Ride-sharing giants Uber and Lyft have attracted hundreds of millions of customers across the globe. They have done so by undercutting the price points offered by taxi companies. While taxis can still be cheaper than Uber and Lyft during 'surge pricing' periods (when the supply-demand curve carries…
Ride-sharing giants Uber and Lyft have attracted hundreds of millions of customers across the globe. They have done so by undercutting the price points offered by taxi companies. While taxis can still be cheaper than Uber and Lyft during"surge pricing" periods , their best days are gone.
But now, Uber and Lyft are facing their own market disrupter, one that potentially poses a mortal threat to their business models. Enter Empower. It's a recent ride-sharing market entrant that tends to be significantly cheaper than its older competitors.Empower currently operates in North Carolina, New York, and Washington, D.C., but says it wants to expand. What makes Empower different from Uber and Lyft is that its drivers pay a subscription fee to the company in order to use its app.
I've been using Empower for about a month now. I've found its service to be generally excellent. While the quality of Empower cars is sometimes of a lesser quality to those of Lyft and Uber, such distinctions are marginal. Empower drivers are also abundant in D.C., making for short wait times. More importantly, I've found that around 85% of the time, Empower rides are at least 15%-30% cheaper than Lyft/Uber rides offering the same journey.
The underlying challenge for Uber and Lyft is simple. Namely, if Empower is earning drivers more money and saving riders more money, it may greatly threaten its competitors' business models.
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