The 21st century has marked some watershed moments across a wide range of industries; most notable being online ride-hailing. The service was piloted by Uber back in 2007 and since then it’s received global acclaim. Ride-hailing businesses’ popularity has been fueled by the millennials and generation Z; a demographic known to be tech savvy with greater accessibility to smartphones and the internet.
As per one estimate, it is forecast that an average millennial will spend $323,190 on ride-hailing services over the next 25 years. The leading ride-hailing service providers Uber, Didi, and Lyft are all caught in a competitive rivalry, with each player trying to grab the other’s market share. However, the market is even more competitive at the startup’s juncture, which has seen a rapid increase in the number of new entrants.
At FATbit technologies, we help entrepreneurs and offline taxi-businesses understand the importance of launching an online platform to increase their revenue and reach a large audience-base. In this blog category, we share upcoming trends, ride-hailing business models, growth hacks, and much more to keep our readers attuned to the latest developments vital to gain a competitive edge in the ride-hailing market.