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Biz Model for

Uber Technologies Inc.


A REAL -TIME RIDESHARING SERVICE
A M B R E F I S C H E R | A R N A U D L E G R I S | C H R I S TO P H E R L A U R E N T I U S | J O YC E L I M | K E O N G P E I Q U A N | R AY M O N D U N G

Business models for other ride sharing companies such as Ola Cabs (http://www.slideshare.net/Funk97/presentations) and for different types of ride sharing such
as multi-passenger ride sharing (http://www.slideshare.net/Funk97/presentations) can be found on my slide share accounts.
Agenda
1. Background of taxi services and real-time ridesharing
2. What does Uber Technologies Inc do?
3. Value Proposition
4. Customers and Market
5. Value Capture
6. Competition
7. Strategic Control
8. Uber, an issue?
9. Improvements & Alternatives
10. Q&A

UBER TECHNOLOGIES INC. 2


Background – Taxi Services
 More convenient than other modes of public transport
when going at a specific destination
 Higher fees than other modes of public transport
 Fixed price based on base fare, distance, time, peak
hours/weekends & public holidays, advanced booking fees

 Requires a government license to be a taxi driver


 Car rented by the taxi operator
 Taxis can be hired
 Hailing on the street
 Waiting at specific taxi stations
 For immediate booking by SMS, phone call, app
 For advanced booking by phone call, apps

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Agenda
1. Background of taxi services
2. What does Uber Technologies Inc do?
3. Value Proposition
4. Customers and Market
5. Value Capture
6. Competition
7. Strategic Control
8. Uber, an issue?
9. Improvements & Alternatives
10. Q&A

UBER TECHNOLOGIES INC. 4


What does Uber Technologies Inc do?
 Network Orchestrator, connecting passengers with drivers
 Manages a network of drivers and passengers through a phone application
 Provides options and varieties in the transportation service

GMC Yukon Denali

Toyota Camry BMW 7 series Mercedes S-Class

Source of image: https://www.uber.com/

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Uber: Real-Time Ridesharing
Incremental
(FROM) RIDESHARING (TO) REAL-TIME RIDESHARING
Evolution
 Shares the same car and destination  Shares the same car and destination
 Shares the cost of gas, toll fees, parking  Individual costs
 Pairs passengers and drivers who are heading in  Uses latest technologies
the same direction / heading to the same
destination  Uses GPS and smartphones

 Time Sharing  Social Networks


 Geared towards profit or commercial gain

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Uber: Real-Time Ridesharing
Yes

Real-Time Ride Sharing:


Profit-driven Uber, Lyft, etc..

Drivers Destination decided by Passengers

Ride Sharing:
Neighbor, Colleague, Carpool, etc…

No
Source of image: http://marketrealist.com/analysis/stock-analysis/technology/internet/charts/?featured_post=70133&featured_chart=70136

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Agenda
1. Background of taxi services
2. What does Uber Technologies Inc do?
3. Value Proposition
4. Customers and Market
5. Value Capture
6. Competition
7. Strategic Control
8. Uber, an issue?
9. Improvements & Alternatives
10. Q&A

UBER TECHNOLOGIES INC. 8


Value Proposition
EVERYONE’S PRIVATE DRIVER
One tap to ride Reliable Pickup Status Sharing Ride Feedback Cashless

EVERYONE CAN BE A DRIVER


Flexibility to drive Extra Income Drive with Assurance

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Value Proposition – Network Orchestrator
Picks the passenger and brings him
to the destination

Request for
ride Notification of
the request

Notification of Accepts Driver


Passenger acceptance request

- Indicates navigation
App - Estimates fare &
- Pay the ride
- Give feedback time

GPS

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Value Proposition – A cheaper ride compared to Taxis
 Uber’s structure is simpler, thus generating lower costs which allows them to propose a lower price
 No inventory
 Uber doesn’t have to pay fees as they are not “taxi service operators”
 They are network orchestrators matching drivers and passengers
 Drivers do not have to pay for professional fees to deliver the service

 Uber drivers are partners not employees


 Ease of becoming driver
 More drivers than taxi drives in NYC 1
 Majority of drivers are part time , only 38% worked full time 2
 Part time driver can accept lower revenues than normal taxi drivers

1 http://www.digitaltrends.com/mobile/more-uber-cars-yellow-taxis-nyc/
2 http://techcrunch.com/2015/01/22/uber-study/

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Value Proposition – Surge Pricing: Meeting high
demand
Surge Pricing : Uber rates increase to ensure reliability when demand cannot be met
Encourage more driver to be available.

