Riding a bike of technology- Bounce Business Model
Two-wheelers being a treasured memory for Indians; whether it is the bike that was gifted to you by your parents or the scooter handed down from your parents, whether it was the bike that was the means of commute or the bike that was the symbol of freedom. There is no denying that two-wheelers are omnipresent, and the fact emphasizes that India is one of the major growth markets of two-wheelers. Can you make your life a little easy, and yet not shell out lakhs on buying a two-wheeler? Well, the Bounce business model gives you the toast of freedom, enjoyment, and technology at an affordable cost.
Riding with Bounce Scooters:
WickedRide founded in 2014 by Vivekananda H R, Anil G, and Varun Agni is the parent company of Bounce.
- It offers a scooter sharing service that allows users to pick up a scooter from anywhere, ride it to their destination, and drop it off at any location.
- Bounce business model solves the problems of commute. It makes daily commute and those special journeys stress-free, convenient, and reliable.
- Benefits include time-saving, money, and energy!
Founder base bounce working model on the concept of dockless ride system, something that is a hit in many other countries. Bounce claims it provides 60k rides per day which makes it the fastest-growing bike-sharing startup. They base bounce out of Bengaluru- the home to millions of bike enthusiasts and has its presence in over 10 cities.
What did Bounce offers?
Assured Bikes Every day, Everywhere:
If you are commuting to your workplace and you need to take the metro, but the metro station is at a distance from your house, you can use Bounce. You can pick-up the two-wheeler from the location and drop at your desired destination, that too, with zero deposit and minimum documentation.
Pick-up and Drop:
Bounce is located in cities such as Bengaluru, Dandeli, Hyderabad, Shravanbelogola, Gokarna, Jaipur, Mysore, and Manipal, to name a few. You can rent from anywhere in the city and drop it off at any location in the city and not worry about the fares as they seem to be lower than the local autos and cabs.
Long Rides:
Bounce also provides you to rent a bike for long rides up to 300 km per day.
Top brands bikes on rent:
If you desire to ride a bike from top brands, Bounce can do it for you at a rental amount. You can choose from the varied range- from Pulsar to Honda and from Yamaha FZ to Avenger.
Bounce Enabling Factors
Internet Boom:
The wave of the internet has not left the bike-riders behind. In fact, the technology-enabled bikes have made the lives of millions of two-wheeler riders, easier. Just owning a smartphone with the internet can make the bumpy ride smooth.
Presence of App:
The app is available for free and is one of the most popular apps on Google Store. Similarly, the website is user-friendly too.
Common People Demand:
As is the demand, so is the supply. Daily commuters look for easy and economical transportation, something that connects the first mile to the last mile. And, Bounce is the product of this desired connectivity.
Replacing Keys:
As Bounce is from the world of IoT- Internet of Things, the bikes are dockless. It means the two-wheeler you would rent from Bounce does not require keys to operate. The bikes are operated using OTP. Hence, it is devoid of any human intervention. Certainly a blessing for all the introverts out there!
How to use Bounce bikes | Bounce Business Model-
Absolutely simple to use bounce bikes-
Step1: Visit the website or download the App.
Step2: Create your profile.
Step3: Locate the nearest bike.
Step4: Confirm the booking by making payment.
Step5: Reach the pick-up point.
Step6: Enter the OTP and start the journey on Bounce.
Bounce has VTS- Vehicle Tracking System that streams and collects data on the location of the bike.
Revenue Model of Bounce | How Bounce makes money
- Bounce earns its revenue from the fare charges which starts at Rs.5/km and Rs.0.5/min; it is easy on the pocket for the commuters.
- It also has an hourly rental that is dependent on the brand of the bike.
- Within 10 months of launching a dockless scooter in Bengaluru, Bounce claims to have over 2 million customers and over 5 million rides.
YouTube Video for Bounce Business & Revenue Model:
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Apart from the fare charges, chances are, Bounce may also start earning revenue from the In-App advertisement as well as advertisement on the vehicles (implementing phase).
Possible Challenges for Bounce:
Some challenges can put a hurdle on the smooth journey of Bounce:
Competitors:
A lot of companies have emerged which are solving the problems of daily commuters by providing affordable, convenient, and reliable mobility. For Bounce, its competitors are Vogo, Rapido, Drivezy, and ONN. Competitors always impact on your revenue model.
Quality:
Being a bike-rental service provider, Bounce working model has to uphold the condition of bikes and also take care of its maintenance. Fuel and Helmet, undoubtedly are part of the maintenance which are often overlooked. Vehicles do come with a shelf-life and the constant changes in the policies and law can aggravate the situation. Quality service is directly proportional to the Bounce revenue model.
Support:
Social media reviews do project that the support system of the Bounce is not up to the mark. However, they do have feedback and rating system which the users can use to relay their messages and complaints. Better the support better will be the customer experience through which Bounce can make good money.
Cyber Attack:
Bounce wouldn’t exist without the internet and internet with it brings the constant threat of being hacked or being down.
Conclusion:
- With technology at its spearhead, Bounce business model is decongesting the roads and encouraging commuters to opt for public transport.
- Bounce, however, does not show the fuel status on the app or the server.
- It provides adequate compensation when you refuel the tank and send the picture of the receipt. Bounce aspires to convert its entire fleet into electric vehicles as a permanent solution to the problems related to fuel and pollution.
- Unfortunately, Bounce only provides helmets and not shower-caps, which may be a problem for a few.
- Bounce, claims that 25% of its users are women.
- Formerly, known as Metro Bikes, Bounce definitely has a set of loyal commuters who enjoy the ride on these yellow bikes and with Bounce are transforming the scene of commute.
Next Article: Rapido Working Operation