The ride-hailing app revolution has completely transformed the traditional taxi business over the past decade. It started as a niche service but has now become a billion-dollar industry. The lucrative revenue and record profits have made tons of people consider developing a taxi booking app like Bolt.
If you have arrived at this article for the same motive, you have made a smart move. Here, we will explain the various phases and considerations that need to be understood for taxi booking app development in detail.
What is Bolt?
Bolt is a well-known on-demand ride hailing application to book cabs online. It is a straightforward platform that allows users to enter their current location and travel area for finding nearby cabs. They only have to install and register on this app to find the driver available nearby.
The users can choose their preferred vehicle type, ranging from Bolt XL to Bolt Economy and Bolt Van. Similarly, drivers can sign up for this taxi booking software and register their vehicles to earn money. The platform charges a commission from the drivers that vary according to a variety of conditions.
Started in 2013, the platform has expanded to more than 40 nations and 600 cities across the globe. They have worked on the approach of regular innovation and strategic adaptability. Although there is no shortage of a taxi booking app like Bolt, they have succeeded in becoming a key platform for global urban transportation with their impressive approach.
Market & Analysis of Taxi Booking App Development
If we talk about 2021, the market value of ride hailing taxi industry was US$ 196 billion, and now it is expected to surpass the US$ 500 billion mark by 2030. Also, the taxi market size is expected to reach more than 97 million in the next 3-4 years.
Another promising report by Mordor Intelligence suggests that daily ride-hailing trips will increase from 15 million to 100 million by 2030. It shows how much scope you can explore by building your taxi booking app.
Key Features of Taxi Booking App Like Bolt
The above market analysis shows the immense number of opportunities in the ride-hailing industry. However, there is a need for a robust set of features to succeed in this competitive landscape. It should cater to the needs of both riders and drivers effectively. Have a look at major features to include in a taxi booking app like Bolt:
1. Multiple Vehicle Variants
A key feature to include in taxi mobile app development is a varied range of vehicles from which customers can choose to match their needs. A platform like Bolt offers all types of rides, ranging from luxury cars to standard vehicles.
The availability of multiple vehicle variants assists in catering to a diversified number of customers and fulfilling their particular needs. Having an exclusive range of vehicles can also be extremely beneficial for boosting the user base.
2. Numerous Payment Choices
When you choose to create your own taxi app, make sure it has enough payment options for customers’ convenience. Nowadays, people don’t prefer to carry cash, so adding various cashless methods is recommended to make the process smoother and hassle-free.
The availability of cashless payments can assist in record keeping and minimize the chances of fraud. It also allows the drivers to have enhanced security during the transaction processing.
3. Real-Time Tracking
The proposed taxi booking software development should focus greatly on the real-time tracking feature. It is essential for riders to track the vehicle in real-time and stay aware about the location of the driver.
Apart from giving customers a sense of safety, it helps minimize miscommunication and delays. So, please ensure that the taxi app development company adds this feature to give their customers a transparent and seamless experience.
4. Fare Estimator
A taxi booking app like Bolt must have a fare estimator that assists the customers in calculating the cost of their ride prior to making a booking. It not only promotes transparency but also assists the riders in making informed decisions.
A taxi app developer should ensure that the estimator calculates the fare by considering factors like waiting time and traffic conditions.
Explore More: Embrace the Future of Transportation With Our AI Taxi App Development Services.
How to Build a Taxi Booking App like Bolt?
Developing a quality ride hailing app needs proper evaluation and execution for ensuring a great experience for the users. It is essential to look into a few major steps that we have mentioned to build taxi app like Bolt in a professional manner.
1. Performing Market Research
The first thing you need to do is perform proper research to identify the industry trends and improvement areas. Check out the present companies that offer these services to understand the challenges and preferences of customers adequately.
Researching competitors will allow you to understand their strengths and weaknesses comfortably. It will be very helpful in defining the USP and creating a list of features to look different from competitors.
2. Defining Unique Selling Proposition
The taxi app development company you hire should be able to create an application that looks unique in this competitive landscape. For example, one can consider offering high bonuses for drivers who complete certain rides.
On the other hand, they can also think about adding safety facilities like SOS buttons, driver’s background checks, etc. Building something different will help in making your app look unique from the others.
3. Choose Your Niche
Choosing a niche will allow you to serve a particular market segment and ensure your service looks different from the competitors. If you have performed the first step of market research carefully, we are pretty assured you should have got information about the customer requirements, present trends, and already established companies in the market.
It is essential to define the targeted audience on the basis of market research and various demographic factors. Add something unique like corporate rides or shuttle service to take things beyond standard rides while creating a taxi booking app like Bolt.
4. Earning Model
There will be a need for some type of earning model to sustain the app in the market. To do so, you have to evaluate how the application will make profits. Look at the various revenue models in detail below:
- Commissions: The app will earn a portion of revenue generated through each ride. It is one of the most commonly used revenue methods nowadays by a taxi booking app like Bolt.
- Subscription: The mobile app development company can suggest subscription services to make profits. Drivers can enjoy discounted commissions, whereas customers can enjoy premium services for a certain fee.
- In-App Advertising and Partnerships: A great amount of revenue can be generated using targeted advertisements to run the application. Also, think about partnering with businesses in the local market.
5. Select a Development Approach
Hire dedicated developers from a professional ride-hailing app development company to ensure scalability and performance at the topmost level. Customizing the application according to the latest trends and user requirements ensures better experience and functionality.
Although one can also opt for ready-made software for a cost-effective solution, it usually comes with a pre-built set of features that won’t be useful for differentiating your app in the market.
Explore More: Exploring the Future of Transportation in Taxi App Development
How Much Does it Cost to Build a Taxi App?
The exact cost to build taxi app like Bolt relies on unique business needs. We all know how lucrative this industry has become with endless opportunities for earning. The cost is influenced by a great number of factors like functionalities, communication interface, integration, and scalability.
Also, consult with a recognized taxi booking app development company to know the exact cost to build taxi booking app like Bolt. They will present key facts that influenced the exact breakdown of the development process.
Wrapping Up
Building a great taxi app requires a highly strategic approach consisting of various stages, ranging from market research to finding the core audience to look unique. When creating a taxi booking app like Bolt, evaluating the available solutions for ensuring the best results is very important. Connecting with a well-acclaimed company like Inventcolabs will allow you to enhance user experience and develop brilliant taxi booking software for your customers.
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Sandeep Agrawal
Sandeep Agrawal is the visionary CTO at InventCoLabs, bringing innovation to life through his technical expertise. With a passion for cutting-edge technologies, Sandeep leads the team in developing robust solutions. His dedication and continous efforts to pushing the boundaries of what’s possible defines his role as a transformative and innovative force in the tech industry.
