Andrew Ng, the American businessman & Investor, states Artificial Intelligence as the New Electricity. When you look back in time, technology has progressed tremendously in the last few decades or so. The advent of the Internet & Smartphones has made lives easier for people across the globe. Today, there are apps or online platforms that can help people with almost everything. Artificial Intelligence is inevitably one groundbreaking technology that has great potential to disrupt conventional businesses.
AI’s subfields, like Machine Learning (ML), Data Science, Predictive Analysis, etc., are finding enhanced acceptance in various fields. Having said that, a vast portion of AI remains unexplored. With the need for businesses to think out of the box and satisfy customers comprehensively, AI can be the answer to real-life problems. A decade back, Uber leveraged the on-demand model and capitalized on the Internet facilities to build a taxi empire.
Fast forward ten years, and you can revolutionize the taxi sector once again. This time around, it is the AI that can help you in captivating the audience. Are you an entrepreneur who wishes to launch an AI-powered taxi app? If so, this blog is streamlined to reach you and help you out comprehensively in various aspects.
The On-demand Taxi Market In Numbers – A Brief
Before jumping into details, let’s analyze why investing in a taxi market is the best thing for an entrepreneur in the 21st century. Here are some market numbers from Statista right at your disposal,
The global ride-hailing & taxi market will generate net revenue of $162.38 billion in 2020.
The revenue growth is tremendous in this regard, growing all the way to $385.94 billion in 2025, forecasting a double-digit CAGR of 18.8%.
The global users of the sector currently stand at approximately 1.5 billion.
As of 2019, Uber had completed 5 billion rides and was valued at $72 billion.
All these facts clearly signify that the taxi app market will experience unprecedented growth in the upcoming years.
Top Taxi Apps That Leveraged AI
Here’s a list of top taxi apps that leverage Artificial Intelligence (AI) to outplay competitors in the sector.
Uber made the best use of AI to provide unparalleled customer service. Besides, Uber ensured absolute privacy during payments & transactions with the help of AI. Parallelly, Uber’s AI-driven dispatcher algorithm is considered one of the best in the taxi sector.
This taxi startup utilized predictive analysis to determine the number of passengers from a locality based on historical consumer data. The platform’s dispatch support system helps the admin visualize demand well in advance.
This Russian-based taxi startup ensured that passengers needn’t wait or arrive late to a destination by providing optimized routes to drivers. The platform has gained enhanced reception in its region of operation. Yandex.Taxi’s revenues grew by 355% YoY (Year over Year) in 2018, with the number of rides growing by 178% in the same period.
Thus it is clear that both established taxi apps and budding startups are inclining towards AI for the betterment of their services.
Reasons to Leverage AI for your Taxi Startup
Just because other taxi startups are impressed with AI, it doesn’t mean that you’ll have to follow the herd blindfold. Here are some compelling reasons for you to leverage AI in your world-class taxi startup.
Unique Selling Propositions (USPs)
There’s no point in introducing a taxi app like Uber and expecting it to succeed. You need to bring something unique to the table to stand a chance of attracting the audience. And AI can be an ideal way to introduce your USPs as a vast portion of this area remains unexplored.
Better Management attributes
Supervising a taxi business manually isn’t a walk in the park activity. With automation becoming inevitable, business owners are under immense pressure to enhance the efficiency of the entire system. And as luck would have it, AI can help you manage fleets and numerous aspects of a taxi app effortlessly, leading to enhanced sales.
Boost Brand Value & Revenue
In today’s fast-paced world, building customer loyalty is a strenuous task. With customers spoilt for choices, maintaining retention rates is another uphill activity. You can make the best use of Artificial Intelligence to analyze customer patterns and work accordingly. By doing so, you get to build a positive brand value and enhance profits substantially.
Enticing Benefits of AI
Unless and until technologies benefit businesses and the entire ecosystem, success will remain a distant fruit. Here are some lucrative advantages of coupling AI in your ultra-modern Uber clone app.
AI can eliminate one significant pain point of traditional business – time to reach destinations. Drivers needn’t communicate with passengers every time. Even after an in-app navigation functionality, AI can help in optimizing one’s routes significantly. The platform’s algorithms ensure that drivers take the minimum time to reach from point A to point B.
A(I) Touch of Personalization
Personalization is indispensable in today’s fast-paced world. With AI, you can send personalized suggestions and discounts to customers based on their ride history. With groundbreaking preferences, engagement rates go through the ceiling. Besides, AI can pave the way for personalized messages, notifications, emails, etc.
Efficient dispatching methods
Manual dispatching inevitably leads to a drop in efficiency and productivity. Automating the entire process of dispatching fleets enhances the efficiency of taxi businesses substantially. Besides, with AI-driven algorithms, you can reduce drivers’ idle times and propel drivers to pick up the nearest passengers without any hassle.
Verifying service providers
AI can take up the process of ascertaining service providers as well. This way, unless and until service providers pass through all the constraints required, they cannot join the driver community. AI can lead to smart verification of drivers, eliminating human intervention. Right from gathering details from drivers to verifying them for authenticity, AI can automate the entire process, leading to 100% transparency.
Informed business decisions
Believing in instincts cannot work in a market where there’s neck-to-neck competition. In this regard, AI can help the admin generate detailed reports on business performance based on various metrics like sales, customer ratings, etc. This way, the admin can take corrective action as and when possible, steering the taxi app towards success and positive projections.
App experience is one crucial term that can determine the success of your taxi app. To enhance the app experience, AI-powered chatbots can do the trick. Users needn’t navigate the app entirely to book taxis. By simply chatting with bots, they can book taxis, paving the way for enhanced satisfaction rates.
Understanding app sentiments
AI’s Sentiment Analysis (SA) is a complex area that can be subjected to understand what customers are thinking about your app. The platform tracks users’ activities or discussions with friends/forums about the platform. These interactions mostly occur on social engagement platforms like Quora, Reddit, etc. With cutting-edge insights, you get to analyze areas of improvement effortlessly.
Now that you have analyzed the importance of AI for your taxi startup, it is time to set foot into action. To make your proceedings easy, all you need to do is reach out to us. At Appdupe, our seasoned team of trained technical experts ensures that the Uber clone app is robust, user-friendly, and built according to the current market trends.
Reach out to us, tell us your needs, and we’ll help you leverage AI successfully to scale your taxi business in the shortest possible time!
At AppDupe, we know that our customers are Entrepreneurs and keeping them succeeding is what will make us stronger. So, we promise you, Life Time Updates free of charge. Yes, we know that Apple and Google keep coming out with new versions of their mobile OS's and other companies we clone from also keep updating their features and UX to stay up-to-date. We will take care of that for you, leaving you to do what you do best, Win!
Is this legal?
PicMix and PicYou are almost exact clones of Instagram. MyCityDeal and Wimdu are clones of Groupon and AirBnB respectively. The only thing companies can patent is methodology for achieving an action or leading to an end point. If you can figure out another way to do that, without infringing on other's IP, you totally can. We could, so we did.
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