Uber successfully utilises technology in its business model. The convenience of having Uber in your pocket goes a long way.
The evolution of modern companies is made possible by the use of new technologies. Now, marketplace startups follow a different path to success. Companies such as Uber and AirBnB have been using a strategy that builds trust to achieve liquidity. Although it’s a different approach to running a successful company, Uber has become the leading ridesharing service in the U.S. market, according to research.
Expansion through investments
One of the best ways to expedite the growth of virtually any business is by obtaining substantial investments. Uber announced that it accepted $3.5 billion from Saudi Arabia’s Public Investment Fund (PIF). People at Uber see it as another means for company wide expansion.
Travis Kalanick, founder of Uber, commented, “We appreciate the vote of confidence in our business as we continue to expand our global presence,” he said. “Our experience in Saudi Arabia is a great example of how Uber can benefit riders, drivers, and cities and we look forward to partnering to support their economic and social reforms.”
Uber utilising technology
Although some might not consider Uber a tech startup because it’s not directly in the IT field, the popular ridesharing service utilises technology to its advantage. In fact, the thing that makes Uber so unique and popular in the market is its convenience. Using a smartphone application, riders order and are matched with drivers in their area. Kalanick recently commented to the New York Times on the role of technology in Uber’s business model. He even went on to call Uber a “technology platform.”
More use of technology to improve the experience
As with so many services, customers are only satisfied when they enjoy their experience. To best ensure that happens, Uber makes use of an actionable rating system for both drivers and riders. Uber passengers should expect that they will never get a driver with a rating below three stars.
In the same vein, drivers are given the ability to rate passengers they’ve driven. This protects the drivers from having to deal with consistently rowdy people riding in their car. The mutual rating system serves as yet another example of Uber’s resourcefulness with technology.
Convenience is key
While the technology is nice, the convenience of it is better. The fact that you access Uber through your cell phone – something you keep in your pant pockets – makes it irresistible. Uber has found the perfect blend of advanced technology and dedicated customer service.