DEMAND/SUPPLY ALGORITHM SURGE PRICING ALGORITHM


 Heat mapping to indicate where the demand is Automatically detects situations of high demand
and low supply and adjusts price accordingly,
 “God View” – real time aerial view of the depending on the level of shortage.
movement of cars1
 Plenty of other data analyses, such as
 Analyzing how many times the app is open
 Analyzing accuracy of demand prediction to refine the
prediction algorithm
 Calculating probability of accurate destinations and
popular destinations2

1 http://www.reuters.com/article/2014/12/16/us-uber-privacy-idUSKBN0JU2DT20141216
2 http://blog.uber.com/passenger-destinations, http://blog.uber.com/2012/11/12/uberdata-mapping-a-citys-flow-using-ubers-ridership-data/
Source for both images: http://www.wired.com/2011/04/app-stars-uber/
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Value Proposition – Surge Pricing: Patent Pending
 US 2013/0246207A1 (pending grant)
 System and Method for Dynamically Adjusting Prices
for Services

 Pricing algorithm automatically detects situations


of high demand and low supply and hikes the price
in increments, depending on the scale of the
E.g. prices to be changed if
shortage. utilization rate falls below 60% or

 Algorithm results in increased supply and reduced


above 80%; or demand and
supply model that compares the
demand. number of drivers to passengers.

 “Through these two mechanisms, the company is able Price adjusted relative to a fixed
price i.e. using a multiplier
to (a) increase supply, (b) assure reliability, a key tenet
of the company, and (c) maximize the number of
completed rides.” – Bill Gurley, Uber investor and
board member

Source of image: Patent No: US 2013/0246207A1 by Uber Technologies Inc, System and Method for Dynamically Adjusting Prices for Services

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Value Proposition – Surge Pricing Example(1) Demand –
Supply Equilibrium

$10

Normal Fare

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Value Proposition – Surge Pricing Example(2) Demand >
Supply

$10

Fare Increases

$15

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Value Proposition – Surge Pricing Example(3) Demand <
Supply

$15

Fare Decreases
$10

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Agenda
1. Background of taxi services
2. What does Uber Technologies Inc do?
3. Value Proposition
4. Customers and Market
5. Value Capture
6. Competition
7. Strategic Control
8. Uber, an issue?
9. Improvements & Alternatives
10. Q&A

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So who do you think are Uber’s customers?
1) Drivers 2) Passengers 3) Both?

Source: Google Search Definitions UBER TECHNOLOGIES INC. 18


Uber’s definition of customer:
 Individuals requesting or ordering an on-demand service, where a service provider refers to individuals
or entities that can provide the requested service e.g. car/taxi service.

$$$ Commission
Passenger Uber Driver

CUSTOMER PARTNERS
Paying for the service (transportation) Complementary Service Provider, NOT customer

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Customer Segments (by needs)
 I want a ride (Taxi, UberX, UberTaxi, Lyft)
 I want a luxury ride (Limousine Taxi, UberBlack)
 I’m willing to pay more to get a ride NOW (UberX,
Lyft)
 I want the highest probability of getting a ride
 I want a taxi NOW

 I want to share the ride to reduce cost (UberPool)


Key Differentiators between the different options:
 I want a scheduled ride (Taxi)
Price
 I want a consistent good user experience (Uber,
Time
Lyft)
User experience
Options

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Targeted Customer Segments (Real-time Ridesharing)
EARLY ADOPTERS EXAMPLES OF CUSTOMERS

 Tech-Savvy Users  UberPool – Non-working group e.g. students,


young adults
 Smartphone Users
 UberX – e.g. working adults, people in a rush
 Users who value time
 People who appreciates having a ride confirmation  UberTaxi – e.g. the usual taxi passenger
shortly after the need arises
 UberBlack (Premium) – e.g. professionals, people
 Users with (limited) spending power. They are who wish to show off
either
 People who wish to save money but still get the
convenience or
 They have the power to hail a ride at any price

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Uber’s Estimated Market Share (NYC Jan 2015)

