3 things to consider about the Taxi Industry

Taxi

The taxi industry has changed dramatically in recent years and there are many things that contribute to that. Between the rise of companies like Uber and the world becoming more digital, it can be hard for cabbies in this economy. It’s become rarer to call local cab firms directly or hop into a cab at a taxi rank, but why is that? We’ve compiled a list of a few things that we believe have transformed the taxi industry. And this is what local cab companies need to do to compete with their competition.

Digitalisation

If you compare our technological advances to just 10 years ago you’ll realise just how quickly the world has changed. In the last decade, many of us have transitioned from flip phones to iPhone X’s. Our entire life is now on our phone – we can check our bank accounts, book holidays and stay connected with one another more easily. The online world has become oversaturated with lots of companies doing the same thing. Some cab firms haven’t invested in this and are losing out on business because people can order a cab via an app. This means that you can order a cab by pressing a button rather than having to find a number, call it and arrange a time.

Card vs cash

When was the last time you took cash out and used it to pay for things? As part of our new online footprints, many of us opt for using our phones and debit cards to pay for everything. Finding a cash point and getting the right change can be time consuming and inconvenient. However, tapping your phone or card is quick and easy. (It’s also safer to have a card because nobody wants to be carrying lots of money on them unless they need to!)

More competition

Considering the digitalisation and cash vs card points above, it’s easy to see how there’s more competition in the industry. A prime example is Uber. It’s linked to your debit card and you can order it immediately. Uber gives you estimates in advance and will give you a lot of reassurance. All customers must rate their driver which means that people are being driven by reliable drivers. And you can also share your journey with friends and family, so they know you travel between your locations safely.

Local cab firms are having to make sure they can compete to keep their business going. Of course, some people will prefer to order their cab via phone and pay cash but it’s becoming rarer. We think that we should all support local, independent businesses where we can. But the companies to invest in making an Uber-like app for their business so that they are easier to reach. What are your thoughts on this topic? Let us know by leaving a comment below!

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