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Uber's pricing strategy is a key factor in its competitive positioning in the ride-hailing industry. It charges passengers more per mile than its competitor, Lyft, which contributes to its higher operating earnings. Uber also implements dynamic and surge pricing during high-demand hours, which can cause prices to increase significantly. This strategy allows Uber to maximize its profits during peak times. However, it's important to note that this pricing strategy can also lead to customer dissatisfaction during surge pricing periods.
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So who's better, Uber or Lyft? Overall, drivers on Lyft report higher wages than drivers on Uber. That's because, on average, Uber takes a more significant cut of each ride. Lyft's hourly average is $17.50, whereas Uber's is $15.68. In terms of speed of service, Uber has significantly higher operating earnings than Lyft, and that's due in large part to this pricing strategy. In the US, Uber charges passengers more per mile than Lyft. According to research, Lyft charges 10% less on a per-mile basis. Lyft also has lower minimum fares. But both companies utilize dynamic and surge pricing during high-demand hours, so prices can always swing wildly. Uber does charge surge prices faster than Lyft.
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