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Economics Report Uberx Deloitte Australia

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Question:

Discuss About The Economics Report Uberx  Deloitte Australia?

 

Answer:

Introduction

As the smartphone technology is advancing every day, people have become very much dependent on their phones for every small thing in life. The ios and android technologies have been compelling people to use them for almost all type of regular activities, such as, grocery shopping to ride sharing. There are many companies in the transport marketing that connect with the customers through apps and have launched services like booking a cab or sharing rides with others. These are all professional services, where professional drivers with their own car register and provide the service for the entire day. Uber is the biggest example in this case, followed by Ola and Taxify in Australia (roymorgan.com., 2017).

Lets Go Share is the new business venture, which follows the idea of ride sharing, similar to Uber and other companies, with a slight twist in the tale. This business venture is not for professional drivers. It allows only those people, who travel to their offices by their own car, to offer the unfilled spaces to others, who are travelling in the same route for a minimal charge of only $5. The idea has many aspects, such as, it is beneficial for the person, who is taking his car to the office. He can earn some extra money by offering the unfilled seats of his car to others. This is not a fulltime job similar to Uber and Ola. Rather, people would do it by choice and it will also provide them flexibility about how many seats they want to offer. On the other hand, the people, who are compelled to take public transport and face huge difficulties due to lack of seats, uncomfortable travel condition etc., can avail the opportunity to travel comfortably in a car by paying almost same amount of money as in public transport. Apart from that, there is some sustainability benefit attached to this business idea. As the general level of income is increasing regularly, number of people purchasing cars is increasing rapidly. If the number of car users keeps on increasing at a regular interval, then the level of pollution will increase due to more carbon emission. That will affect the environment negatively. Thus, this business venture will be beneficial for both the driver and passengers as well as for the environment also. Hence, it can be said that Lets Go Share is a new age business idea that focuses on the mutual benefits of the drivers as well as passengers along with a focus on sustainability.

 

Supporting evidence

Ride sharing is a booming business in Australia. As the smartphone technology has brought about a revolution, many companies have entered into the market with this innovative idea of ride sharing. Booking of cabs and shared rides through apps has become extremely popular among the people. Popularity of the companies, such as, Uber, Lyft, DiDi Kuaidi, Taxify, GoCatch, hi oscar etc. have increased multiple times and Ola is the new company that has announced to enter into the Australian market in 2018 (Chung, 2018). With time, the competition is increasing. All these companies provides the benefits like, all time availability at different locations, convenient booking system, rating system for the drivers, cheaper than private cabs, promotional offers and discounts, and integrated payment system.

A report by Deloitte shows the market statistics of Uber. Since 2015, more than 14.5 billion rides have been introduced in Australia on a yearly basis (Deloitte Australia, 2018). There are two major benefits of this service. Firstly, the point to point transport is easier for pick up and drop service and makes it convenient for the customers to avail the service at any point and at any time. Secondly, price difference is a major USP of the rival companies, which helps them to capture a larger market (Lieu, 2017). However, it can be said that all these companies are operating in the market with fulltime drivers. The business idea for Lets Go Share is different than these companies in terms of nature of drivers, price, and availability. There is no other company in the market that has encouraged the office goers to share their own cars with strangers, sharing the same route, at a minimal price. The service of Lets Go Share will not be available all time. It will be a specific service available only during the office hours, 5 days a week.

Project plan

The aim of the project is to provide the opportunity of sharing the ride with a mutual benefit for both the car owner and the fellow office goers who travel in the same route by public transport. The objective of the plan is to provide comfort to the people who avail the public transport during the peak office hours and also helping the car owners who travel alone to earn some extra money by offering the unfilled seats to the people travelling in the same route. It will also help in achieving sustainability in the long run by not raising the level of carbon emission by increasing the number of cars on road.

The project would keep the price low as a differential point with the other services. During peak hours, the ride sharing services hike the charges and earn extra money. Lets Go Share will charge the passengers a price as low as $5 a ride, similar to the public transport and will pay the car owner a sustainable amount. This service would only be available for 5 days a week during the office time of the car owners. Thus, flexibility, cheaper price would benefit both the car owners and the passengers and also the environment with a cost of unavailability of the service during the weekends and lean office hours. It is expected that this service would help the office goers during the peak time by travelling comfortably with a cost similar to that of the public transport.

 

References

Chung, F. (2018). ‘We are very excited about launching Ola in Australia’. NewsComAu. Retrieved 6 February 2018, from https://www.news.com.au/finance/business/travel/indian-ridesharing-giant-ola-coming-to-australia/news-story/cbcd171515aa05f86e83e9f2af50add7

Deloitte Australia. (2016). Economic effects of ridesharing in Australia | Deloitte Australia | Deloitte Access Economics report, Uber, uberX. Deloitte Australia. Retrieved 6 February 2018, from https://www2.deloitte.com/au/en/pages/economics/articles/economic-effects-ridesharing-australia-uber.html

gocatch.com. (2018). GoCatch. GoCatch. Retrieved 6 February 2018, from https://www.gocatch.com/

Lieu, J. (2017). Taxify launches in another country to challenge Uber's ride-sharing dominance. Mashable. Retrieved 6 February 2018, from https://mashable.com/2017/12/11/taxify-launch-australia-uber/#jM9PobULSsqz

roymorgan.com. (2017). Uber soars and well-placed to tackle rising competition. Roy Morgan. management 6 February 2018, from https://www.roymorgan.com/findings/7444-uber-growth-last-two-years-2015-2017-september-2017-201712150309

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