About COVID-19 Pandemic
A tiny pathogen has sealed the fate of the century-long, trillion-dollar mobility market in 2020. With people stranded in their homes, taxis ran out of business, leading to a decline in economy and sales. Even taxi giants like Uber & Lyft had to succumb to the pandemic situation. Uber reported a net loss of $2.9 billion in the first quarter of the year, and Lyft stated a loss of $398.1 million in the same quarter.
However, as nations begin to ease lockdown and concentrate on regaining the lost economy, it is time for taxi companies to set foot into action once again. With people emphasizing safety as a top priority in the ‘new’ normal, private transportation modes like taxis & e-scooters become inevitable once again.
So, what does it take for a taxi company to sail through the COVID-19 pandemic unaffected? Are you a cab rental agency owner who is looking for strategies to sustain amid the outbreak situation? If so, this blog provides you with enticing strategies to boost your profits with a taxi business.
- Do not hesitate to take your business online (COVID-19 pandemic)
The demand for taxis has declined substantially. As a result, it becomes highly challenging for you to manage your expenses by catering to the needs of your local audience. Expanding your customer base is an ideal way to survive and sustain in the highly competitive market space.
By exploring the online medium, you can boost your brand visibility and, hence, expand your business to a wider audience. Supplementing your business proceedings by having an online presence becomes the need of the hour.
Taking your taxi business online isn’t a strenuous task anymore. You can launch a taxi app in no time by availing of clone app solutions from app development companies. This way, you can customize the clone app, rebrand the platform entirely to suit your business needs, and reach out to your potential customers by launching a taxi app.
- Explore the booming Delivery Market (COVID-19 pandemic)
While the on-demand taxi apps struggle to stay afloat amid the situation, other on-demand startups like food & grocery delivery apps witness unprecedented growth. With people preferring doorstep deliveries, the demand for these platforms has gone through the ceiling.
Instacart’s surge in daily download rates by 218% and UberEats surpassing Uber’s core ride-hailing division are some of the significant examples of the above statement. As a result, you can retarget your taxi drivers to take care of the delivery needs of customers.
This way, drivers can supplement their income by delivering food & grocery delivery orders at people’s doorsteps. You can even arrive at strategic partnerships with top-grossing platforms as a means of expanding their delivery chain.
By doing so, this strategy paves the way for a win-win situation. While delivery apps can promise faster deliveries, you get to promise consistent income/work for your driver community.
- Open doors for ‘gig’ workers (COVID-19 pandemic)
The COVID-19 pandemic has been hard on several businesses worldwide. With the global economy expected to shrink by 5.2%, according to the World Bank, unemployment becomes unavoidable in the current scenario.
As a result, people will look for (flexible) ways to boost their income. The ‘gig’ trend has been on the rise since March, with more people preferring to offer their services during their free hours.
You can recruit drivers on a ‘gig’ basis and enable them to provide services during peak hours. This way, your customers needn’t wait for services and can get an unparalleled taxi experience.
Helping people during such times of distress by providing them jobs can go a long way in ensuring healthy partnerships & build a positive brand value for your business.
- Ensure Safety throughout the ecosystem (COVID-19 pandemic)
Surviving the COVID-19 pandemic invariably involves safeguarding the entire community from virus contractions. As a result, it becomes paramount to introduce safety add-ons in your Uber clone app. Here are some safety strategies worth-integrating into your application,
- Limiting the passenger count: According to the World Health Organization (WHO), the virus contracts between person to person via direct physical contact. Hence, restrict the passenger count in your taxi app to 2 or 3 per ride, depending on the situation. This way, you ensure the safety of both your drivers and passengers.
- Safety gear to the driver community: Provide safety gear like face masks, gloves, sanitizers, disinfectants, etc., to your drivers. Besides, having a shield between drivers and passengers can do the trick as well. Minimal efforts like disinfecting cabs after every ride, wearing face masks throughout the journey, etc., can go a long way in ensuring safety.
- Face mask recognition software: It is ideal to automate the process of verifying drivers on their safety standards by integrating a face mask recognition software. The software seamlessly recognizes drivers with face masks and enables them to provide services before and after each ride.
- Safety ratings and reviews: Enable customers to rate and review the platform’s safety standards. This way, you can keep service & safety quality in check by taking corrective action based on customer feedback.
- Opting for the Mobility as a Service (MaaS) Model (COVID-19 pandemic)
Even public transit agencies are under immense pressure to transform their services into the digital medium. You can capitalize on this situation by building a taxi app based on Mobility as a Service (MaaS) model instead of the conventional aggregator one. This way, all you need is efficient taxi booking software by your side. You can rent this software to public transit agencies.
This way, you needn’t worry about the fluctuating demand or take measures to enforce safety throughout the ecosystem.
Conclusion About COVID-19 pandemic
These are challenging times for the taxi market. However, people have begun to adapt to the ‘new’ normal, which invariably means a resurrection for taxi apps. As an entrepreneur, do not hesitate to introduce new strategies as you never know what can work the best for you amid the current situation.
At the end of the day, you need to satisfy your community and generate consistent income by doing so. These five strategies can help you gain a stronghold of the ever-present taxi market. Have no second thoughts on implementing them and maximize your profits right away.
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