The sharing economy, also known as the collaborative economy is getting popular in all industries. People started sharing assets over a thousand years, but the arrival of the internet and big data made sharing easier by digitizing.
But Sharing economy comes with its own risks and challenges such as:
- Competing with Traditional Service Providers
- Earning Customers’ Trust
- A Viable Platform to connect Service providers and Users
Despite the hurdles and challenges, the sharing economy has snowballed over the past few years and is expected to touch $335 billion by 2025. Sharing economy permits individuals to make money from unused assets. Thus tangible assets can be shared as services. Now sharing economy is used as a broader term for all online-economic transactions that includes Peer-to-Peer transactions as well.
Impact of Sharing Economy on the Taxi Industry
In a study conducted by Brookings Institute, it was discovered that private vehicle remains 95% unused during their existence. The major players in the ride-hailing industry made use of these unused vehicles and regulated the informal on-demand taxi industry. Ride-hailing apps successfully implemented the sharing economy model and invented a platform that connects drivers and passengers without any hassle.
After the arrival of ride-hailing apps, the on-demand taxi industry underwent a drastic transformation. Even when you go to a new city, you don’t have to speak with bus drivers or negotiate with taxi drivers. It’s because the app in your pocket will find you a driver, who will meet you at your location and will take you to your destination.
Entering the Industry with an App
According to a report from Goldman Sachs, the ride-hailing industry is ballooning and is expected to reach a whopping $285 billion by 2030. Entering the taxi industry with a sharing economy app like Uber is an ideal prospect for entrepreneurs to earn money in a short span.
Summing-up
The on-demand taxi market is highly lucrative and now is the most ideal time to enter with your own sharing economy app developed via our sophisticated Uber Clone script.
Marketing is my soul mate and writing is my side kick. Using my writing skills to share the knowledge of app development and upcoming technologies.
