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Why Whim App's Business Model is so successful?

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Whim App’s Company Overview


Whim App is a pioneering mobility service provider that aims to revolutionize the way people travel. Based in Helsinki, Finland, Whim App was launched by MaaS Global in 2016 with a vision to make daily commuting more efficient and sustainable. The company offers a comprehensive range of mobility services, including public transport, taxis, bike rentals, car rentals, and even ferry rides, all integrated seamlessly into a single user-friendly mobile application. Whim App's mission is to provide a viable alternative to personal car ownership by making various modes of transportation readily accessible and convenient for users. Whim App operates on a unique business model known as Mobility as a Service (MaaS). This model integrates various forms of transport services into a single mobility service accessible on demand. To use the service, users simply need to input their destination, and the app will suggest the best possible routes using various modes of transportation. Users can then book and pay for their journey directly through the app. This on-demand, user-centric approach helps to reduce the need for personal vehicles, thus contributing to less congested and more sustainable cities. The company's revenue model is based on a subscription-based system coupled with pay-as-you-go services. Users can choose from different subscription plans that best suit their mobility needs. The plans vary from unlimited use of all transport modes to specific packages such as only public transport or only taxi rides. The flexibility of these plans caters to a wide range of users, from daily commuters to occasional travelers. In addition, Whim App also generates revenue from partnerships with various transport service providers, who pay a commission for being featured and booked through the app.

https://whimapp.com/

Country: Finland

Foundations date: 2016

Type: Private

Sector: Transportation

Categories: Mobility


Whim App’s Customer Needs


Social impact:

Life changing: affiliation/belonging

Emotional: wellness, therapeutic value, provides access

Functional: saves time, simplifies, integrates, connects, reduces effort, avoids hassles


Whim App’s Related Competitors



Whim App’s Business Operations


Collaborative consumption:

Collaborative Consumption (CC) may be described as a collection of resource circulation systems that allow consumers to both get and supply valued resources or services, either temporarily or permanently, via direct contact with other customers or through the use of a mediator.

Access over ownership:

The accessibility over ownership model is a business concept that allows consumers to utilize a product without owning it. Everything serves a purpose. As a result, consumers all across the Western world are demanding more value from their goods and services, and they are rethinking their relationship with stuff.' Furthermore, with thriving online communities embracing the idea of access above ownership, the internet is developing as a robust platform for sharing models to expand and prosper.

Digital transformation:

Digitalization is the systematic and accelerated transformation of company operations, processes, skills, and models to fully exploit the changes and possibilities brought about by digital technology and its effect on society. Digital transformation is a journey with many interconnected intermediate objectives, with the ultimate aim of continuous enhancement of processes, divisions, and the business ecosystem in a hyperconnected age. Therefore, establishing the appropriate bridges for the trip is critical to success.

Integrator:

A systems integrator is an individual or business specializing in integrating component subsystems into a unified whole and ensuring that those subsystems work correctly together. A process is known as system integration. Gains in efficiency, economies of scope, and less reliance on suppliers result in cost reductions and may improve the stability of value generation.

On-demand economy:

The on-demand economy is described as economic activity generated by digital marketplaces that meet customer demand for products and services via quick access and accessible supply. The supply chain is managed via a highly efficient, intuitive digital mesh built on top of current infrastructure networks. The on-demand economy is transforming commercial behavior in cities worldwide. The number of businesses, the categories covered, and the industry's growth rate are all increasing. Businesses in this new economy are the culmination of years of technological progress and customer behavior change.

Mobile first behavior:

It is intended to mean that as a company thinks about its website or its other digital means of communications, it should be thinking critically about the mobile experience and how customers and employees will interact with it from their many devices. The term is “mobile first,” and it is intended to mean that as a company thinks about its website or its other digital means of communications, it should be thinking critically about the mobile experience and how customers and employees will interact with it from their many devices.

Transaction facilitator:

The business acts as an acquirer, processing payments on behalf of online merchants, auction sites, and other commercial users for a fee. This encompasses all elements of purchasing, selling, and exchanging currencies at current or predetermined exchange rates. By far the biggest market in the world in terms of trade volume. The largest multinational banks are the leading players in this industry. Around the globe, financial hubs serve as anchors for trade between a diverse range of various kinds of buyers and sellers 24 hours a day, save on weekends.

Transportation as a Service (TaaS):

Transportation as a Service (TaaS), also referred to as Mobility as a Service (MaaS), refers to a trend away from privately owned means of transportation and toward subscription-based mobility solutions. This is accomplished by integrating transportation services from public and private suppliers through a unified gateway that organizes and maintains the journey, which customers may pay for with a single account. Users may either pay per journey or subscribe to a monthly subscription for a certain distance.

Subscription:

Subscription business models are built on the concept of providing a product or service in exchange for recurring subscription income on a monthly or annual basis. As a result, they place a higher premium on client retention than on customer acquisition. Subscription business models, in essence, concentrate on revenue generation in such a manner that a single client makes repeated payments for extended access to a product or service. Cable television, internet providers, software suppliers, websites (e.g., blogs), business solutions providers, and financial services companies utilize this approach, as do conventional newspapers, periodicals, and academic publications.

Pay as you go:

Pay as you go (PAYG) business models charge based on actual consumption or use of a product or service. Specific mobile phone contracts work on this principle, in which the user may purchase a phone card that provides credit. However, each call is billed separately, and the credit balance is depleted as the minutes are used (in contrast to subscription models where you pay a monthly fee for calls). Pay as you go is another term for pay & go, pay per use, pay per use, or pay-as-you-go.

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