timothyneeble

1
Why Embracing Technological Breakthroughs is a
Mandate For Cab Rentals?
2
(No Transcript)
3
Consumer demands are fast evolving and so is
modern technology. Businesses that fail to adapt
to the changing market dynamics will lose the
competition and other players are likely to kick
them out of the game. Not to sound too negative
but the reality is technological breakthroughs
have made it easy for anyone to run a business
successfully. Competition is high and the niche
is saturated with different possibilities.
Following the immense success of rideshare
services like Uber and Lyft, the riders are
spoilt for choices. And, the next best thing they
do is to drop cab rentals from their phones
altogether. But, embracing modern technology
such as hiring car rental software services might
save the day for them.
4
Market Statistics of the Cab Rental
Industry There is some great news for Cab rental
services, though! According to a recent Market
Analysis Report, the global car rental which was
valued at 78.7bn US in 2018 is expected to reach
122.6bn US in 2024. In India, the car rental
segment is estimated to reach a market volume of
1,552m US in 2023, which is 7.3 (annual growth
rate), from 1,172m US in 2019, as per Statista
Report. However, this slower growth rate can be
attributed to the fact that renting cars offline
is still very much in practice, not to mention
the strong presence of on-demand cab services.
And, even though car ownership underwent a
fundamental shift with riders opting more for
carpooling and peer-to-peer car rentals in favour
of easy access, the lack of marketing, damaged
reputation, and other logistical difficulties
have proved to be major hindrances for the cab
rental companies. Also, the rising popularity of
ride-share services has slowly penetrated the
market of the cabs for rent. 63 of customers
have already cut down their spent on car-for-hire
services and 56 of the frequent riders have
stopped using the service altogether, according
to a recent study. Already, cab rental companies
have lost nearly 3.2bn US to ride-share
services, as per the same study. But, all is not
lost. Car rental software development companies
make it possible for cab rental services to stay
ahead in the competition with their
state-of-the-art technology.
5

• Example - Cab Genie
• Cab Genie offers a complete system for a minicab
  or a taxi company. This software will provide
  your cabs with a strong online presence along
  with the ability to manage bookings and payments
  seamlessly. It is easier to track client
  database, manage cab drivers, and enjoy full
  control over sales and net cost modules.
• Other benefits of Cab Genie
•          View real-time vehicle availability,
•          Get a complete panel displaying booking
  details,
•          Options to add, delete or edit bookings,
•          Advance ride search options.

6
Changing Customer Preferences A Threat or a
Boon? Digitalisation and innovative technologies
are the biggest drivers of change. Today,
Customers have evolved as Kings in a true sense,
courtesy Internet, social media platforms and
mobile technology. They can access more
information whenever and wherever they want, not
to mention the bundle of options available at
their fingertips. They have the power to make or
break a venture in a matter of a few minutes. So,
it has become imperative for companies, mostly
the cab rentals to evolve with the changing
preferences of the customers and exploit places
where opportunities are in abundance. The first
step towards achieving that goal is to identify
potential customer segments and then understand
their pain points.
7

• Identify customer types
• This is easy. The cab rental companies have to
  just identify their target customers by verifying
  existing customer records and their feedbacks
  (both online and offline). Post customer
  segmentation, effective service models and
  marketing plans are designed to target the
  specified group, identify the customer
  requirements and offer the right service/solution
  accordingly.
• A study by Epsilon-Conversant identifies two sets
  of customers who prefer car-for-rent services
  over rideshares
•          Retired households who are unlikely to
  have kids
•          White-collar, educated baby boomers with
  strong discretionary spending and grown children.

8
Mobility or anytime, anywhere service Prompt
response to on-demand requests is what customers
expect from the service providers.  The new age
Millennials and Generation Z are intolerant of
waiting or standing in long queues. On-demand cab
service providers like OLA and Uber have grabbed
this opportunity to expand their businesses,
thereby robbing the market from the car rental
companies. An opportunity missed is an
opportunity lost. But the rightful implementation
of modern technology has turned the game around
for many. And, mobility is that force which will
enable car rental companies to cater to customer
demand anytime, anywhere, especially during rush
hours and receive payments remotely. Also, cab
rental software makes it possible for such
companies to maintain real-time information about
their fleets, vehicle allocation, and monitor
their movement easily. The purpose is to develop
the ability to give prompt responses to different
market needs for enjoying a competitive edge over
other key players in the game. So, yes! Changing
customer preferences is both a threat and a boon
in disguise. To quote Einstein, in the middle of
difficulty lies opportunity.
9
Where is Cab Rental Business heading? Putting
yourself in the shoes of the customers is the
best way to differentiate your services from that
of your competitors. Sooner, the cab rental
retailers realise this truth, the better it is
for them. Also, developing the ability to be
flexible enough in responding to different market
needs can work in favour of the local car
retailers. For example Instant cabs in India
offer car with driver service which is
available for rent on a two-hourly basis. This
gives customers the luxury of a private mode of
transport minus the hassles involved with
self-navigation. But, with years customer
preferences evolve. So, it is important to
understand where is this particular industry
heading?
10
Connected cabs for hire Multi-dimensional
connectivity and third-party services such
as online cab rental software enable fleet
retailers and travellers to exert complete
control over their rental experience, right from
remote access to keyless operation. Today, cabs
for hire are all connected to basic mobile
platforms via on-demand service provider
applications. But, the connected car technology
will give more power to both the rental retailers
and riders Data collected about a vehicle enable
cab rental retailers to easily track fleet
mileage, control fuel consumption, as well as arm
drivers with shorter routes to their destinations
and so on. There are untold benefits, a few
examples can be cited here          Understand
your fleets impact on the environment to reduce
their carbon footprints          Reduction in
fleet mileage costs          Pre-warnings about
heavy traffic and undesirable road conditions
save travel time
11
 Autonomous cabs or self-driving
vehicles Self-driving cars or autonomous vehicles
are no more distant dreams for many. Experiencing
less traffic and roadblocks, emission reduction,
assured the safety of the riders and better
travel experience are few of the benefits one can
enjoy once self-driving cabs become a
reality. Source https//uberant.com/article/6752
08-why-embracing-technological-breakthroughs-is-a-
mandate-for-cab-rentals/