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As travel being a significant piece of our work, business companies have taken different measures to make travel to work for their employees simple and inconvenience free. Sometimes Public vehicles turn into an issue particularly when one needs to arrive on schedule. So Taxi service is becoming an important transportation mode in most of the cities.
A large portion of the corporate individuals utilizing taxis for their every day transportation need.
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.
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.
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.
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.
Traditional currencies are gradually being replaced by their digital counterparts with the growth of the cashless economy. Given the massive scope for digital transactions, businesses now integrate multiple payment gateways to accept digital money and the taxi business is no exception.
Here are the top 6 ways you can benefit by integrating payment gateways in your taxi application.
Obviously, the first and foremost step to improve app retention is to build/buy an app that sells. Your users will not hesitate to abandon your app if it does not function properly. Besides, you also have to engage them through the app store listing even before they download your app from the respective app store. However, it involves a lot more to improve app engagement after the app is downloaded.