Total TaxiMarket
135 million rides
~$1.9 Bn

40% of Total NYC Taxi Market (advanced


Target Market
booking taxis, Uber, Lyft)
55 million rides
~$1 Bn

45% of advanced booking Taxi Market 17% of


Total Taxi Market
Uber Market
Share
25 million rides Total Taxi market : http://www.statisticbrain.com/taxi-cab-statistics/

$0.4 Bn Uber Marke share: http://www.northjersey.com/news/move-to-regulate-ride-share-services-like-uber-lyft-advances-in-nj-video-1.1292267

Market Comparison in %: http://www.businessinsider.com/uber-revenue-rides-drivers-and-fares-2014-11?op=1

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Agenda
1. Background of taxi services
2. What does Uber Technologies Inc do?
3. Value Proposition
4. Customers and Market
5. Value Capture
6. Competition
7. Strategic Control
8. Uber, an issue?
9. Improvements & Alternatives
10. Q&A

UBER TECHNOLOGIES INC. 23


Value Capture

Pricing & Payment Splitting the Proceeds


 Uber set prices for rides 20% of the ride go to Uber
 Peak hours  Commission-based
 Customers pay Uber with Depends on the city and
credit card (not the drivers) competition

From revenues to Profits


 Uber cover expenses (R&D, Reinvest to Grow
marketing…)  R&D and acquisition of new
 Employees & infrastructure business
in cities

UBER TECHNOLOGIES INC. 24


Agenda
1. Background of taxi services
2. What does Uber Technologies Inc do?
3. Value Proposition
4. Customers and Market
5. Value Capture
6. Competition
7. Strategic Control
8. Uber, an issue?
9. Improvements & Alternatives
10. Q&A

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Competition

Smartphone
Applications

Real-time
Taxis
Ridesharing

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Competitive Analysis – Uber vs Taxi (1)
Uber Taxi
Advance Booking No Yes
Hiring Method Smart Phone App Flag/Call Center/App/Dedicated taxi queue
Payment Cashless Cash/Credit Card
Driver/Passenger Rating Available NA
Pricing Structure Flexible Structured
Fare Sharing Anyone Limited to friends
ETA to Destination Available NA
ETA of the Ride Available Available (Apps Only)
Car Self Rented from Taxi Company
Driver’s perspectives Flexible Rigid
Law & Regulation (more on this later) Grey Area Well-defined
Value Capture to Company Commission Fee Rental Fee, Advertisement

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Competitive Analysis – Uber vs Taxi (2) Pricing Structure
UBER TAXI

 Base fare  Base fare


 Metered fare based on time/distance  Metered fare based on time/distance
 Surge pricing  Additional costs
 During high/low demand  Peak hour / midnight surcharge
 Public Holiday surcharge
 Advanced booking fee
 Luggage fees
 Area based surcharge
 City
 Airport

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Competitive Analysis – Uber vs Taxi (3) Pricing Structure

Graphs from: http://www.businessinsider.sg/uber-vs-taxi-pricing-by-city-2014-10/#.VQ7j7-6UfP8

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Competitive Analysis – Uber vs Taxi (4) Driver’s Perspectives
UBER TAXI

 Requirements  Requirements
 No professional taxi license required  Professional taxi license / “medallion”
 Require your own vehicle

 Income  Income
 Flexible timing – part time work  Full time work (i.e cover daily rental work)
 Surge pricing may provide higher hourly wages  Fixed surcharges

 Expenses  Expenses
 Petrol  Fixed rental fees for taxi to be paid
 Personal insurance  License fees as a taxi driver to be paid
 Maintenance of personal vehicle

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Competitive Analysis – Uber vs Taxi (5) Driver’s Perspectives

Image from: http://techcrunch.com/2015/01/22/uber-study/

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Competitive Analysis – Uber vs Lyft (1)
UBER LYFT Winner
Cost Lower on Average Higher UBER
Surge Pricing No Cap Cap at 200% LYFT (Passenger POV)
Surge Pricing No Cap Cap at 200% UBER (Driver POV)
Company Investment (2014) ~$405 Million ~$330 Million UBER
Safety Insurance/Driver Rating Insurance/Driver Rating TIE
Customer Support Online Support 24/7 Call Centre TIE
Professionalism Feels professional Feels friendly UBER
Service/Experience Passenger-Driver Relationship Friendly Ride LYFT
Legality Issues on real time ride sharing TIE
Winner UBER

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Competitive Analysis – Uber vs Lyft (2) Surge Pricing vs Prime Time
 Similarities
 Demand/supply algorithm
 Both increases supply during high demand periods but
the limit of Prime Time also means that comparatively,
Uber partners would earn more during the same
period if demand is extremely high.

