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Uber is challenging traditional car companies by offering a subscription-like service. This service is similar to a subscription as it has the user's ID, payment information, and a history of their preferences. In some cities, Uber is even testing a flat-rate monthly subscription service that includes bundles of reduced-rate trips with no surge pricing. This model is a direct challenge to traditional car companies as it caters to the shift in customer preferences towards services.
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Car companies are reacting not just to the sea change in customer preferences for services, but also to the challenge of Uber. In many ways Uber is already like a subscription service—it has your ID, payment information, and a history of your preferences—and in some cities it is testing a flat-rate monthly subscription service that includes bundles of reduced-rate trips with no surge pricing.
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Subscription services have grown revenues 8X faster than the S&P500 and 5X faster than US retail sales. This new business model is why Adobe, Netflix,...
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