The online taxi booking business is one of the perfect businesses to start in today’s world. Many startups and entrepreneurs are looking to use the online taxi booking business as a domain to step into the entrepreneurship and startup world. Since online taxi booking business is the new profitable for them. Many IT, private sector employees are using online taxi booking apps like Uber, Lyft, Grab for their transportation. If you are looking to start a company like Ola in 2024, this blog will provide clear information. So make sure you read this.
Why do entrepreneurs look to start a company like Ola, Lyft, and Grab?
It is the most common question that every person asks. Let me answer that question. Over the past five years, the number of customers looking to travel using a cab is increasing day by day. Even the app download count of Ola, Uber, Lyft is also rising. Most of the entrepreneurs, startups are using this opportunity to start a company like Ola, Lyft, Grab, etc.
There is a massive opportunity for entrepreneurs, startups to succeed by starting a company like Ola, Lyft, Grab, etc.
Here are the stats about Ola cabs,
Stats about OLA cabs based on Wikipedia details:
Ola cabs is a multinational ride-sharing company, which provides online taxi booking businesses and online food delivery.
As of 2019 stats, Ola cabs value is at 6.5 billion dollars. Right now, Ola has begun its operations by auto-rickshaws in United Kingdom [ UK ]. More than 10,000 customers willing to drive as a driver has registered on their platform.
And also seeing its opportunities in countries like Australia, and New Zealand, etc.
Here is how the OLA business takes place and how they are earning money.
OLA cabs business model:
Here is how a company like ola business takes place. Generally, an online taxi booking company has three main stakeholders in it. They are,
1) Admin Panel
2) Rider app
3) Driver app
Both the rider and driver can register themselves in the corresponding taxi booking application. The driver has to submit their documents like address proof, id proof to the admin of the product. The admin will verify the documents and can approve the corresponding applicant as a driver. For booking a taxi, the rider can enter their source and destination point. The taxi dispatch system sends the taxi ride notification to the nearby drivers. The drivers willing to take that ride can accept that notification request.
If a driver accepts the notification request, the taxi dispatch system will connect both the driver and the rider. The rider can view the driver’s location and vice-versa. The driver can pick up the rider from the source point and drop him safely at the corresponding destination point.
After the ride, the rider can transfer money to the driver via an online transaction or cash. Whenever a rider pays for the driver, some commission amount is available to the admin of the taxi dispatch system.
By using the commission amount and various other mediums, the admin can generate money. In this way the most online taxi booking companies make money.
If you are looking to start a company like Ola, here are the advanced features you must include in your taxi dispatch system. Here are they,
Advanced features required to start a company like Ola:
Rider App
1) Ride later
2) Carpooling concept
3) Live taxi meter
4) SOS
5) Promo codes
Ride Later:
It is one of the advanced options to include in an online taxi booking system. This option allows the rider to book a cab for their future purposes. Rider Later is one of the must-have options for your online taxi booking software.
Carpooling Concept:
Carpooling / Share taxi concept has been a boon to the online taxi booking industry. It is one of the reasons for the growth of the taxi booking business among the IT employees, private sector employees, etc.
This concept allows a rider to share their taxi journey with the other riders. Carpooling / Share taxi option has become an advantage for riders since it made them pay less taxi fare, less toll fee, etc.
Live Taxi Meter:
It is one of the breakthrough features of online taxi booking software. It allows the rider to view the taxi fare price live. Live taxi meter shows the fare to the rider by calculating the distance traveled from source to destination point.
SOS:
SOS or Emergency option allows the riders to add their emergency contact numbers to the system. When a rider is in emergencies, they can SOS messages to these contact numbers.
Promo Codes:
Promo codes are one of the best ways to attract traffic to the app and website. By using this option, drivers and riders can avail of discounts from the online taxi booking software. It is one of the best ways to bring new drivers and riders to the system.
Driver App
1) Online / Offline option
2) Payment records
3) Ratings / Review option
4) Wallet payment
5) In-app call / chat
Online / Offline Options:
This option is available for the driver. It allows the drivers to switch between online/offline modes. The drivers can only accept rides only if they are online. If a driver is in an emergency, they can update their status to offline mode.
Payment Records:
Payment records allow the drivers to view their payment history whenever they want. A driver can filter the payment records by add, time, date, etc.
Ratings / Review Option:
The ratings / Review option allows the users to rate and review the rider after completing the ride. If the rider gets a poor review continuously, then the admin can ban them from the system.
Wallet Payment:
It allows a driver to pay for the admin using their wallet. A driver can add money to their wallet by using this option. It is helpful during emergency cases.
In-app call / chat:
It is one of the essential features of an online taxi booking script. After a driver accepts the rider connection request, they can call / chat with each other using the default message system.
Admin Panel
1) Driver, Rider management
2) Payment reports
3) Currency and Language management
4) Push notifications
5) Car make and model
Driver, Rider Management:
One of the unique options available in a taxi booking system allows the admin to edit, delete a driver, a rider from their ecosystem. It helps in banning a driver or rider who is receiving continuous negative feedback.
Payment Reports:
Payment reports are one of the unique features of a taxi booking system. It allows the admin to view the payment received from the driver, promotions, tie-ups, etc.
Currency and Language Management:
The admin can update new currency, language to the ecosystem using the admin panel. This option helps the admin to add the language based on the customer traffic.
Push Notifications:
Using this option, the admin can send push notifications to all drivers and riders in the system. Admin can use this option to send promotional messages, offer details to the drivers and riders.
Car Make and Model:
It allows the admin to update a new car brand to the system and its model to the taxi booking system. Customers can use these car models to travel from source to destination points.
Let’s wrap up,
If you are willing to start a company like Ola, you can use ready-made online taxi booking scripts like RebuStar.
To know more about our RebuStar, you can use the above information.
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