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The brand's app has revolutionized the transportation world to a new domain and has a far reaching presence in the four corners of the globe. It has created a phenomenal business model also called as Uberisation.
Featuring more than 40 million monthly active riders and operating in more than 625 cities, its revenue for the previous year amounted to 6.5 billion dollars. The revenue for the first quarter of 2017 amounted to 3.4 billion dollars.
Uber depends upon the software of the app and the smartphone device. The app is downloaded to the smartphone where a pickup point and destination is determined from the in built map and then a click is all that requires requesting an Uber driver to provide the service
Founders : Travis Kalanick and Garrett Camp.
Company Headquarters : San Francisco, California, United States.
Total number of Uber trips : More than 2 billion
Funding received by Uber : $ 12 Billion
Company Valuation : Approximately $ 70 Billion
Net revenue of Uber for 2016 : $ 6.5 Billion
Number of new driver sign-ups : More than 50,000 every month
The average number of daily Uber Trips : More than 1 million.
Related to Uber, it is a rapidly evolving brand which ever since its inception as a ride hailing service has expanded its services to courier dispatch, food delivery and also the proposal of self-driving cars as well. It is rapidly spreading into other domains of service. Hence in the subsequent times, when the notion of generating a proposal related to Uber, it has to be contemplated that Uber has evolved rapidly since its inception.
The success factor can be attributed to the income generation strategy which is related to the business model.
Taking the case of Uber, it has not restricted itself to a particular group of cars or people. It has branched out into every domain, where Uber SUV is for those who want to experience a luxurious ride, then there is Uber Taxi for the people who are looking for economical rides.
Uber's strategy to hike prices especially during times of high demand is evident but however, instead of it, the Company will present the user base with an price estimate prior to the booking confirmation. The policy to charge the riders with rates related to which the payment will be increased is incorporated and when Uber launches the update in several products globally, the users will be notified regarding the price which is greater due to higher demand. It is one of the key things which differentiate the brand from typical taxi services. When bad weather conditions are prevalent the people would look for alternatives to get them home safe. Related to this Uber drivers show up instantly and serve the people all with a click of one button. In other cases, the price associated with this service could be very hefty which is definitely not what Uber adheres by. Uber will let its users know in advance related to the increase in pricing. Even after the price surge, the popularity of Uber remained unaffected among the riders. Even after the surge the pricing is still very much fair and affordable when associated with other services
Thanks to its outstanding success in the ride hailing domain, Uber has expanded into other markets as well like rides via boats, motor cycles and even helicopters. It is featured in specific geographical locations and has seen a warm response regarding the same as well. The services are available and launched in several cities with different needs catering to the locations.
Uber features a plethora of services to cater to the needs of all its vast customer base where there are several options like Uber SUV, Uber Taxi, Uber Black and the such each reaching out for a given category of riders
Uber strictly abides by the rules implemented in each city and does a thorough analysis prior to its launch in a given city by partnering with other brands to provide a better service and offer services like the following
Ever since its inception in San Francisco, Uber has branched out to several US cities come the May of 2011. Then internationally it was launched in Paris in 2011 followed immediately by launches in Canada, UK, Australia and South Africa.
Featured in several countries and in over more than 600 cities globally, the growth was associated with the technology incorporated and the logic behind the enterprise model related to growth.
In 8 years ever since its launch, the brand has become an epitome of success related to a city's mobile services.
When deciphering the Playbook of Uber as it debuts in every new nation or city, the basic problems are encountered.The edge which Uber has over other startups is that it has the funds to galvanize the driver and rider base and that its pre-existing fame contributes to attracting more users.
No matter the presence, it all begins with a simple launch. Each city features an executive who associates with driver and rider assimilation.
The user base is enthralled by digital ads, newspapers and other medias. Its presence is powerful enough such that people are anticipating its launch in their cities. Everything is very much lucid and pristine.
Its working is quite simple where as a rider an account has to be created where it is done by downloading and installing the app on the smartphone device. Price estimate is availed easily. Once the account is generated and the app is installed, the app will ask for login credentials to avail the app.
The next step is to implement the online payment methods by syncing a credit card or by syncing the PayPal account promoting a cash free environment.Next, is availing the ride!. The app has to be opened and the pickup location is entered first, followed by the service offered and then the link "Tap to Request" is availed.
After the confirmation, the rider will be notified with an ETA and notifications regarding the arrival of the cab. In the meantime details regarding the driver are provided. The destination can be fixed at any point prior to or during the ride. Once the cab arrives, the meter starts rolling where the driver ensures that the rider has a comfortable ride. Riders can also suggest a given route to the drivers to reach the destination. Once the trip has ended the fare will be calculated and the rider can make payment via an online mode or give cash. Also featured is the aspect of rating the driver and the ride. Other features include dividing the fare with friends, sharing the ride route with others and the such.
Uber has evolved a lot and there are a lot of factors contributing to its success on a global scale.
Taxis have become integrated with culture and have a wide reach thanks to the media. Taxis were subject to a revolution in the form of ridesharing where the availing of taxis has become much more simple and effective in a distinct methodology. It permits users to hail a ride from someone and conserve cash. It is seen as an economic measure so that the user base does not have to pay far-fetched prices for the service has earlier and avoid long waiting times and other inconvenient factors.
Uber was subject to inception in 2009 as UberCab innovated by Travis Kalanick and Garrett Camp, where it was a pioneer regarding the same. It was funded with $ 200,000 in the same year with supplementary $1.25 million funding the subsequent year. It served as a means of alternate taxi availing in contrast to the present methods incorporated.
Inception in the San Francisco area was a great move where the brand could avail a very much interactive community so as to boost the quality of life. They found success where the enterprise structure seeks to enhance the standard of taxi cab service. By hosting tech campaigns and the such they were able to carry it forward. The brand initially promoted free rides and awareness campaigns related to those who used the service.
Such early adopters of Users were convinced that the brand provided an alternate means to the deteriorating taxicab industry in San Francisco. Benefitting from the free rides and tech campaigns, they ventured into spreading the news via word of mouth, social media and blogs to make their relatives and friends aware of an effective way to avail taxi rides. With the rapid spread of the information, it promoted the growth of the enterprise and was a major driving force.
Uber made use of the following opportunities to enhance their success rate related to
People who party at clubs and other such events
Entrepreneurs who are traveling and tourists
Cabs which are ready for service even in poor weather conditions
and finally the ever popular Nightlife of cities
Uber is not without any downsides as it has been embroiled in several law suits filed against the brand where there is a chaotic situation prevailing as to whether the drivers are termed as partners or employees.
Whenever Uber is launched in a new city, it faces the problems related to acquiring and enthralling new customers and associating itself to partner with new drivers. This is not that simple. To mitigate this issue a marketing team is implemented in the city to acquisition drivers and riders. This can be carried out digitally as well and the promotion of discounts and offers serve to attract more users in the initial periods.
Also, Uber has been associated with the controversy of inappropriate behavior in the cases of some drivers to the riders especially the female riders. Even though exhaustive and strict screenings are associated with verifying the background of the drivers by the law enforcing authorities, the problem still persists.