Worried about the cost to develop a taxi booking app? Gain a better insight about the cost and the features from an expert taxi booking app Development Company.
The commute is a daily life chore these days as an average adult spends more than 2.5 hours/week on it. The tech market has understood this problem, and thus we have seen unicorns such as Ola and Uber emerging as market leaders for a cab booking application. The basic plan of a taxi booking app development is to ease the problem of everyday commute of the users with just a tap on their mobile phone. The mobile apps are handy and easily accessible, and thus it makes the process of booking a taxi or a cab reasonably simple.
The main question then arises is about build a cab booking app and how much would it cost. With this, it is clear that there is a need for quality solutions and there are many businesses looking to build a cab booking app. These businesses would be more eager to know about how much it would cost to develop such an app. Here, the organizations should consider providing permanent and innovative solutions that can make their taxi booking app different from their established peers and help them create their forte among the targeted customers.
Thus, taking a tip or two from the market moguls, let us find out how they invested in developing the taxi booking app. Uber presently runs in over 581 cities across 81 countries around the globe. Although having a small business model, in the beginning, Uber has propelled to become the second biggest company venture.
Thus without much ado, let us quickly understand its business nuances before we have a look at the cost that is needed to develop a taxi booking app like Uber.
What is the need of a cab booking app?
With urbanization and better road connectivity, people are traveling to places. If you have a taxi booking app with apt features, it could become a value proportion for the users and give you a better start amidst your competitors. With the increase in technology, the taxi market has become very niche, so a mobile app is essential. Stats also show that the world taxi market will show a compound annual growth of 9.4% by the year 2024.
By developing a cab booking app, you can have specific offers for your targeted customers and also for the drivers who are willing to associate with your platform. From free rides to discounts and in-app payment options for users to insurance covers to flexible work hours and the opportunity to earn more in peak hours for drivers, you can make an all-round development if you have a taxi booking app.
How much will it cost to develop a taxi booking app?
As a top-rated app development company, we always offer the option for a Minimum Viable Product (MVP) based on the app requirements. By developing an MVP, you will also get better insights about the likes and dislikes of the customers and the set of features that you must add to increase its popularity when you roll out the full-fledged app.
Moreover, building an MVP will also decrease the development time and will allow you to release your app in the market rapidly.
The cost of a taxi booking app depends on several facts such as features, demographics, etc. The organization needs to understand that if you are including high-end features, the cost of the taxi booking app will go higher.
Project Management, Quality Analysis, and Bug fixing would account for 39% of the total cost of developing a taxi booking app. Also, the passenger side of the app would cost you 33%, admin dashboard 14%, and driver’s side app 14%.
If you are willing to develop the taxi booking app in the USA, it will cost you from $70-$230 per hour depending on the number of features (basic or advanced) you are willing to include. The cost of development in the UK will range from $65-$140, and in India, it will be $20-$70.
Moreover, if you are planning to develop a basic taxi booking app, it will cost you somewhere between $25000-40000 and for a feature-rich app; the cost will increase by up to $90,000 to $140,000.
Insightful readings: How to Build a Successful App in 8 Easy Steps?
Understanding the business model for Taxi Booking App
Two types of business models can be used to develop your taxi booking app
◾️ Aggregator model
◾️ Ownership Model
Here the cab aggregator will partner with the cab operators to provide the rides as per the request of the user. In this model, the taxi aggregator will receive the commission from the operator, and the operator has to pay a certain amount as fees to use the platform. Most of the leading taxis booking apps such as Uber, Ola, Gett, etc. are running their business on this model.
If you are looking for a taxi fleet service through your app, this business model will work the best for you. The unique thing about this model is that there are no hidden charges for the operational cost. The taxi operator only needs to pay for the fuel, maintenance cost, and the cost of using the technology platform.
Monetization Strategies for a Cab Booking App
There are several monetization options that you can include in your taxi booking app to generate extra revenue. Competent monetization strategies are a win-win situation for both the driver and the business person who provides him/her with his taxi booking platform.
Through the taxi booking app, your company can earn a significant amount of money.