself how we work, grow and conquer!