How Technology is Changing the Cab Industry

Estimated reading time: 2 mins

In many ways, apps have become essential to daily life and this technology often makes completing tasks faster, more efficient and convenient. In recent years, the taxi industry has undergone a huge technology revolution. Apps have dramatically altered the way we order and pay for cabs, with many companies, most notably Uber (as well as others such as Lyft and MyTaxi), adopting this new technology-centred business model.

In recent years, Uber has dealt with more than its fair share of scandal, including drivers wages. However, according to Fortune, Uber now boast 40 million global users per month and so despite the headlines, their business model clearly appeals to customers.

While this is proof that apps have already made their impact, how will this technology continue to change the cab industry?

Fast is Better

We keep in touch with friends and arrange our social activities through Facebook and Whatsapp, check our bank balances and manage our finances, track our activities and fitness levels, and even speak to our doctors through apps. As such, it seems like it was only a matter of time before other aspects of our daily lives followed suit.

Customers are increasingly wanting instant information and results, whether that is being able to track the progress of their takeaway or receive up-to-date GPS information about their parcel delivery. Ordering a cab is no exception, as customers enjoy – and have come to expect – the convenience of being able to order a taxi with just a tap.

Sharing and Gig Economy

The way we work is changing. Our 9-to-5 days in the office are predicted to become a thing of the past and this is largely thanks to technology. Experts have claimed that our increasing utilisation of technology will lead to more of us working from home, or employees telecommuting from flexible workspaces.

While taxi drivers will be unable to telecommute or work from home, the uptake of technology in the cab industry has, and will continue to, change employment structures. The sharing and gig economy is often perceived as a double edged sword, providing more freedom, allowing drivers to buy a new cab from Allied Vehicles and quickly find work, yet at the same time, affording none of the stability of traditional employment.

Essentially, the cab industry has already undergone changes as a result of apps and new technology-based business models. This is predicted to continue, providing customers with faster services and changing the way we work by contributing to the growth of the gig economy.

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