 Differences
 Surge Pricing: no cap (except for “abnormal disruption
of the market” – more on that later)
 Prime Time: 200% price surge i.e. cap of 3x fare
 NYE 2014: 400% increase i.e. cap of 5x fare

 The success of Uber’s Surge Pricing


 2 million matched rides on NYE 2014 (worldwide)

Source of image: http://blog.uber.com/cheersto2015

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Competitive Analysis – Uber vs Lyft (3) Prices in different states
$3.00

$2.50

$2.00
COST

$1.50

$1.00

$0.50

$0.00

Source of image: Uber and Lyft websites

UBER TECHNOLOGIES INC. 34


Uber Taxi Lyft
Advance Booking 0 5 0
Law & Regulation 3 5 3

Overall Competitive Analysis Hiring Method (User Friendliness)


Cashless Payment
5
5
3
3
5
5
Fare Sharing 5 3 5
Driver’s Flexibility 5 3 5
Go-to Market Car Flexibility 5 3 3
Strategy Canvas for Uber, Lyft and Taxi User Experience 5 3 5
6 Ride Information 5 3 5

4
RATING

0
Advance Law & Hiring Method Cashless Fare Sharing Driver’s Go-to Market User Ride
Booking Regulation (User Payment Flexibility Car Flexibility Experience Information
Friendliness)
Uber Taxi Lyft

UBER TECHNOLOGIES INC. 35


Agenda
1. Background of taxi services
2. What does Uber Technologies Inc do?
3. Value Proposition
4. Customers and Market
5. Value Capture
6. Competition
7. Strategic Control
8. Uber, an issue?
9. Improvements & Alternatives
10. Q&A

UBER TECHNOLOGIES INC. 36


Strategic Control
 First mover advantage
 Accumulate a larger parnter installed base, and real-
time ridesharing apps thrive on the size of customer
base

 Barrier to entry
 Patent applications
 If granted, Uber will be the only company in this line of business to
have related patents
 But most patents refer to business methods

 Network Effects
 Customer
 Partner

Source of image: http://patentvue.com/2014/03/04/sidecar-and-uber-patent-portfolios-lead-the-ride-sharing-industry/

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Strategic Control

Retain
& Gain
New
Customers
Drivers
• Price promotions
Partner rewards program • Partnerships with
• Vehicle Financing local establishments
• Health Care Incentives e.g. restaurants,
• etc shops

UBER TECHNOLOGIES INC. 38


Agenda
1. Background of taxi services
2. What does Uber Technologies Inc do?
3. Value Proposition
4. Customers and Market
5. Value Capture
6. Competition
7. Strategic Control
8. Uber, an issue?
9. Improvements & Alternatives
10. Q&A

UBER TECHNOLOGIES INC. 39


Issues (worldwide)

Issues Solutions
• Driver/Passenger information, GPS following rides
Trust and Safety issues
• Panic Button
• Alleged (sexual) assaults
• Alleged Kidnapping • Background checks, identification of new
technologies
• Metromile’s Uber Car Insurance
Legal issues • Insurance Coverage for UberX
• Insurance coverage for accidents
• App’s terms and conditions
• Regulatory laws – Illegal taxi operation?
• Conforming to the laws
Surge Pricing • Cap on fares for certain events

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Issues: Background checks
 All drivers are screened against:
 County courthouse records
 Federal courthouse records
 Multi-State Criminal Database
 National Sex Offender Registry screen
 Social Security Trace (lifetime)
 Motor Vehicle Records (historical and ongoing)

 In Nov 2014, Uber started a safety review to


identify new technologies such as
 Biometrics and
 Voice verification

 Further suggestions by U.S. Congress, Mar 2015


 Adopt fingerprint-based background checks
Source of image: https://www.uber.com/safety

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“You understand, therefore, that by using the application and the service, you
may be exposed to transportation that is potentially dangerous, offensive, harmful
Issues (worldwide) to minors, unsafe or otherwise objectionable, and that you use the application
and the service at your own risk.” - Uber’s Terms & Conditions

