TRY FOR FREE

Challenges and Opportunities in the Ride-Sharing Industry

Ride-sharing is gaining popularity among commuters across the globe and the market is expanding at a rapid pace. Consumers are happy to pay for convenience, and a lesser fee compared to flag-down taxis. Identifying the factors that attract commuters and what makes them lose trust is vital for ride-sharing platforms. With the numerous opportunities available in this space, there are also many challenges that companies face in this space today.

Drivers are critical to success

Why are drivers so important in the ride-sharing business? Ride-sharing drivers are basically independent contractors and not always blocked by a single company. So, the more apps they register, the more options they have to explore and hence, make more money. Winning over drivers is an important part of a ride-sharing platform and the main factors that drivers care about are mostly income and flexibility.

For instance, when we compare different markets, in countries like the US or Australia where most people have their own cars, some people can now make some extra money by driving for Uber or Lyft for a few hours. In Singapore, owning a car is more of a luxury than a necessity because of the efficient public transport system and the availability of a wide range of ride-sharing options. So, if you already own a car and are looking for better utilization, then driving for ride-sharing services like Grab is a good option to increase your income. However, this model is not legal in India – car owner ...

To continue reading, sign up for MEDICI Inner Circle and get free access for 7 days.
100,000+ FinTech professionals trust MEDICI Inner Circle to stay up to date on the latest in financial services.

RECOMMENDED