This decade is a boon for startups because we are able to get a large number of different types of data. This luxury of getting data easily was not present before. Data can help startups to grow big with less time and minimum resources. Having said that, the quality of data is often not good and this leads us to use Big Data to eliminate it.
Big Data is an extremely large set of data which can be analyzed computationally to find trends, patterns, and associations in it. At the end of the day, we will get quality data to improve your startup business.
On-demand taxi startups are popular in the market today and if you are yet to start a taxi firm or already running one, then read this blog to find how Big Data is useful for taxi startups.
Around 35% of the startups are not using Big Data for their business. But by 2020, we will get 50 times more data than what is available today. Even a bootstrapped taxi startup can use big data at low cost and it is easily scalable.
Big Data can help you to reduce marketing expenses and optimize it, improve business operations, and enhance the customer experience.
How Big Data helps on-demand startups?
For effective marketing
Already you would do marketing online and offline for your startup. This alone is not enough and it will not be effective all the time. Here, Big Data can be used to compile and filter large amounts of data for effective marketing.
Actually big data will not help you directly in marketing but helps to derive powerful insights from the data you have already gathered. So you need not waste effort on marketing in areas that will not benefit you. For example, sending messages about budget taxi ride only to office goers and age-based notification will be more effective.
Optimal marketing expenses can be determined and each time a marketing campaign is tested and analyzed before made live.
Finally, big data in marketing helps you to improve financial health and make marketing more effective.
Using big data to know the customers
For a taxi startup, retaining loyal and long time customers is more important than getting new users. After the business is started, many firms engage with customers using offers, discounts, and other benefits. But such type of engagement is not enough for a long time.
Something innovative needs to be done and Big Data can do it. Using Big Data, you can analyze and compile the long time behavior of loyal customers. This data can be used to predict a particular usage pattern of every customer and targeted messages, notifications, and mails can be sent.
This unique usage pattern can also be used to introduce new service and discard any service that is no longer liked by users. To get such behavioral data about customers, you must collect the data from the customer and driver app. Advanced tools are also present in the admin dashboard to get customer data.
Big data to optimize internal operations
Other than having Big Data to know customer preferences and using it to optimize sales and device new sales strategies, streamlining internal operations can also be done.
Internal operations like research, development, labor, finance, and expansion are reorganized and made efficient. This results in appropriate budget allocation, necessary budget cuts, and optimized company structure. The function of big data is very simple here, it is just used to gather useful data to make quick decisions.
For a small taxi startup, the optimized internal operation saves time and effort which can be utilized for customer engagement and new product launch.
Big Data is largely applied in automation. But this automation is not made mainstream in taxi startups and it will take some years to make it wide. Automation in on-demand taxi is mainly about autonomous taxis.
Autonomous taxis use a lot of sensors, radar, and GPS to get millions of real-time data which is processed and used for the safe driving of vehicles. The processing of such real-time data is enhanced and made quicker by Big Data. Unnecessary data are identified and discarded.
In situations of emergency and traffic, Big Data takes quick and reliable decisions on what type of data has to be sent for processing.
Language processing chatbots in customer care also use automation but here the application of big data is limited.
The access to Big Data is made affordable and its application in taxi startups are growing day-by-day. If you like to apply it to your startup but need technical assistance for it, I recommend you to consider on-demand application development firms like SpotnRides. They have tons of experience and tools to integrate big data with the app.
We are one of the top makers of on-demand taxi app solution and can carry out any kind of technical operations. And if you are yet to start a taxi startup, please contact us to get a fully loaded version.