Uber is a ridesharing service that connect passengers with taxi drivers
through its own smartphone application and Uber App also allows customers not
only to request or book rides but also track their reserved vehicle's location.
Uber is headquartered in San Francisco, California, United States and its
services are available in 42 countries and more than 200 cities worldwide.
Uber's business model and innovative pricing looks pretty much similar to
metered taxis, but unlike the regular cab companies all hiring and payment is
handled exclusively by Uber through its website or smartphone App and if it is
individual drivers they also receive the booking and payments from Uber nothing
from customers not even tips are needed. Innovative Billing where in the
customers are charged on distance basis only if the Uber car is travelling at a
speed greater than 11 mph (18 km/h) or else the price is calculated
on a time basis and the customers are charged to their credit card a complete
fare that includes distance basis and time basis at the end of a ride. Uber has
said its high prices are the premium that the customers pay for a cab service
that is not only reliable, but also punctual and comfortable.
Uber’s Blue Ocean Strategy can be analyzed using the ERRC Grid where in the
company eliminated the hassles of booking taxi, paying the driver exactly or
change problems, tipping issues, arguments & denial of services, reduced
the problems of drivers too along with customers by matching the rides and Uber
just takes 20% or less from total fare and rest goes to drivers, drastically
raised the customer service levels and comfort levels and created a new market
by using the latest technologies and devices . Even though the services are
premium customers were so satisfied and happy the company clocked revenues of
US$ 750 million in 2013 and expected to cross $1 billion in revenues in 2014. Uber
created a new market which in initial stages was uncontested market space but
in the growth stage competitors flooded the market but most of the competitors
are irrelevant to Uber as the company is not only dominating the market but
also fast expanding across the globe. In India the company has expanded into 10
cities with its flagship line Uber Blacks, premium cab
service and priced 25-40% lower than Uber Blacks, UberX claims to be cheaper
than even a radio cab with a base fare of Rs 50 and per km charges in the Rs 14-15
range. UberX is already present in Bangalore, Delhi and Hyderabad with future
launch in Chennai, Mumbai and Pune.
Ryan Graves, head of
global operations at Uber, in an interview with Times of India said that UberX
was growing "incredibly faster" compared to the more expensive Black
service across cities where both options were present. "UberX is
accessible to a much larger population because it's affordable," he said.
Graves said when Uber makes a price cut, that means drivers are making more
money as more trips are done. "It helps the health of the market as riders
are happier, there are more drivers on the system and we become a dependable
alternative versus being used on special occasions. Uber is classical Blue
Ocean Strategy example where in the company tried to differentiate itself from
the regular cab companies and in turn developed low cost business model that
generates good revenues for drivers and company. Founded in 2009 in San
Francisco by Travis Kalanick and Garrett Camp with a seed capital of $200,000
and company received funding of US$258 million from Google Ventures in 2013 and
US$ 50 million in funding from other small investors.
Uber does not project
itself as luxury car service but as reliable car service and the company is
facing not only facing tough competition from its competitors like Lyft, Hailo,
etc. globally and even in India also from local App based cab booking services
like Ola Cabs, Taxi For Sure, etc. but also facing many regulatory hurdles in
different countries and complaints from the local cab service and taxi players.
In India it is facing problems in terms of RBI regulations related to payment
mechanisms like in India there has to be payment verification process which is
a multi-step process. Uber payment process is credit card based and single
click without verification process. Despite all these the company is valued at
close to US$ 3.5 billion dollars and is expected to continue its growth
globally. Uber is one of the best recent Blue Ocean Strategy examples I have
found.
Source of Business Model Picture: Contributed by Aswath Damodaran, Professor Stern
School of Business, New York University to Forbes.com
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