What is the Future of Taxi & Limousine Services Industry in Canada?
Like in any other country, the taxi industry in Canada is undergoing a revolution. For a long time, this sector has grown in the back of increased demand from both residents and tourists looking for the most convenient ways to travel. There is no denying that cabs are an integral part of the country’s transportation sector offering an invaluable service.
Business Growth
While the annual growth has been slow, the revenue has been increasing as more people opt for this transportation mode as opposed to car rentals and public means. Higher consumer spending has also been credited with increasing revenues. Decreasing Canadian dollar value is also another reason that has allowed more Canadians to opt for cabs.
Today, there are close to 40,000 people employed in this sector and the number is bound to continue rising as more companies enter the market. The global taxi and limousine industry is projected to grow and in Canada, the same case applies. More people are joining as investors and drivers now that the pay is higher and entrepreneurs are assured of high ROI.
Risks and Challenges
While business has been good over the last few years, there are some challenges facing most companies including taxi cab in Brampton firms. These include strict regulations and heavy regulations that have curtailed the industry’s growth. These include limitations on the number of operational licenses and plates. Traditional services like GTA Cab, which is one of the top taxi services in Brampton are facing an onslaught from ride-sharing firms like Uber and Lyft.
While these have made things tough for players in the country, they have also inspired more innovation. The entry of these new players has also helped to boost the quality of services offered. To remain relevant in this field, cab firms have been forced to up the ante and invest more in improving user experience. With so much fragmentation in the sector, individual companies are responsible for their own performance through consistent marketing and delivery of exquisite customer experiences.
Keeping up using Cutting Edge technology
Many travellers prefer using this means to get around whether they are going for business meetings, short errands or for airport transfers. Their popularity has also been boosted by investment in cutting edge technology to provide online based booking, cancelation and rescheduling. Customers now get alerts before and during travel to make them aware of any changes in their flights in case they have booked airport transfer.
To survive in this environment, cab companies in the country have to think innovatively. The idea is to improve the passenger experience without seeming to pass all costs onto the customer. This calls for more adoption of technology and borrowing from best practices in other countries. It is also advisable to invest in the best personnel for 100% satisfaction.
It must be difficult for you to decide which taxi to hire and which one not to. Traditional taxi services like GTA Cab are serving you for a long time in all your transportation needs. Trust your old and stable transportation friend. Call at (416) 482-0000 or book your cab online at www.gtacab.ca
