Six Months in South Florida
As we kick off 2015, we wanted to reflect on the impact our technology has had on riders and drivers in South Florida and its effect on the local economy since our launch this summer.
We are a data-driven company, and love when we have the chance to provide some interesting stats that show the social and economic impact of our platform.
Given our price cuts in South Florida a few weeks ago, we thought we’d share what happened to driver partners’ earnings after our October price cuts. Here are a few stats about how our partners have profited by lower fares.
BY THE NUMBERS – OCTOBER PRICE CUT
20%: Decrease in uberX prices. This made the average uberX trip 45% cheaper than a local taxi.
60%: Increase in trips per hour. Partners are wasting less time between trips, which means more time spent on trips and earning money.
29%: Increase in hourly driver earnings. This excludes the extremely busy times of Art Basel and New Years Eve. (This is based on data from five weeks before the price cuts and the five weeks after Uber’s guarantee program ended.)
3 weeks: Amount of time it took for driver partners’ earnings to match or exceed the hourly earnings they were making before the price cuts.
4 weeks: Amount of time Uber guaranteed driver earnings post price-cut, paying the difference as riders took more and more trips.
This month, we’ve cut prices again and expect the same pattern of more trips per hour and higher driver earnings as a result of the thousands of rides the people of South Florida are taking each and every day.
We’re so confident in the earnings gains drivers will see from even lower fares that we’re making earnings guarantees in South Florida, again – and in every city where we’ve cut prices.
We are keeping a close eye on driver partners’ earnings in the next few months, and have invested a great deal of time into getting these seasonal price cuts right. We owe it to our partners to get this right, and look forward to maximizing their earnings potential while providing an affordable ride to as many South Floridians as possible.
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