Harvard Case - Taxshe Cab Services: Coping with COVID-19
"Taxshe Cab Services: Coping with COVID-19" Harvard business case study is written by Kishinchand Poornima Wasdani, Abhishek Vijaygopal, Matthew J. Manimala. It deals with the challenges in the field of Entrepreneurship. The case study is 8 page(s) long and it was first published on : May 11, 2022
At Fern Fort University, we recommend Taxshe Cab Services implement a multi-pronged strategy to navigate the COVID-19 crisis and emerge stronger. This strategy focuses on:
- Adapting the Business Model: Leveraging technology and analytics to enhance safety and convenience for customers, while adapting to new market demands.
- Strengthening Financial Resilience: Securing funding through a combination of venture capital, angel investing, and crowdfunding to weather the storm and support future growth.
- Embracing Innovation: Exploring disruptive innovation opportunities like contactless payment, delivery services, and partnerships with healthcare providers to expand service offerings.
- Building a Sustainable Future: Implementing environmental sustainability initiatives to attract environmentally conscious customers and build a positive brand image.
2. Background
Taxshe Cab Services, a rapidly growing ride-hailing company in India, faced unprecedented challenges with the onset of the COVID-19 pandemic. The decline in passenger demand, government-imposed lockdowns, and concerns about safety led to a significant drop in revenue and threatened the company?s future.
The case study focuses on the company?s founders, who must navigate this crisis and develop a strategy to ensure the long-term viability of their business.
3. Analysis of the Case Study
The case study highlights several key issues:
- Market Volatility: The pandemic drastically impacted the ride-hailing industry, leading to unpredictable demand and revenue fluctuations.
- Customer Safety Concerns: Customers were hesitant to use ride-hailing services due to fear of infection, requiring Taxshe to address safety concerns.
- Financial Strain: Reduced demand and operational costs put significant strain on Taxshe?s finances, necessitating strategic financial planning.
- Competitive Landscape: The pandemic also impacted competitors, creating opportunities for Taxshe to gain market share through strategic moves.
To analyze the situation, we can utilize the Porter?s Five Forces framework:
- Threat of New Entrants: The pandemic created barriers for new entrants due to financial constraints and regulatory challenges.
- Bargaining Power of Buyers: Customers had increased bargaining power due to the availability of alternative transportation options and safety concerns.
- Bargaining Power of Suppliers: The bargaining power of suppliers (drivers) remained relatively stable, as their services were essential to the business.
- Threat of Substitutes: The availability of alternative transportation options like personal vehicles, public transport, and delivery services increased the threat of substitutes.
- Competitive Rivalry: The pandemic intensified competition among existing players as they fought for market share.
4. Recommendations
Short-Term (3-6 Months):
- Implement Safety Measures: Prioritize customer and driver safety by mandating mask-wearing, sanitizing vehicles regularly, and offering contactless payment options.
- Diversify Revenue Streams: Explore new revenue streams like delivery services, grocery shopping, and partnerships with healthcare providers to cater to emerging needs.
- Optimize Operations: Leverage technology and analytics to optimize routes, reduce wait times, and minimize operating costs.
- Secure Funding: Seek funding through a combination of venture capital, angel investing, and crowdfunding to stabilize finances and support growth initiatives.
- Negotiate with Drivers: Open communication and negotiation with drivers are crucial to maintain their loyalty and ensure service quality.
Long-Term (6-12 Months):
- Develop a Sustainable Business Model: Focus on business model innovation to adapt to the changing market landscape. This could involve incorporating electric vehicles, promoting sustainable practices, and offering subscription-based services.
- Expand into New Markets: Explore expansion opportunities in emerging markets with high growth potential, leveraging international business expertise.
- Invest in Technology: Invest in web and mobile applications to enhance customer experience, improve operational efficiency, and offer personalized services.
- Strengthen Brand Image: Develop a strong brand identity that emphasizes safety, reliability, and sustainability to attract customers.
- Build Strategic Partnerships: Form partnerships with other businesses in related industries to create synergistic opportunities and expand service offerings.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies: Taxshe?s core competencies in technology, logistics, and customer service are essential to implementing these strategies.
- Customer Needs: The recommendations address customer concerns about safety, convenience, and affordability.
- Competitors: The strategies aim to differentiate Taxshe from competitors by focusing on innovation, sustainability, and customer experience.
- Financial Viability: Securing funding and diversifying revenue streams are crucial to ensure the company?s long-term financial stability.
6. Conclusion
Taxshe Cab Services has the potential to not only survive but thrive in the post-pandemic world. By adapting its business model, embracing innovation, and focusing on customer needs, the company can emerge as a leader in the ride-hailing industry.
7. Discussion
Alternatives:
- Focusing solely on cost-cutting: This approach could lead to a decline in service quality and customer satisfaction.
- Delaying investment in technology: This could hinder the company?s ability to compete in the long run.
- Ignoring environmental sustainability: This could damage the company?s reputation and alienate environmentally conscious customers.
Risks:
- Economic downturn: A prolonged economic downturn could impact demand for ride-hailing services.
- Competition: Intense competition from existing players and new entrants could erode market share.
- Technological disruptions: Rapid technological advancements could render current business models obsolete.
Key Assumptions:
- The pandemic will eventually subside, allowing for a gradual return to normalcy.
- Customers will continue to value convenience, affordability, and safety.
- Taxshe will be able to secure sufficient funding to support its growth plans.
8. Next Steps
- Develop a detailed implementation plan: Outline specific actions, timelines, and resource allocation for each recommendation.
- Secure funding: Initiate discussions with potential investors and finalize funding agreements.
- Pilot test new services: Launch pilot programs for new services like delivery and healthcare partnerships to gather customer feedback and refine offerings.
- Monitor market trends: Continuously monitor market trends and adjust strategies accordingly.
By taking these steps, Taxshe Cab Services can navigate the challenges of the COVID-19 pandemic and emerge as a stronger, more resilient company.
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Case Description
A former investment banking professional had her eureka moment when she noticed instances of assaults on single women travelling alone in taxi cabs at odd times of the day. The prevalence of these instances led her to begin a safe cab service run by women for women-Taxshe Services Pvt. Ltd. (Taxshe), located in Bengaluru, India. In March 2020, the initial wave of the COVID-19 pandemic began in India, and a lockdown was announced as a preventive measure. Taxshe, whose customers mainly comprised working women and school-going children, faced a significant challenge, as the sudden changes and stringent restrictions brought on by the lockdown precipitated a substantial drop in the need for cab services. Taxshe's founder contemplated the company's dilemma and consulted people from across her wide network of personal and professional acquaintances. How could she keep Taxshe up and running in spite of the restrictions brought about by the COVID-19 pandemic? What value-added specialty services could Taxshe offer as a cab service during the pandemic that would benefit society at large?
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