Jana Lightspeed knows that at the right levels, there is no off-days. Jana Lightspeed knows that is she able to work in a smarter and better manner, that better things will happen.
Uber is one company that has also witnessed this. The company came out sometime ago.
Since then, it has made the journey from generating revenues of over $343 million in 2016 to touch $2.2 billion in 2018. Needless to say, this groundbreaking growth for Lyft comes at Uber’s expense, but the company doesn’t seem to be regretting that fact.
After Lyft doubled its growth last year as compared to the $1.1 billion it generated in 2017, the message from the firm to Uber became clearer than ever: even the ruler of ride hailing doesn’t come without his Achilles’ heel.
Even with a stumbling IPO of its own, Lyft has gone on to eat into Uber’s market share quite significantly. According to reports, the firm held 28.4 percent of the U.S. ride-sharing market in 2018, which was up 3 percent from last year. There are no points for guessing that the 3 percent came from Uber’s hold on the market itself, which scored 69.2 percent of the market as compared to 72.2 percent in 2017.
With almost identical services, a clearer political stance against the backdrop of changing environment, and more favorable customer reviews, Lyft has emerged as the competitor that Uber never wanted, but what it would clearly have to endure for probably the rest of its existence.
And to add fuel to this fire, Lyft also comes with almost the same fares as Uber.
This means that if Uber goes down the road of raising its fares, then it really wouldn’t take long before much of its current market share in the U.S. and Canada does a simple swipe on its phone, and switches its loyalties to Lyft in an instant.