India is witnessing winds of change across industries and sectors. Tech evolution is working its magic and paving way for a promising business environment. Industries can thus look forward to a prospective future. One such sector that is making merry at the backdrop of technology boom is the Radio Taxi market. This industry segment has witnessed a significantly massive year-on-year growth since the year 2009. Market players like Ola, Taxi For Sure, Uber, Meru Cabs, Carzonrent etc have taken the game to another level by throwing a nail biting competition at traditional black-and-yellow taxi service operators. Customers too are overwhelmed by the service offered by tech savvy Radio Taxis with air conditioners, 24×7 customer support, GPS, electronic meters and other in-cab services.
According to research, revenues of radio taxi service sector is expected to boom at a CAGR of almost 25% for a period of 2014-19. All this, due to a surge in demand from corporate sector, lightening fast urbanization and the increasing per-capita income. However, this growth is also pumped by benefits offered by Radio Taxis like GPS/GPRS, in-cab amenities, secure travel environment and internet connectivity. These operators that have now opened gates of expansion into tier-2 cities from metros like Delhi, Mumbai, Hyderabad, Chennai, Bangalore should also expect compelling growth in the future. The convenience of booking a radio taxi at a single click is making lives easy. Most radio taxis can be booked from either the desktop or a mobile app. Interestingly, players like Ola have already migrated from mobile first to app only mode, hence making the optimal use of technology for enhancing profitability by reducing operational costs.
The growth of Radio Taxis have indeed paved way for the demand of Taxi Management Software Solutions in India. Markets for this industry segment also look promising thus offering plum gateways for powerful growth. The demand for such tools is high because of the demand from customers for radio taxi service is high.
Let’s take a sneak peek into customers needs/demands:
- Affordable transportation
- Hassle free and smooth ride
- Faster and convenient mode of transportation
- Freedom from tampered meters
- Well behaved and etiquette trained drivers
- Choice of the mode of payment
- In-cab comfort and amenities
Taxi management software offers end-to-end business solutions for all the radio taxi service providers. These software consists of various components that include idle vehicle management, automatic dispatch, real time tracking, fleet status, driver management safety alerts, vehicle alerts and fuel management etc.
Since there is a thrust in the Radio Taxi market propelled by customer demand, simultaneously there is a huge demand for taxi management solutions by Radio Taxi service providers. Every service provider today aims at installing the best-in-class taxi management tools that reduce operational costs and maximize profit margins. Besides, the focus is on trimming vehicle management costs and invest more on in-car refurbishments and on-the-drive services to entice customers. Customers play the real kings and queens in determining the winner of the unannounced rat-race that had set the Indian taxi market on fire.
Service providers are innovating and coming up with unique methods to beat the competition black and blue. By reducing overhead expenses they are able to pass the benefits down to the customers in the form of low-costs/kilometer. This is a mission critical formula that determines the number of happy customers who keep coming back to you for another joyous ride. The price war has led the warring parties to experiment with uniqueness and creative methodologies that in the end benefit the commuters in a happy way!