With the emergence of Uber, Ola, and Lyft, the concept of booking rides has completely changed. Users can now book a cab or taxi at their fingertips. For cab or taxi booking businesses, it’s a great way to expand their business.

The global ride sharing market size is expected to reach $185.1 billion by the year 2026. So, it’s the right time for businesses to make the most out of such an opportunity. Also, creating a rideshare application will keep you stay ahead of the competition.

You may be concerned about how to create a rideshare app that stands out from others and how much it costs to build one.

Are you looking for an on-demand app development company to create your rideshare app? Well, Hyperlocal Cloud is here for you. We have a team of developers who have all the experience and exposure needed to build high-end rideshare applications with the latest features and functionalities. Contact our experts today.

In this article, we will discuss all about developing a rideshare application and what features and functionality must be implemented for a unique ridesharing app.

Current Market Stats Of Rideshare App Development

• The number of users in the ride and taxi segment is expected to reach 110.30m by 2027.
• Statistica predicts that the average revenue per user will amount to US$131.90.
• The annual growth rate of the rideshare market is expected to reach US$13.83bn by 2027.

Must-Have Features To Create A Rideshare App

With so many ridesharing applications, it is essential for you to include features that are unique and not found in traditional booking services. It will make your ridesharing application different from others. The ridesharing application consists of two constituent applications- one for passengers and one for drivers. Each application has its own features. Let’s have a look at them:

For Passengers

• Geolocation: The application creates an automatic road map when the passenger selects his pick-up and drop locations.
• User Profile: The users will be asked to provide information, such as name, location routes, preferred transportation mode, and more. This helps to let them efficiently interact with the application.
• In-app Payments: Integrating this feature lets passengers pay for the rides online through a debit/credit card.
• Push Notifications: As you must have seen in Uber, they send you notifications regarding the driver’s location and updates. Also, they send you discounts and offers via status. These features keep the passenger updated regarding his ride status.
• Chat And Call: The application must have chat and call features to let passengers communicate with the driver easily.
• Search Filters: The application must have search options for passengers to easily search the driver’s location, price options, type of vehicle, and more.

Autoptic Suggestion: It must include a built-in price calculator that will come in handy when riders will book a ride, and it will estimate a price on the basis of transportation mode, distance, and traffic.

For Drivers

Some features of the driver’s app will be the same as the passenger’s app, such as geolocation, user profile, notification, and registration. Some of the different features are:

• Integrated Navigation: This feature lets the driver find the route to pick up and drop location of the rider. Also, he can check the most potential route to their locations.
• Ride Bookings: The driver must be able to accept and reject the rides of the passengers.
• Ride Cost Estimation: Estimates the cost of the journey and any discounts.
• Reports: Displays data about travel and profits.
• Review and rating: The driver needs to be able to rate passengers and reject unsatisfactory ones in order to avoid matching with them again.

Admin Panel

An admin panel is an essential element of the rideshare application. The admin panel has access to both the passenger and driver applications. You can track the payment status and get a report and analytics of your rideshare business.

• Dashboard: It allows admins to manage passengers and riders at their fingertips.
• Reports & Analytics: Business owners can get a summary of their business operations and gain insights into their marketing performance.
• Notifications: Owners can get notifications whenever a ride book and ends on the application.

Rideshare App Development: Revenue Opportunities For Business

A rideshare app eases the process of booking cabs and rides. It holds great potential for business in terms of revenue generation.

Commission:

Rideshare applications typically follow a commission-based model, where the platform owner earns a percentage of the fare as a commission. Wherever a ride is booked through the app, the business owner earns revenue, and as the number of rides increases, so does the potential revenue.

Scalability for Expansion:

Ridesharing application development holds the potential for rapid scalability as they can expand their services to various cities or regions. By attracting more drivers and users to join the platform, the revenue potential grows exponentially.

Surge Pricing:

Surge pricing, a common feature in ridesharing apps, allows fares to increase during periods of high demand. By incentivizing more drivers to come online, surge pricing significantly enhances revenue, particularly during peak hours or in busy locations.

Partnerships and Advertising:

You can establish partnerships with various businesses, such as restaurants or hotels, to provide exclusive deals and promotions to users on your rideshare application. These partnerships can generate additional revenue through referral fees or advertising arrangements, further contributing to the business’s financial success.

Additional Services:

Rideshare applications have the flexibility to diversify their services beyond transportation alone. For instance, integrating delivery services like on-demand food delivery or package delivery opens up additional revenue streams. By expanding the range of services offered, business owners can tap into new markets and increase their revenue potential.

Developing A Highly Interactive Rideshare App

What would creating a ridesharing application mean for your business? Well, it means having huge ROIs and a great source of revenue generation. Let’s look at the steps to develop a rideshare app to take your business to new heights:

Market Analysis:

Market analysis is the first step to developing your rideshare app. It is essential to do thorough research on your competitors. It will help you realize the existing gaps and limitations in the competitor’s rideshare application. You will have an idea of what features you have to add to make it distinguishable from others.

Understand Customer Needs:

Unless your product is different and offers unique features to the customers, it can be challenging to stand out in the competitive market. The only way to achieve this is by providing the customer with what they want. Do thorough research on your customer needs and add features that customers are looking for.

Create A MVP (Minimal Viable Product):

When you work with an on-demand development company like Hyperlocal Cloud, you have a choice to go with a full product development approach or create an MVP. MVP is considered a viable option when you have a low budget and resources.

Creating an MVP means integrating only those features that are essential for making your app unique from others and addressing customer needs. The strategy includes gathering feedback to improve the application features in the future.

Launch And Test:

We at Hyperlocal Cloud thoroughly test your application to make sure it is completely bug-free and flawless. After the testing, we launch the application across multiple platforms.

Cost Of On-Demand Rideshare App Development

On average, the cost of developing a rideshare app varies between $25,000 to $150,000. But the prices can vary depending on the complexity of your project, features added, tech stack used, development team, location, UI/UX design, and more.

At Hyperlocal Cloud, our team of experts will go through all of your project’s needs and requirements. Then, provide you with an estimation of the rideshare app development with all essential features and functionalities. Also, we are committed to delivering your project on time with all the customization you need.

Conclusion

The rideshare application is a must-have for businesses to take their business to the next level. It holds great potential for business when it comes to revenue generation. To establish yourself in a highly profitable market, Hyperlocal Cloud can help you develop an interactive and innovative rideshare application.

We are a top-notch on-demand app development company specializing in developing robust and scalable businesses globally. Clients all over the world have partnered with us for their on-demand app development projects. We have a team of 150+ designers, developers, QA experts, and personnel who works with the aim of providing the best possible development solutions to our clients.

Rideshare Applications are gaining immense popularity among customers, and it’s time for you to develop a scalable application for your end users.

Reach out to our experts today and get started with the rideshare app development journey.