Uber is introducing new features to its app in order to decrease ride cancellations and increase driver earnings. These features include upfront pricing and location details for drivers. A program called “One Earner” which allows drivers to switch between driving for Uber Ride and delivering for Uber Eats. The company is also engaging with fleet partners to increase supply. The new features are being tested in select cities to study market reactions and imbalances. Uber Technologies (NYE:UBER) goal is to have zero cancellations and to maximize driver earnings.
These changes come after Uber has already introduced features like customer ratings, payment options, and destination details in the app. The senior director at Uber has stated that the company is testing the upfront pricing feature in a few cities to study market reactions and ensure that there are no imbalances.
The company focus on reducing cancellations by providing drivers with more information before accepting a ride. Drivers will receive a prompt containing the destination, customer rating, payment mode, and other relevant details before accepting a ride. This way, they can decide whether or not to take the ride, which will help bring down cancellation rates.
To maximize earnings for drivers, Uber has integrated Uber Ride and Uber Eats in several countries and Uber Connect in India. The One Earner program design to allow drivers to switch between driving for Uber Ride and delivering for Uber Eats. The program aims to increase driver satisfaction and retain them on the platform. Uber is also engaging with fleet partners to increase its supply of cars. The Fleet Program is currently in the pilot stage in India, while it is active in the US, Hong Kong, and the UK. Fleet partners with 100 or 50 cars can sign up for the program and manage their entire fleet using Uber’s software.
Uber Technologies Inc Stock Forecast
Based on forecasts from 32 analysts, the average target price for Uber Technologies Inc in the next 12 months is USD 47.56, with a Strong Buy rating. However, Stock Target Advisor’s analysis shows a Slightly Bearish stance, based on 3 positive signals and 5 negative signals. Currently, Uber Technologies Inc’s stock price stands at USD 33.26, which represents a -2.75% change over the past week, a +9.55% change over the past month, and a -7.69% change over the last year.
Company Overview
Uber Technologies, Inc. is a technology company that operates in the transportation and logistics industry. The company offers a range of transportation modalities and financial partnership products to connect consumers with various vehicle types. It also provides delivery services for food, groceries, alcohol, and other items. As well as a white-label Delivery-as-a-Service for retailers and restaurants. The Freight segment connects shippers and carriers in a digital marketplace, offering a platform to automate logistics end-to-end transactions for small and medium-sized businesses to global enterprises. Uber Technologies, Inc. was founded in 2009 and is headquartered in San Francisco, California.
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