Uber is a ride-hailing service that provides the Uber mobile app, which allows you to submit a trip request that is automatically delivered to a nearby Uber driver, alerting them to your location. The Uber driver who accepts your request will then come to pick you up and bring you to your desired location.
Without you having to speak a word or take out your money, the Uber app calculates the driver’s navigational path, calculates the distance and fare, and transmits payment to the driver from your specified payment method.
Everything you need to know about Uber, including how it works, how to join up, and how to use it, is right here.
It is available in over 10,000 cities worldwide. You can see if it’s available in your city using this Uber webpage.
Services That Uber Offers
In addition to allowing riders to request a ride, the Uber app has a number of other capabilities.
Since 2019, the Uber app has included London public transportation information, letting riders know if there is another way home. This is especially handy if you’re in an area where there’s a surge – a price increase owing to greater demand.
You may also add your work and home addresses to your Uber account, as well as other stored locations, such as the hotel you’ll be staying at while on vacation. This makes it easier to choose the “Where to?” destination.
“Trusted Contacts” can also be added to your Uber account. You can share your journey status with a simple tap once someone has been added as a Trusted Contact. It’s also possible to add a family member to your account and share your default payment method, allowing you to pay for your loved ones’ Uber rides while also receiving trip notifications.
Divide Fare is also a feature in the Uber app, which allows you to split the fare with anybody you’re riding with. Before this can happen, a contact must agree to Split Fare with you, and you will be charged a nominal cost.
Meanwhile, the Verify Your Trip function allows you to enter a PIN to ensure that you get into the correct car. For each trip, you will be given a new unique PIN, which you must share with your driver when they pick you up to begin your journey.
Other features that we haven’t covered in depth include Quiet Mode for UberBlack and UberSUV drivers in the United States. Our separate blog on Uber’s Business Insights includes detailed information on its business models, growth model and various other features
Uber Success Timeline
A Successful Business Model
If you have ever travelled in a taxi, you might have paid the driver in cash at the end of your journey. The cash collected by each journey is the only source of revenue for a traditional cab company. Uber is no different. Neither does it have a different revenue model than the one mentioned above nor it has any other source of revenue as of now. But just imagine 1 million rides a day. It will help you calculate those big numbers that the company earns. Let’s dig a little deeper to understand Uber’s source of income.
What is uber technologies fee and what has made them so successful is the fact that the revenue model is as unique as their business model. It can be explained as:
- Different cab models to cater to everyone:
Uber has not limited itself to a particular segment of cars or to a particular segment of people. There is Uber X, Uber Black for those who love to travel in a black car, Uber Taxi for those looking for cost-efficient solutions and Uber SUV for those who want luxury.
- Surge Pricing Technology:
Variation in cab fares according to the situation is an important aspect of their business model. Whenever the demand increases, per mile prices are automatically increased. The new price depends on the number of available drivers and the number of requests made by people who want to travel. It has applied for a price surge technology patent in the US.
- Other Uber rides:
The company has come a long way from cabs. It now offers boats, helicopters, as well as some other transportation, means on demand. They recently launched a motorcycle-pickup service in Paris, a delivery service in San Francisco, and an ice-cream-truck-delivery service in a few cities too. However, these means are available in selected geographical locations but it has led them to add new streams of revenue into its business model.
Takeaways From Uber’s Business Model
- Go for a less ownership model. Uber does not own any cab but still provides over 1 million rides a day through its partner network.
- Choose an industry. Think about the most common problem it has. Find a solution and disrupt the existing model through technological infrastructure. That is what Uber did in the cab industry.
- Treat your initial users as kings. They are really important for the growth of your business.
- Expand step by step. Do not add everything in your business model on the first go. Uber started with cabs but now even has boats, helicopters, bikes and other means.
- Opportunity won’t come to you. You have to look for them. Uber created an opportunity by offering discounted rides for particular events/party venues and hence got its first customers.
- Treat your workforce as an important part of your business. It calls its drivers as partners and gives them a decent 80% of the total fare.
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