The thought of long waiting time, operator’s delayed response and the cost bored while hailing a cab just makes us sick. It is when Uber enters the market as a savior and spreads across the world like a virus. Uber has turned out to be a huge transportation virus. Wondering why transportation virus? Because it has penetrated across boundaries, eating up the cities one by one like a virus.
Ever thought how Uber originated? Well on the way back home from a conference being held in Paris, the cofounders of Uber; Travis Kalanick and Garrett Camp were waiting for a cab. Due to harsh weather, they failed to hail a cab and that’s when the idea originated. Their sole aim was to solve a major problem andto monetize it side by side.
Making best use of consumer analytics, Uber affiliates itself with various online shopping websites on unique occasions like Christmas, Back Friday, Easter etc. Uber is just a step away from you. All you need is a mobile gadget and an Uber application installed in it. Once done, book an Uber and you are all set to travel around. High transportation costs have been a major concern for consumers, Uber has solved it with its low-cost approach threatening and challenging the cabs, metro busses and taxis. Since monetization is a priority as well, the Uber charges fluctuate depending on the peak hours, availability of Uber drivers and the need of customer for an Uber ride.
Before exploring a new market, Uber performs an extensive research, analyzing the complications, opportunities, expectations, legalities and taxes associated with it. Moving from Uber boats to Uber Moto and Uber Auto and what not. Uber knows it all, either helping passenger sail across the Bosphorus Sea or transporting them across the packed and narrow streets of India, Malaysia or Pakistan etc.
The tech giants; Google, Apple, Facebook, Amazon, created a network economy and these startups are making money using the networks created by them.The Uber application uses the Google Map for navigation purposes for the driver and passenger. It also uses Google Wallet or Android Wallet, Apple Pay and Samsung Pay as a payment platform. In addition, the Uber application is available on Google App store, Apple App store, Amazon store and Facebook App store as well through messenger. None of which is created by Uber itself rather it is utilizing and incorporating the products initiated by the tech giants to offer better services.
These startups are growing at a much faster pace than the giants did during their time. Currently, Uber is active in more than 470 countries across the globe. China is one of the largest market of Uber. Among the total Uber rides, China constitutes around one third of it. It has left behind all kinds of transportation services with a massive market capitalization.
Speaking about London, out of a total of 35000 cabs, 15000 belong to Uber drivers. Uber had the fastest monetization process as compared to the other tech giants as it scooped up a billion quicker than the others. Apple took 20 years for market capitalization, Google took 8 years, Facebook, five and a half but ever guessed about Uber? In two and a half years Uber was able to score a billion. Uber achieved a 50 billion valuation in 5 years which means that it blew 1.5 billion revenues in the very first year. So, if you ever wish to travel around, Uber is all what you need!