Rideshare and taxiing apps have become a major industry in the last few years. While we've had Taxi companies since the 1950s if not earlier; the ability to hire a drive at your fingertips is incredibly innovative, and it shows through the market success of brands like Lyft and Uber. In fact, one estimate puts the total net worth of the Lyft company at roughly $18.34 billion. So, how can your own business or company get involved with this sort of success?
Creating an app similar to services like Lyft won't be easy, and there are many things for you and your team to consider such as the vehicles you'll be using, insurance, the development of your platform, as well as your hiring and screening practices, and other important policies. When it comes to developing an app like Lyft though, the benefits of the industry are clear:
Companies like Lyft and Uber can often be highly profitable, depending on the services they offer and the areas they service. Unfortunately, while Lyft and Uber are great for larger geographic areas as both suppliers of transportation and employment; they're almost nonexistent in smaller cities or rural communities. Because of this, this massive industry has a few sectors where virtually no services exist for an audience that desperately needs them. This is why ride-sharing apps are becoming more popular as time goes on, they help solve the problem of public transportation, as well as providing jobs to those in their community.
Unsurprisingly, there are multiple business models and forms of revenue for Lyft-Like apps. For Lyft itself, its main sources of revenue are its drivers, its users, and its subscription service. For one, Lyft drivers utilize their own vehicles which cut down on costs for Lyft as they do not have to purchase a vehicle fleet or taxi service. Their drivers provide a portion of each transaction they make in the form of commission, which then goes to Lyft. Next, users are able to subscribe to different Lyft settings. The free app allows them to hail a ride for four travelers at a time maximum. Lyft Plus costs more than the standard Lyft driving rate and allows the user up to six travelers for their ride. Lyft Premier is a costly alternative but allows users to travel in more luxury vehicles by brands such as Audi or Mercedes. Finally, there is Lyft Line where riders are paired with drivers who work a line-based travel schedule. This is typically used by those commuting to their jobs or other locations.
So, in total we have three sources of income overall:
It should be clear now that ride-sharing apps are not just lucrative in earning your business revenue, but also in helping you gain a sizable portion of the market by providing better services and perks than your competitors, and Let's Nurture is ready to help.
Not only does Let's Nurture have two decades of experience in helping businesses create technical solutions to real business problems, but our team is well-versed in the world of mobile app development and we're ready to work with energetic and ambitious businesses like your own. We have web developers, software developers and designers, Android and iOS oriented developers, as well as project managers to keep things running smoothly and UI/UX experts who will work collaboratively with you and your company.
Currently, the total cost for developing a ride-sharing app similar to Lyft will be ball-parked in the realm of $15,000-$20,000 per developed platform. In addition to this, we can also develop a website for your app, which costs around $12,000-$14,000; depending on which features you're looking to add to your website platform.
| App Users | Customers App | Drivers App | Admin |
|---|---|---|---|
| Basic Features | Login/Sign up | Login/Sign up | Login |
| Complete basic profile details | Create & Manage Profile and uploaded KYC | Manage Customers | |
| Provide your current location & destination | Advanced route optimization | Manage Drivers | |
| Get list of rides and pick up time | Driver delivery reports | Manage areas of service | |
| Select Taxi | Setting availability as Active/inactive | View Bookings details of customers | |
| Fare estimation calculator | Pick up Points & Destinations | Manage Payments | |
| Book a ride | Accept/ Cancel a Ride | Manage Rides | |
| Choose the number of passengers | View Payment history | Manage Charges | |
| Multiple Payment options | Booking History | Manage Offers | |
| Split payment for group rides | Option to Call/text the customers | Send Notifications | |
| View ride details | Booking History | Manage Reviews and Ratings as provided by app users | |
| Track rides | View Review and rating | Export Reports | |
| Can rent your car | Push Notifications | Manage Static Management Content | |
| Select location where you want to rent your car | Provide Feedbacks to customers. | Account settings | |
| Select your car type | Account Settings | Log out | |
| Select date when we need to keep our car on rent | Read the CMS Policies | ||
| Select Pickup and return time | Log out | ||
| Get Earning details as per selected date range and sitting type | |||
| Add vehicle licence | |||
| Upload driver licence | |||
| View Ride history | |||
| View Offers | |||
| Option to Call/text the driver | |||
| Ratings & Reviews | |||
| Share the app with friends | |||
| Push Notifications | |||
| Account Settings | |||
| Read the CMS Policies | |||
| Log out | |||
| Cost of Development | CAD 35000 to CAD 39000 for Mobile App(Android +iOS) + Web Admin | ||
| Users | Driver | Admin | |
|---|---|---|---|
| Add-on | Mark your Favourite destination | Heat Maps | Advanced Dashboard Analytics |
| Advance scheduling of rides | Free Cancellations within a set period | ||
| Book rides for others | |||
| Share ETA |
When developing your Lyft-Like app, Let's Nurture uses a variety of innovative features to better your overall app and how it does its business.
By using machine learning, our app will utilize complex algorithms to improve the decision-making and navigation of our drivers better. We use machine learning to improve our customer service, as well as improving driver routes for faster and more reliable transportation.
If you own an Amazon Echo or Google Home, you can easily book your ride using voice commands. Let's Nurture will design your app to enable voice commands, letting your users easily book rides at their convenience.
Looking to keep your customers coming back to your service? Bonus and loyalty programs for customers are a great way to create a reoccurring customer base. Offering things like free rides, discounts, and other incentives is a great strategy any app can use.
As previously stated, Let's Nurture offers custom development for both Android and iOS applications and platforms. If you're looking to develop with us, we'll provide you with an expert team compromised of the following staff:
In addition to this, we utilize the following technology stacks as we develop your project.
Mobile and app development completed by experts with years of experience in developing a variety of projects.
Classified app development using industry-standard data protection and the latest technology available.
Free consultation for strategic features, development, marketing, testing, deployment, and ongoing maintenance and support.
Better value compared to competing development companies.
Full deployment and approval assistance.
Classified code on par with Apple Store and Google Play guidelines.
As you can see, the ride-sharing and taxing industry still has plenty of room to grow in the mobile app world. If you or your team is interested in developing an app like Lyft, you can contact Let's Nurture for a free consultation.
Based on our initial assessment, developing and deploying an app like this typically takes around 20-25 weeks.
Have an !dea to develop a Ride-Sharing App like Lyft?
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