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Not many of us are blessed to have our own vehicle and thus we need to rely on the available public transport system. Thanks to the available trains, buses, metros, auto-rickshaw, etc. it is quite feasible to travel from one place to another. But, can we really rely on all these public transport in all the situations?
Suppose, you are traveling with your family and you require public transport that is affordable yet it can offer you the desired privacy. Will it be possible to have it in the public transport options? Certainly not!
So, what is the next possible option that you can try? Well, it is having your own public transport option just like a cab or in simple words, your own public taxi.
Now, without any delay, what is the first name that comes to your mind, when we talk about public cabs which can offer you the required privacy? Yes, it is none other than – OLA cabs.
Wouldn’t you be interested in knowing about the market analysis and trends about your favorite transport service? If yes, then here are some of the unknown details and facts about your very own OLA Cabs.
Basic details about OLA Cabs:
Ola cabs were introduced in the market in the year 2010 in Mumbai. The company has its headquarters in Bangalore and it is the leading domestic transportation network provider in the present time. Mr. Bhavish Aggarwal is the founder and CEO of the company.
Ola cab is certainly ruling the market right now and has nearly 600000 vehicles running across in 110 cities. On an average estimate, Ola cabs get over 150000 bookings per day. Other than this, the estimated revenue of this transportation provider is nearly 942.8cr.
During the initial phase, Ola only offered auto services in Bangalore, but later it acquired ‘TaxiForSure’, one of the taxi services available in Bangalore at that time, and became the largest and the well-known transportation network across India.
The business plan of Ola Cabs:
One of the primary and focused business plans of Ola Cabs is to expand its business in the Indian market and become one of the best-known transportation service providers across the world. It aims to customize its operations to meet the needs and requirements of its customers in the local market so that it can become the most preferred transportation provider for its users.
Ola cabs also focus on using the latest and trending technologies for shaking its market presence and also to offer the best cab services to its customers. well, without any second thought, the focused approach and the dedicated vision and aim of the company has helped it to drive its journey to the path of success.
Ola Cab – Market Analysis:
For running a successful company like Ola, it is very important to have a focused analysis of the market share. Let us have a look at the market analysis of the Ola cab in the present scenario which has helped the company to reach its success mark.
There are 2 kinds of environmental influence on any company which are – Micro environment and Macro environment. The proper analysis of both environmental factors is important for reaching the path of success.
Therefore, it is important to understand the various factors which play a major role in these types of environment for making an impactful presence on the working of the company.
- Micro environment:
In extremely simple words, the factors contributing to the micro environment are those which are very close to the company and have direct contact and interaction in the company. For Ola Cabs, these are:
- Suppliers:
Ola is one of the online aggregators which aim at providing more customers to the taxi service providers through their online platform. Ola is not responsible for providing the cabs but it is the local taxi services that provide the cabs and the drivers,
- Competitors:
The topmost competitors for Ola Cabs are –
- Uber cab
- Sewa cab
- Meru cab
- Hello 42 cab
- in
- Carpooling services
Out of these names, the biggest rival for Ola cabs is Uber cab but Ola cabs have more value of the market share.
- Stakeholders:
Stakeholders are that support to any company without whom the company would cease to exist properly in the market. For the Ola cabs, these are the top stakeholders which have helped the company to be at its present position.
- ANI Technologies Pvt. Ltd
- Japan’s Soft Bank Group Corporation
- DST Global Investment Firm Russia
- TATA
Other than these stakeholders, the possible stakeholders which are likely to invest in Ola cabs in the near future are Ten Cent and Chinese Internet Conglomerate
- Macro Environment:
These are the factors which are not that close to the company and don’t have any direct contact in the company. These include:
- Government:
In recent times, the government has taken effective steps to end the pricing model in which the fare can fluctuate depending upon the demand. Other than this, the government has also made it compulsory to have fixed permanent billing meters in any vehicle. There are also measures taken for setting minimum wages for the taxi industry.
- Social:
Ola cabs have taken a step forward in providing equal opportunities to working women by opening services like Ola Pink. Also, the company is taking care of the rise in transportation needs in urban areas.
- Technologies:
Every now and then, Ola cabs are introducing new and latest trending technologies in their working model. Such technologies are used for the ease and convenience of the users so that they can get the best services from the company.
The secret of value creation for Ola cabs:
For attracting targeted customers, Ola cab has tried and is trying every possible effort. As some offered value for its customers, Ola cabs offer:
- The option of ‘Pay-to-Cash’ model for all the customers who are not comfortable with using credit cards or debit cards.
- As an additional effort to connect with their customers, Ola cab also started the services of ‘Ola hotspots’ in many public areas like parks, colony areas, etc. so that the users can easily connect with them and can avail the needed services
- Ola has also tied up with Zomato for its users and has extended the option for the users to pay for their food bills using Ola cash. This has increased the ease and convenience for the users.
- Ola also made it easy for its customers to order the required vehicle by using the services of the call centre. This is the step taken for all the users who are not that familiar with the use of smartphones and its services.
- Other than this, MAGICBRICKS has also tied up with Ola cabs and now offer free site-visits in the available option of Ola rentals.
How Ola Cab reaches to its targeted audience?
The effective market strategy of Ola cab for reaching to its targeted audience set is by creating a need amongst them. There are mainly 2 major ways of making money and profit – the one is to fulfill the needs of the customers and the second is to create a need for them.
Ola started its services by allowing the users to book the services using their phones but now it has extended the services which provide the opportunities to the user for booking a cab using the available Ola cab app.
Other than this, Ola also ensures the proper safety of its customers by thoroughly tracking their cabs. Right from the time when any of the customers book their cab, they start monitoring the cab until the customers reach their destination. This also assures the users that their safety is in the right hands and thus number of people gets attracted with the services offered by the company.
Some other efforts which Ola cab takes for reaching to the right and relevant audiences along with attracting more number of people are as follow:
- Search engine optimization
- Search engine marketing
- Referral code facility
- Free rides for new users
- Credit points for canceling rides and also in case of delay
- Taking feedback from customers for future growth and development
Other than this, the company followed the right and relevant marketing strategies to attract the desired number of users and customers. After not getting the desired number of customers with its offline measures, the company took the benefit of Facebook marketing for reaching to its customers.
Ola organized various campaigns and advertisements for making people aware of its offered services and eventually succeeded. Under the Facebook marketing option, Ola cab took the benefit of a wide range of ad formats along with targeting the customers. Both the tools are powerful in promoting the brand and the app for assuring the success of the company for the short and the long run.
Conclusion:
So, these are some of the aspects which should be considered about the market analysis and trends of the Ola cab. In many ways, the company has succeeded in targeting the right and relevant audiences and thus has become one of the leading and largest transportation service providers. By following the trending market analysis and trend tactics, it can be made sure that the company will reach a much higher height of success within no time.
What are your opinions about the strategies and trends followed by the Ola Cabs? Do you think, the company is on the right track to make it big in the coming future? Please do share your thoughts and opinions by commenting below. We will totally appreciate your efforts of investing your valuable time with us.