The ride-sharing market has seen prolific growth compared to the market in recent years. Taxi services will witness a more consistent uptick in customers and, thus, in revenues by participating in the digitization of the taxi industry in 2021.

E-Hailing Reform

Cab services operate as an integral part of the global commuter travel infrastructure. The owners of the world’s service vehicle fleets saw many innovations in the early part of the 21st century, such as turn-by-turn navigation, electronic payments from virtual banks, and even information to track a rider’s precise location being instantly available on a driver’s personal device. If you are afraid of waiting too late to be a player, fear not. E-hailing and smartphone-taxi partnerships are increasingly flexible in their offerings to comply with ever-changing government policy challenges worldwide and demand is rising. The ease of booking and data encryption functions accessible with electronic hailing apps are key advantages for customers and, hopefully, legislators. Taxi proprietors also market the benefits of ride-sharing for the environment, illustrating that economizing the number of vehicles on the street impacts the offsetting of air pollution.

Service Diversification

Ambitious taxi companies can look to the example of industrious hailing corporations who, in times of adversity, expanded their service lines that would bridge the gap between the ultimate human need: creature comforts. These are some examples of complementary service lines to add to your portfolio that will allow you access to new target markets:

  • home delivery, including food and toiletry items
  • mobile-motility, including bike and scooter short-term rentals
  • corporate car sharing and peer-to-peer sharing

When you see a taxi in the coming years, you will associate it with ease of use, safety, and style. Cultivating a relationship with a software app service that combines geolocation, tracking, and payment will be a tool to aid the longevity of your taxi fleet.