…market adoption Uber enjoys. It’s possible, but it’s a tougher needle to thread.
In other words, to build an enduring, multi-billion dollar business, convenience isn’t enough. Which brings me to my new mantra: “[10x product], and save people money”. More on this later.
…ar — was just a tap away. After all, Uber did that for taxis. Shouldn’t we do it for other stuff?
The challenge is that many took the wrong lesson from Uber. Yes, convenience is huge, but it was only part of the picture. The magic of Uber is that it used mobile to create a 10x better product than the incumbent (taxis), and did so at a lower price. The “and” is everything.
It took three years for Uber to execute this. Uber, as we all know, launched as an on-demand black car service. They nailed convenience from the beginning, but the service was a luxury. Then in July 2012, Uber took a cue from Lyft’s ride sharing service, and launched uberX. UberX was 10x better than taxis — but more expensive. It wasn’t until June 2013 that Uber did something important: it re-launched uberX in California with cheaper prices. The headline: “The New uberX: Better, Faster, and Cheaper than a Taxi” (emphasis added).