A Complete Guide On How To Start A Rideshare Company
Driving at the rush hours is excruciating, and people would appreciate a quick and affordable pick-up and drop off service. Just imagine an individual driving through the thick traffic while running late for work already! The boon of an app-based rideshare service is that people not only save their emotional and physical energy, but also the environment from an aggregate fuel transmission. Before we jump on the topic of how to start a rideshare company, let’s check out the developments in the current rideshare app market.
The rideshare industry is estimated to exceed a CAGR of 19.87% by 2025, reaching the market size of $218.0 billion from $73.07 billion in 2019. Speaking of the major influential factors of this market, they include a drastic drop in car ownership, increasing the need for personal mobility, expanding urbanization, and ridesharing software or app.
It is a booming on-demand business ever since the world has gone digital. Not only startups but also established enterprises are stepping in this on-demand ride-sharing business. The importance of a ride-share business is realized even more after the successful business of Uber and Lyft. Today, every cab company out there in the market is struggling to compete with them. However, what they lack is the idea of ridesharing app development.
Thinking How To Start Your Rideshare Company By Adding Value To It?
Give your passengers the peace of mind they have always wished for by allowing them to book rides in advance or whenever they need. A rideshare app allows your passengers to share their trip status and location with their friends and relatives, so they can receive a sense of security. There’s no more waiting and waving from a long, tedious queue, plus the payment can be done with just a few taps.
Passengers no longer have to play the price-guessing game or even fear the bargaining. They can know the price before booking a ride, meaning complete elimination of potential passenger-driver dispute over a mere price.
Ridesharing software or app has a live tracking feature which is also known as the in-app route planner technology that provides the passengers with an ETA (Estimated Time of Arrival) of the booked ride. This also allows them to share their destination with their families and friends during the journey. This eventually encourages the trust and safety of the users.
Quick accessibility is the key factor of a standard ride-sharing app. Users are able to book a ride from any location in the city or country without having to wait in a queue or waving at the drivers. The ride arrives at the user’s location in no time as soon as the booking is successfully done. Also, with the referral systems features, passengers can now easily book a cab and enjoy the referral benefits.
Feature To Choose Between Types Of Vehicles
In the ride-sharing software or app, there is a wide range of options for vehicles, so that a user can choose one as per their preference. This, as a result, improves the user experience, while making the customers more comfortable to opt for an affordable ride of their preference.
The cashless option allows the customers to make a payment using either an in-app wallet or a payment app wherein they have digitized their credit/debit cards. This reduces their worry as to whether or not they have enough cash in the purse to pay the driver.
Since the rideshare market has witnessed consistent growth, here’s what you are advised in order to put up an equal competition. Features! Technology is driven by innovations and unless your rideshare app has the right or better set of features, you will not be able to stand the test of time.
Feature-Rich Panels Of Ride-Sharing App
If you’re wondering how to start a rideshare company then you start considering the implementation of its best features first. There is no doubt that carpooling app development is reaching new heights with increasing demands and market share. An ideal ride-sharing app must have 3 panels, i.e. Customer’s panels, Driver’s Panel, and Admin panel (which is basically for the use of administrators). All these panels should be easy to use by people from all walks of life. The best rideshare app has a customizable script based on the owner’s requirements to edit, delete, and add new features.
Whether you are a budding startup business or an established one, you are too welcome to join the bandwagon of this growing ride-share business. The smartest and efficient way to remain afloat while riding higher in the market is by having a one-in-a-million ride-sharing app that’s been designed thoughtfully and with the feel-right features. If you are planning how to start a rideshare company, then start thinking from your customer’s perspective. Offer them what they want to experience or enjoy. Here I have rounded up the predominant features of a better rideshare app:
User-Friendly Sign-Up Portal
The sign-up portal happens to be the first interface where customers will start interacting with the app. You will want to make sure the sign-up is easy and user-friendly. Account creation using Google or Facebook or with the contact number will add bliss to the user experience.
Related Read: 7 UX tips to design better taxi apps
Finding A Preferable Ride Easily
Once a user signs-up, they should be able to enter their pick-up and drop-off details right on the search box. This, in turn, will help advance the ride search time and the Estimated Time of Arrival (ETA), regardless of current locations of fellow riders. The objective must be to offer your user a timely result while ascertaining user-friendliness of the whole process.
Real-Time Tracking Integration
When a user requests to share the ride, it will ask for instant real-time tracking activation. All ride-sharing apps usually have an integrated Google app API which helps to track driver’s movements. The GPS tracking is a boon to the riders as this helps eliminate inconvenience and confusion especially when the ride is being shared.
Split Payment System
As this is a shared ride, the fare must be equally shared. The payment must be based on individual distance traveled to avoid additional charges for a rider. This not just helps make the commuting reasonable, but also contributes to the user experience.
Information About The Fellow Passengers
Maintenance of transparency is one of the key reasons why ride-sharing apps have gained in popularity so quickly. This helps users gain trust since it gives them a sense of safety. Keeping the passenger details visible must be made a priority.
