UK Taxi Industry market forecasting

UK Taxi Industry market forecasting: The rise of demand for ride-hailing apps

Recently, the chance of Uber losing its license in London is creating a situation for traditional taxi owners to revamp their business structure to be more customer-centric. As people preferred and got used to digitization, the owners are in a rush to build an on-demand application like that of Uber.

In the present circumstances, planning to start an online taxi venture in the UK will be profitable. There is also a record rate of investment in the UK taxi industry, and it is ready to give an equal opportunity among the taxi companies. As of now, the investment is valued at 9 billion pounds. And, there are still rush openings for niche technologies to be launched and introduced to bring out more and more income prospects.

Strategies with which the UK plans to solve problems in the taxi industry

The UK is expecting many new taxi ventures since it assumes that these companies can solve problems going around in the taxi industry. However, there is already Hailo, UK’s famous taxi app company, London’s black cabs, and other small players currently holding the market.

A few experts are concerned about business outside the city where people can’t easily find a ride yet. Thus, to solve the issues of people outside the city, a partnership between taxi companies and drivers is anticipated. As an entrepreneur, you can focus on these areas by providing on-demand service to gain a good customer base. It becomes even more comfortable to fulfill the demands of the customer at the requested time through an application, which is hard in the traditional taxi business.

Though this business has the propensity to generate more revenue, it is essential to explain the progress to your fleet members and drivers. If you are planning to hire drivers in the UK, then you must be ready to show the prospects of the income gained using application. Make sure to be precise and straightforward when a question about income or revenue raises. Only then you can carry out smooth functioning without losing drivers.

Which business model you can choose

Once you ultimately acknowledge the workflow, you can approach your developing partner. Since the service that you are planning is similar to Uber, it will be better if you choose their business model for Uber like app development. They have a structured layout to maintain a good and seamless performance right from booking to dispatching.

Usually, the app comprises of four different modules: A user app,  a driver app, an admin panel, and a dispatch system. Whether you opt for a clone or build a new application, you must aware of these modules and its features. Each of them has a different set of features to maintain a hassle-free function. Before approaching a developing partner make sure to know the work-flow, so that you can focus on where to enhance the application.

Below discussed features are standard and expected familiarly among people whenever they download a new taxi application. Since people are practiced with a certain sequence of navigability, it is recommended to follow the same. Or else you may have to put an extra effort to enlighten the operational features to the society.

User app

This app must be designed entirely with a user-friendly interface and simple navigation options. Functions like booking, tracking, ETA, payment modules, schedule ride options, emergency contacts, etc. must operate without any complexity. Only if the app enables the user to process the steps quickly, there will be a chance to increase usability.

Driver app

The app has similar functions equal to the user app.  But the app has options for the driver to show their online and offline status, to set their payment methods, to confirm ride request, to view feedback, and much more. Analyze your competitor’s app to integrate features to make it even more straightforward.

Admin panel

When you buy a taxi app software, you will be handed with an admin panel which allows you to control the overall operation smoothly. With this, you can easily track both riders and drivers activity in real-time without any difficulty.

Dispatch system

This software allows you to handle operations more professionally. Unlike traditional taxi business where people have to book and confirm, this software aids you to handle bookings most efficiently. Either you can control or can even set people to manage this function smoothly.

Thus, these are the necessary must-know details of the taxi application once you are planning to launch. Once you acknowledge the overall workflow, approach a taxi app development partner, and start developing.

Author Bio

Jennifer Atkinson

Jennifer Atkinson is a Growth Hacker at AppDupe – which is a pioneer in app development and provide one-stop ready-made solutions for all your ride-hailing business needs. Also a blogger and a growth hacker who loves to find new business ideas and help startup entrepreneurs with business consultation.

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