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Uber and Lyft face several challenges in terms of pricing strategy. One of the main challenges is the dynamic and surge pricing model. This model, which increases prices during high-demand hours, can lead to unpredictable and often high prices for customers, potentially driving them away. Another challenge is the competition between the two companies. For instance, Lyft charges 10% less on a per-mile basis and has lower minimum fares than Uber, which can make it difficult for Uber to compete on price. Additionally, Uber takes a larger cut of each ride compared to Lyft, which can lead to lower wages for drivers and potentially result in driver dissatisfaction and turnover.
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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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