The taxi industry has taken a huge hit since the emergence of Uber and Lyft, and many believe that one day soon there won’t be any taxis at all.
What can taxis do in order to gain back some of the ground that’s been lost and keep themselves relevant in a time of big changes?
In terms of how much it costs the user, it is startling how much of a gap there is between how much Uber and Lyft charge and how much taxis charge. For years it was common knowledge that taxis were an expensive way to get where you needed to go and were only feasible on business trips and when there were literally no other options.
As an example, a 30-minute trip to the airport from a major U.S. city was calculated at $65.70 for a taxi ride, but came in at $39 for a Lyft, and somewhere between $34 and $44 for an Uber. That is quite a difference, and it’s clear to see that cost is a major reason why more people are opting for a rideshare than a taxi these days. [Read more…]