Issues Solutions

Trust and Safety issues • Driver/Passenger information, GPS following rides


• Alleged (sexual) assaults • Panic Button
• Alleged Kidnapping • Background checks, identification of new technologies
• Metromile’s Uber Car Insurance
Legal issues • Insurance Coverage for UberX
• Insurance coverage for accidents
• App’s terms and conditions
• Regulatory laws – Illegal taxi operation?
• Conforming to the laws
Surge Pricing • Cap on fares for certain events

UBER TECHNOLOGIES INC. 42


Issues: Insurance Coverage for UberX
 UberBlack, UberSUV, or UberTAXI rides are
provided by commercially licensed and insured
partners and drivers. How about UberX?
 Uber introduced insurance coverage for the UberX
rides in Mar 2014.
 $1 million of liability coverage per incident.
 $1 million of uninsured/underinsured motorist bodily
injury coverage per incident.
 Contingent comprehensive and collision insurance.
 No fault coverage (e.g., Personal Injury Protection)
 $50,000/$100,000/$25,000 of contingent coverage
between trips.

Source of image: http://blog.uber.com/ridesharinginsurance

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Issues: Metromile’s Uber Car Insurance
 Covers drivers for miles in between trips
 Uses a cellular gadget that plugs into their vehicle’s
diagnostic port.
 Recognizes when drivers are working and are covered
by Uber’s insurance so it only charges them for miles
they drive for personal use.

 Complements UberX Car Insurance


 $50,000/$100,000/$25,000 of contingent coverage
between trips.

 As a result… Drivers do not have to fear


 Being denied coverage by personal insurance
 Potential limitations of their personal insurance
coverage while logged on to a rideshare app.

Source of image: http://blog.metromile.com/blog/2015/1/28/uber-partnership

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Issues: Regulatory laws – is Uber legal?

Source of image: http://www.taxi-deutschland.net/images/presse/Infografik_Uber-legal-issues_EN_v12_RGB_2015-02-06_final.jpg, used under the CC BY-SA 4.0 Intl Licence

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Issues (worldwide)

Issues Solutions

Trust and Safety issues • Driver/Passenger information, GPS following rides


• Alleged (sexual) assaults • Panic Button
• Alleged Kidnapping • Background checks, identification of new technologies
• Metromile’s Uber Car Insurance
Legal issues • Insurance Coverage for UberX
• Insurance coverage for accidents
• App’s terms and conditions
• Regulatory laws – Illegal taxi operation?
• Conforming to the laws
Surge Pricing • Cap on fares for certain events

UBER TECHNOLOGIES INC. 46


x normal rate

min rate
A 1km ride will cost you USD 650

Issues: Surge Pricing


Source of image: http://www.businessinsider.sg/ubers-highest-surge-price-ever-may-be-50x-2014-11/#.VRuIMO6UfP8

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Issues: Surge Pricing
 Uber came under fire for the surge pricing algorithm during the events:
 Hurricane Sandy
 (elsewhere) Sydney Hostage Siege

 Capped surge pricing from Jan 2015 for “abnormal disruption of the market” events
 “If Uber puts surge pricing into effect during an abnormal disruption of the market, Uber will not set the price for
any transportation option above a multiple of the base fare to the determined…based on the prices set by Uber for
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identify the three highest prices it set, on different days…Price cap shall be the next highest price that was set for
the same transportation option …not including the days on which the three highest prices were set.”

UBER TECHNOLOGIES INC. 48


Agenda
1. Background of taxi services and real-time ridesharing
2. What does Uber Technologies Inc do?
3. Value Proposition
4. Customers and Market
5. Value Capture
6. Competition
7. Strategic Control
8. Uber, an issue?
9. Improvements & Alternatives
10. Q&A

UBER TECHNOLOGIES INC. 49


UberGarage - Experimentation
 UberFRESH & UberESSENTIALS
 Delivery lunch & various products
 At an experiment stage
 No delivery fee for Essentials fixed $3 fee for Fresh, no tips to the driver
 Make money with product margin
 Based on the same business model (drivers, app: location, payment, rating)
 Create value to customers: convenient, very fast (10 minutes)

 UberCARGO
 UberRUSH
 UberPOOL
 Uber Business
 Reliable ride for your employees

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Improving Existing Business
UBER
Incentive Program

Extra
Insurance Uber Mobile App Protection
Driver/Rider
Coverage
Preference

DRIVERS PASSENGERS

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Alternative Business Models – Customer Segments
 UberAlternate UberAlternateX
 Similar to UberX but using other forms of transport  High end luxury transport
e.g. bicycles or motorbikes.  Target segment: Niche segment: luxury
 Target segment: Passengers in developing countries /  Available for high end car
countries where public transport is not well
established

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Alternative Business Models – Customer Segments
UberTour
 UberX for tourist attractions within the city/country
 Planning of ride itinerary and following available tour
vehicles
 Target segment: Tourists with their own (flexible)
itinerary

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Alternative Business Models – Value Capture
UberCredits
 Passenger can buy $100 of UberCredits and be rewarded with an extra $20.
 Entice more passengers to use Uber, which will increase demand and make drivers happy.