Ability To Cancel The Ride With Ease
A rider must not feel compelled to hop in a cab just because they have already booked it. If at any point in time, they want to cancel the ride, they must be allowed to do so. Your ride-sharing app has to offer a flexible interface that enables canceling the ride. As for the cancellation charge, you must add a time-frame for the riders to cancel the ride for free.
Chatbot is the key virtual feature of any service app, and when it comes to rideshare software and service, the users must be assured the peace of mind that there’s someone who will listen to their complaints and respond to their concerns. Besides, the help center always functions as foundation stone when it comes to providing robust security which is imperative for any ride-sharing app. If there’s been a mishap, driver behavior issues, lost item, or payment issues, the rider must be able to report their concerns through the app only.
Communicating with your users from time and again is a brilliant tool for engaging your audience. Your app must have a feature that sends across ride details, fares details, and rides start notification during the journey until it ends. Moreover, you must be able to interact about running any discount offers with the help of the push notification feature.
Related Read: Build Or Buy: What Is Better For Your Taxi App Solution?
Apart from certain common features such as sign-up, notifications, reviews, messaging and support, here’re the others that empower the driver’s panel –
Driver-Friendly Sign-Up Portal
You will require drivers from all corners of the city in order to generate profits. The interface for the driver must ensure an easy signup process without leading them nowhere but in the middle of all technicalities and insignificant credential entries. You can add Facebook and Google login options along with Registration with a Contact number.
Feature To Accept And Reject A Ride Request
A driver must always be able to reject and accept a ride request. Not only is a rider important to your business, but also a driver. It’s your responsibility to assure them of a choice to accept or reject a ride as per their health and convenience. This feature will ultimately give them a solid reason to stick up for your rideshare business.
Trip Details For Each Rider
Drivers are likely to get stumped while managing multiple riders at a time. Therefore, they will need riders’ information over their interface. It will help them arrive at the respective location for pick-ups within the ETA and the same applies to the drop-offs.
Integrate Navigation For Optimised Directions
Integrating Map navigation on the driver’s interface is as essential as integrating it on the user’s interface. Not only will this help drivers to reach a rider’s location within ETA, but also they can maneuver through the shortest possible route. This way, you will not have to fret over whether or not if a new driver is being able to make a well-receptive app experience.
Integrated Payment Systems
Today, virtual wallets have become an integrated part of everyone’s life. This technology has almost made hard cash culture go into oblivion. Your ridesharing app should have an in-app wallet to ensure flexibility for the users to make payments easily, as well as for the driver to receive payment without having to bargain or looking for a change in the middle of traffic.
Easy Accessibility Of Driver’s Dashboard
Drivers must be provided with their personal database. Upon visiting their individual dashboard, they should find their details such as rating, completed ride, qualification/certification details already there. The driver’s dashboard must have a see-through structure.
Other Essential Features
If you are still wondering how to start a rideshare company and what additional features can be added to make it more popular, then you are at the right place. Apart from the aforementioned features, here are certain trending ride-sharing app features that can make your app stand apart –
SOS Feature For Emergencies
With emergencies around rideshare, the requirement for an SOS button has become essential. Whether it’s the driver’s fault or the rider’s they both must be able to report an emergency to ensure prompt counteract actions. Assured safety is, after all, an indispensable element that helps add to the reasons why create the best ride-sharing app of all time.
Exciting Offers For Loyal/New Users
Just as every new venture, your ride-sharing business will also need aggressive branding initially as you add new users to the database. Offering new users special offers and discounts is the best-proven marketing strategy of all time. You can offer your users a referral bonus too as they help expand your user base.
Scheduling Ride In Advance
Your carpooling app must allow your users to book a ride in advance. This will prove to be an additional convenience because users often try to avoid booking rides at the last-minute. Prearranged rides can be a smart feature in sum.
To make your app multilingual means you’re widening its reach. Moreover, this feature will add to the app’s scalability and increases your chance to bag a reward for walking an extra mile.
Cost For Building A Ride-Sharing App
The most frequently asked question is “how much would it cost to develop a ride-sharing app in 2020?” , “how to start a rideshare company with a tight budget?” and so on.
There’s no definite answer to that because there’s no one cost-fits-all structure. This is because of the many factors that influence the final cost.
- Platform used to develop the application – it may be for iOS, Android or Web.
- App version to be designed either a pack feature mobile app or MVP
- Procedures used ridesharing app development
- Locations chosen for usage: the UK, U.S.A., India or any other country
- Third-party app integration
- Native Vs. cross-platform app
- UI/UX design
- Security maintenance
If You’re Only Having A Second Thought About A Rideshare Startup …
This idea has taken the transportation industry by storm. Today, more and more businesses are buying the concept of a ride-sharing app for its multifaceted, lucrative features. While businesses are looking at an innovative and highly useful technology to help the modern society carry out their day-to-day travels conveniently and at peace, users can make the most of it as it’s quick to book, convenient to reach anywhere using GPS technology and pay as preferred (digitally as well as with cash).
So, are you all set to be the next Uber or Lyft? Or is your mind still being boggled by the question, “how to start a rideshare company?” Well, then Allride Cab experts are ready to help you set your ridesharing business right. Book your FREE consultation session today.