Uber is a multinational transportation company offering peer-to-peer vehicle sharing services and several others including food delivery and micro-mobility. Originally founded in San Francisco by Garrett Camp and Travis Kalanick, drivers were recruited and equipped with a custom software application that allowed direct on-demand coordination with customers. Upon completion of the system, Uber’s site was launched in the year 2010. Although fare rates were and still are substantially cheaper with Uber than a traditional taxi business, the company’s greatest advantage lies within the simplicity and widespread access of service provided to the customer.
Features
To begin with, the ordering process requires no calls, no hails, and no searches whilst simultaneously reducing the uncertainty of when and what form of vehicle will arrive. Furthermore, the payment process is greatly simplified by not requiring the customer to tip, allows the use of their credit card, and allows the price to be fully transparent with GPS technology providing an accurate estimation of the necessary distance. This powerful tracking allows for peace of mind and security.
Customers are guaranteed quality based on the rating each driver receives for every trip they perform. A single application allows for universality as it works in the vast majority of cities around the globe. Automatic electronic receipts save substantial amounts of time with high dependability. Numerous levels of quality of service are provided with the choice of standard or luxury cars as per the occasion.
Company Strategy
The company’s financial strategy is equally genius for the fact that it owns none of the vehicles that represent it and instead acts as an intermediary; using technology to connect drivers with riders then acquiring a portion of each transaction. Despite beginning with very few resources, the company’s valuation was estimated at almost $70 billion within just 5 years of its founding. Instead of relying on marketing, it relied instead on word of mouth to inform individuals of its services.