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Uber is the undisputed king in the taxi industry; there are no doubts or qualms about that. Holding the first position for several years and remaining unbeaten in the industry says a lot about its success. It created a revolution in the taxi industry and beefed up the on-demand location-based services sector.
This accomplishment enabled Uber to open various lateral services like food delivery apps. It has also inspired many local businesses to chip in their investment in building on-demand cab services. Seeing the potential of on-demand services, many other countries have also applied Uber’s business model and seen success. Gojek in Indonesia and Ola in India can be stated as it’s prototypes.
The downside of Uber
However, Uber carved a niche for itself by marking its territories in over 650 cities and employed more than a million drivers worldwide. Its net value is estimated to be around $80 billion, with over 91 million users. With great popularity comes excellent revenue.
Despite being acclaimed so much, it could not prevent losses. However, it is unavoidable for its vast nature. As we read this, I am sure we all have a question on our minds. Is it possible to create a business like Uber and still show only profits?
An Israeli cab company answered this question! Though it was an underdog initially, its untapped potential to change the taxi industry game created ripples worldwide, from raising $200 million from a wide range of game-changing investors like Volkswagen, etc. The net worth of the company now stands at $1.4 billion. Though it falls short before Uber, the fact that it has been positively earning before interests, tax, depreciation, and amortization(EBITDA) is phenomenal.
Kickstarting one’s business as an entrepreneur to attain fruition in a niche is essential and rewarding. If you are trying to develop a taxi app, you are at a crossroads. One option is that you can choose to build your app, or you can choose a comfortable and foolproof way to get a ready-made solution like the Uber clone app.
Factors that contributed to Gett’s success
The founder and CEO of Gett- Dave Waiser stated in one of his interviews that the company has decided to go for an IPO( Initial Public Offering) in the first quarter of 2020. It focused on creating a sustainable business to allure an endless list of users. The specific focus it provided contributed to the success of it. It focuses on particular countries like London, Russia, and New York and keeps checking on the services’ quality. Even minor glitches are unexcused, and customer satisfaction is of utmost priority to them. Uber wanted to create its own cab culture in London, but Gett partnered with London’s classic black taxis, offering pickups from the rides booked on the Gett app.
The yellow taxis in New York are unshakable, and it’s a cultural idol of their country, more so that even Uber couldn’t destroy its popularity. Seeing this, Gett partnered with 20,000 companies to provide B2B ride-hailing services. It was successful!
Successful people are usually commoners with divergent thinking and not convergent thinking. After reading the success of Gett, one can understand that it’s indeed true. Generating ideas by exploring many possible solutions is sure to succeed. It creates a clear demarcation from other established companies. While everyone aspires to be number one, Gett and their CEO had a different viewpoint, showing some impressive EBITDA statistics.
Gett has no intention of being sold out to competition or of shutting down its business. Gett is all set to become a case study on how a company can work differently on a concept that has been taught to have no more space for vertical innovation as it is fueled by funds and drivers from the car giant Volkswagen.
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