UberAdvertising
 Advertisements on the app and within the car
 Advertising revenue

UBER TECHNOLOGIES INC. 54


Alternative Business Models – Long Term
In the Future (10-15 years)....
Driverless Uber
 Use driverless car, when driverless car is available & legalized

Uber Next
 Predict the need of a ride based on data, schedule, etc

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Lastly, if anyone is interested….
Apply now through: https://www.uber.com/jobs/54600/apply?gh_jid=54600

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Q&A
P.S. FOR QUESTIONS ON JOB APPLICATIONS, PLEASE SEND DIRECTLY TO
UBER.

UBER TECHNOLOGIES INC. 57


Backup Slide: UberPOOL
UBERX UBERPOOL

Images from: http://blog.uber.com/UberPoolDriver

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Backup Slide: Surge Pricing Technology example
In San Francisco, there can a high number of requesters at a Data is stored in appropriate system databases so that a
certain time where transportation services are requested so historical record can be maintained. The historical record
that there is a spike in demand, while supply remains the can include requester data and provider data received at
same. particular dates and times previously received.
In comparison, in a nearby city, such as San Jose, there is no In some examples, the historical data can also be used to
spike in demand for the transportation services or food approximate the amount of requesters and the amount of
services at the same time. service providers at a particular geographic region at a
certain time and/or date.
Due to the limited availability (e.g., inventory) of drivers and
vehicles, the system can adjust the price for the service In this manner, information can be collected, stored, and
(e.g., increase the cost) for the requesters in San Francisco maintained for future use (e.g., for price adjustment at a
(or to requesters in a region within San Francisco). later time or for predicting future supply and demand for
the service).
For those requesters and service providers, the price for the
particular service can be adjusted (e.g., increased), while For example, the data collected on Friday evenings can be
the price (e.g., the default price value) for other requesters useful in predicting supply and demand for future Friday
and services providers in other areas remains the same. The evenings (e.g., can be used to determine trends).
parsed data can also be stored in one of the system Forecasting future spikes in demand, for example, can be
databases, such as a pricing data database, so that the price useful in making sure a sufficient amount of service
adjustment can retrieve previously parsed data at different providers are available at the future time to meet the high
times. demands.

Source of image: Patent No: US 2013/0246207A1 by Uber Technologies Inc, System and Method for Dynamically Adjusting Prices for Services

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Backup Slide: Surge Pricing System
Source of image: Patent No: US 2013/0246207A1 by Uber Technologies Inc, System and Method for Dynamically Adjusting Prices for Services

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Backup Slide: Increase vs Decline of apps to flagging

Image from: http://www.cnet.com/news/uber-lyft-are-sinking-san-francisco-taxi-business/

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Backup Slide: Competition (Uber vs other apps)
Uber FlyWheel Lyft
Go-to Market Luxury/Private Cars/Existing Existing Taxi Private Car
Taxi
Marketing Strategy Free credits, celebrity No surge, non-a****** Branding(Moustache)
endorsement, social media alternative to Uber
Tools Smartphone Taxi meter, Smartphone Smartphone
Payment Method Cashless Cashless Cashless
Taxi Fare Cheaper than traditional taxi Traditional Taxi Fee Cheaper than traditional taxi
Advance Booking Option NA Available NA
User Experience Driver/Passenger Rating NA Driver/Passenger Rating
Fare Sharing Uber Pool NA Line Lyft
Surge Pricing No limit NA Cap at 200% i.e. 3x fare

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Backup Slide: Competition (Market Share)

Image from: http://www.cnbc.com/id/102240065

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Backup Slide: Competition (Uber vs Lyft)

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Back up Slide: Becoming Uber driver in Singapore
 Private hire license
 Commercial insurance

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