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History of Ride Sharing in Dhaka Dhaka, the worlds most densely populated city is home to 21 million people. These 21 million people move around for their daily commute. The recent growth of GDP and income have helped its middle class to own a car. But this has led to traffic congestion. A World Bank analysis in 2017 found that the average traffic speed in Dhaka has dropped from 21 km to 7 km (per hour), only slightly above the average walking speed. According to a BUET report, traffic congestion eats up five million working hours and costs the economy Tk 37,000 crore a year.
As a result, the countryman welcomed Pathao, Uber, Sohoz these ride-sharing apps, when they took off! But this have also created some other problems that need addressing!
Driver Problems: According to a report in 2017, there were 500,000 riders who are regularly sharing rides to meet days meet or earn something extra on the go. The number is expected to grow 100% this year as the demand for such services is always on the rise. (Estimated 1 million drivers)
But Uber and Pathao's 25% standard commission has left the drivers with a very small income and a very low loyalty rate. As such, driver pain are: • low income • low work security as switching of jobs is higher • Lack of Ride Sharing Platforms where drivers can earn more • Low Self Esteem especially while driving for Pathao (Many Riders considers Pathao as a Platform where the drivers are not professional and sometimes have current addiction problems)
On the contrary, the customer pain are: • Requests from Drivers to cancel a ride, and take the ride outside of the platform • Unplanned Weekly Travel Expenses • Security Concerns (Not knowing whether the driver actually knows the road safety rules)
To give a bit of depth, when the ride-sharing platforms took off, anyone with a driving license was able to register their commute with the platform with almost not much screening. As a result, many unprofessional and low skilled drivers were able to work for ride-sharing platforms.
Road security has been such a big concern that there have been many protests in the country to call for better road safety and security. Recently, when a few students were killed by some unprofessional driving, thousands of students as little as high schools came down to the road which shows the crying demand for better and safer roads and drivers.
The business is going to make 200 million AUD of Revenue every year with a profit of 180-190 million AUD
Potential to Impact
The business can impact 1 million drivers life, 10 million commuters and can go as big as 180 million AUD a year
- Google SEO
- Referral Programs
- Long Term
- Highly Automated
- Long Term
- Creating an app that can manage drivers flat fees and allows customers to subscribe for subscription plan
For a year the business model shows the cost to be 8.9 million dollars when dealing with 10% of the market (100,000 Riders)
Investors can invest 500,000 AUD for 5% and can expect a ROI of 1400% in two years time.
- There is not much loyalty for drivers and riders for any of the platform.
- It is hard for existing ride-sharing companies to alter their pricing model since its really complicated
- If existing platforms are Facebook then we consider ourselves WhatsApp
- Recent demonstration for safer roads in Dhaka
- Crime and safety concerns in other platforms as drivers are taking riders outside of the app
- Community Support
- Great Team
- SEO skills
- Innovative Business Model