There are no doubts or reservations that Uber is the unchallenged monarch of the cab industry. The fact that it has been unmatched in the industry for several years speaks volumes about its success. It sparked a taxi industry revolution and boosted the on-demand location-based services sector.
As a result of this achievement, Uber was able to launch a number of ancillary businesses, such as food delivery apps. It has also prompted a number of local firms to contribute to the development of on-demand cab services. Many other countries have adopted Uber’s business model after seeing the potential of on-demand services. It might be said that Gojek in Indonesia and Ola in India are its prototypes.
Uber’s disadvantages
Uber, on the other hand, has carved out a place for itself by establishing territories in over 650 cities and employing over a million drivers worldwide. With over 91 million members, its net worth is believed to be approximately $80 billion. With a lot of popularity comes a lot of money.
Despite its widespread appreciation, it was unable to prevent losses. It is, nonetheless, inescapable due to its immense size. I’m sure we’re all thinking about something while we read this. Is it possible to start a company like Uber clone and solely display profit?
Gett’s contribution
This query was answered by an Israeli taxi business! Though it started off as an underdog, its unrealized potential to transform the taxi industry game sent shockwaves around the world, thanks to a $200 million investment from a diverse group of game-changing investors such as Volkswagen and others. The company’s net worth has increased to $1.4 billion. Though it lags behind Uber in terms of revenue, the fact that it has remained profitable before interest, taxes, depreciation, and amortization (EBITDA) is remarkable.
Starting a business as an entrepreneur and seeing it through to fruition in a niche is both necessary and rewarding. You’ve reached a fork in the road if you’re trying to create a taxi app. You have the option of building your own software or opting for a convenient and risk-free way to purchase a ready-made solution, such as the Uber clone app.
Gett’s success was aided by a number of factors.
In one of his interviews, Gett’s founder and CEO, Dave Waiser, indicated that the company has decided to pursue an IPO (Initial Public Offering) in the first quarter of 2020. It aimed to build a long-term business that would entice a limitless number of people. Its effectiveness was aided by the specialized focus it gave. It focuses on certain countries such as London, Russia, and New York, and monitors service quality. Even tiny errors are not tolerated, and client satisfaction is their top priority. Gett teamed with London’s classic black taxis, offering pickups from Gett trips. Uber intended to build its own cab culture in London, but Gett partnered with London’s famous black cabs, giving pickups from Gett rides.
The popularity of New York’s yellow taxis is unshakeable, and it’s a cultural icon in the city, so much so that even Uber couldn’t dethrone it. Seeing this, Gett formed a B2B ride-hailing partnership with 20,000 businesses. It was a huge success!
Differentiated thinking
Successful people are frequently commoners who think in divergent rather than convergent ways. After reading about Gett’s success, it’s clear that this is correct. Exploring a variety of different solutions to generate ideas is a surefire way to achieve. It distinguishes itself from other well-established businesses. While everyone wants to be number one, Gett and its CEO took a different approach, displaying some remarkable EBITDA numbers.
Gett has no intention of getting bought out by competitors or closing its doors. Because it is fuelled by cash and drivers from the car giant Volkswagen, Gett is poised to become a case study on how a firm can operate differently on an idea that has been taught to have little room for vertical innovation.
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