Lyft – Company Overview

Lyft is one of the most popular companies that develop a mobile app, which can be used for car vehicle hire, it is possible to get any type of vehicle to hire with the help of the Lyft app. On the other hand, Lyft is offering food delivery and a bicycle sharing system as well. The company is based in California. Operations of Lyft are present in over 644 different cities all around the country. On the other hand, Lyft is currently present in 12 cities across Canada as well. it is the second-largest ride-sharing service that is available in the United States as of now. Lyft is holding 30% of the market share that belongs to ride-sharing companies.

Lyft – Product overview 

Lyft is offering a mobile app. This mobile app is available for both Android users and iOS users. People who start using the mobile app will be able to create a profile by including their name, telephone number, and some other basic information. They will also need to set up a payment preference to start using the app. It can be an e-commerce payment system or credit card. However, there are certain instances where Lyft is providing the chance to use a credit card as a payment option. Once the service is completed, the customers will be provided the option to offer a tip to the driver. This will also be billed under the payment method that is defined by a customer.

Likewise, drivers will be able to go ahead and sign up for profiles on Lyft as well. Drivers are the people who provide vehicles for this ride-sharing community. The drivers don’t need to own the vehicles on their own. They can come up with leased or rented vehicles as well. However, all drivers should meet the basic requirements for health, age, and the type of vehicle that they are driving. On top of that, they will need to have a smartphone and a valid driving license to become a part of the Lyft community. There are situations where background checks are conducted on the drivers before they are onboarded into the app.

In most parts of the country, there is a need for the vehicle to go through safety inspections. They should have an emblem posted on top of the passenger window as well. Once all the qualifications are met, the drivers can start using the app. 

The drivers will be able to accept the requests for trips that are made by the customers. In case a customer is requesting a long trip, which extends for over 45 minutes, it is possible to get a special alert on that. Based on the service, the customers will be provided the chance to rate the drivers.

It is also important to keep in mind that Lyft is providing basic vehicle insurance. All the riders should download and sign up for their accounts. They will also need to link a form of payment. Upon the completion of the trip, funds will be taken from the funding source. They are deposited to the drivers at regular intervals. Lyft is charging a commission out of these transactions for the service that they are offering through the app.

History o Lyft

Lyft was developed back in the year 2012. It was two computer developers named John Zimmer and Logan Green, who came up with the concept of developing Lyft. However, the original name of the company was Zimride. They were able to come up with the concept of developing a long-distance carpooling company. This took place back in the year 2007. Zimride was developed to take that to the next level.

The company changed its name to Lyft back in the year 2013. This name change took place after a hackathon. By that time, the app was quite popular among people in the United States. It was operating as the biggest carpooling company that exists in the United States. 

The unique branding efforts of Lyft contributed a lot towards its success as well. For example, drivers who were driving cars for Lyft came up with the concept of attaching a pink-colored furry mustache to the front of the cars. On the other hand, the riders were asked to sit in the front of the cars, and then do the first bump to greet the drivers. Even though this practice was later taken out, all these efforts heavily contributed to the overall success of the company.

Research and development initiatives of Lyft

Lyft is not just offering a mobile app. Instead, it is focusing on numerous research and development initiatives s well. One of the most prominent research and development initiatives out of them is to come up with a self-0driving car. They are working along with some of the most reputed brands out there for the development of an auto-driving vehicle. Back in the year 2018, Lyft even got into a partnership with the Ford Motor Company for the development of an autonomous vehicle. However, the self-driving division of Lyft is now sold to Toyota. If Toyota becomes successful with implementing self-driving cars, it will redefine the future of Lyft and the people who are using the app.

The future of Lyft 

Lyft is an innovative company. Hence, the team is working on numerous initiatives as of now to ensure the future success of the company. The company has figured out that there is a high demand for dynamic pricing. As a result, they are looking forward to enhancing the dynamic pricing model. This will add more value to the efforts that the drivers put in. On the other hand, we will be able to see how Lyft is coming up with new accessibility features for disabled people in the future as well.

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