The $7 trillion global mobility sector is changing rapidly as new guidelines, technologies, and customer preferences transform its products and business models. 

In today’s time, mobility can comprise an array of transportation options, from car sharing, subscriptions, ride-hailing, and more. For customers what matters most is how a mobility player can help alleviate the burden of owning a depreciating asset. As such, mobility players should consider innovative options to up their game. Here are some quick ideas that can help companies in this space scale their business –

Asset utilisation

Reports indicate that cars sit idle over 90% of the time. In addition to devaluation and interest costs, a car goes through significant wear and tear when standing still. As such mobility players should come up with strategies that ensure utilisation of unused inventory to earn revenues as well as optimise asset utilisation. 

Use of Artificial Intelligence and Machine Learning

Artificial intelligence and machine learning are key factors for the progress and development of mobility models. For a successful business model, it is recommended to use artificial intelligence (AI) and Machine Learning (ML) for a range of requirements, such as better security, easy operation, fraud prevention, smarter customer profiling, and more. AI not only empowers growth, but also contributes to the reduction of operational complexities and costs. 

Use Digital Tools

For a mobility business, it is essential that your business must have digital support. Have an app to facilitate easy usage. This can help real-time analytics, accurate monitoring, precise vehicle payment, timeline estimation and more which can lead to better planning and payment schedules, as well as easy access by customers.

Optimal Customer Experience

Customer needs and expectations should be the core of any business. Develop a strategy that provides tangible benefits to consumers in terms of price and overall experience. Use digital tools as apps to connect with your customer and address their concerns seamlessly.

Hire the Right Team 

As the business scales, make sure to hire the right people at the right time. For each phase, there will be people with different skill sets. As a startup, businesses need all-rounders with a can-do mentality who are willing to get involved. As the company grow, specialists who are experts in their area can bring their wealth of expertise. 

Have a Clear Vision 

This is key! Have a clear vision of what the business is aiming to accomplish and stay centred on this when scaling it.  Ask yourself ‘how can you enhance your business ten times better?’ Share company ethos and vision with the team so that everyone is aligned and works towards achieving the same goals and strategies.

So, whether you’re a start-up or a growing business in the mobility space, remember that competition will without a doubt intensify. However, foray into the market with innovative and agile technologies, coupled with customer-centricity, which will set the stage for sustainable, long-term success.