Indhumathi D

The global pandemic has influenced us to switch to a new normal lifestyle with strict adherence to social distancing. The inevitable need to avoid human contact in public spaces has resulted in the massive growth of the cashless economy. In fact, Visa, a leading payment technology company, claims to have witnessed a whopping growth of 187% in online cash transactions since April 2020.

Indhumathi D

The global pandemic did take a toll over the ride-hailing industry for the past few months. However, the sector has started regaining its prospects as commuters are gradually switching to the new normal.
Now is the time to start your ride-hailing business and if you can rightly address the market demands in sync with the new lifestyle, you can achieve business growth in a short span of time.

Indhumathi D

Though the COVID-19 pandemic hit ride-hailing hard, the industry is now gradually booming again. In fact, it is predicted to attain a growth of up to 55.9% and the market revenue is expected to hit 120 million USD in 2021 from 76 million USD in 2020. Service providers are now coming up with new enhancements to ensure maximum safety for both passengers and drivers.

Indhumathi D

Businesses face ups and downs but what really matters is how entrepreneurs manage risks and stand their ground amid a crisis. The same applies to the ride-hailing industry. Leading service providers have always managed to overcome crises including the COVID-19 pandemic all by devising innovative strategies to handle the situation better and keep their businesses going even during these uncertain times. Ultimately, failure is just a phase and good times are not far behind.

Indhumathi D

The COVID-19 pandemic has hit the transportation sector hard thereby bringing down opportunities for taxi and other ride-hailing businesses for the time being.
Drastic impact of COVID-19 on the market
The global market value of the ride-hailing industry which was previously projected to be 26,153m in 2020 is expected to witness a compound annual growth rate (CAGR) of -43.7% chiefly due to the COVID-19 outbreak and the social distancing measures that follow.

Indhumathi D

The COVID-19 outbreak has slowed down economic growth on a global scale as people remain locked down in their houses. The impact of the pandemic is even stronger for the ride-hailing sector than the other spheres, given the nature of the industry. It is time to find ways to generate more revenue in addition to making use of the existing opportunities and make a successful comeback once the target market is fully active again.