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News

Rokt partners with Lyft

Tuesday 15 August 2023 10:15 CET | News

Ecommerce technology company Rokt has partnered with Lyft to offer personally relevant experiences to US and Canada-based customers. 

The ridesharing company will incorporate Rokt’s technology to provide relevant offers to riders through the Lyft application. According to Rokt’s officials, both companies share a customer-first approach, and the collaboration will enable a more personally relevant Lyft journey for riders in North America, while also supporting the Lyft Media division as it expands.

Ecommerce technology company Rokt has partnered with Lyft to offer personally relevant experiences to US and Canada-based customers.

Rokt allows companies to access additional revenues, acquire advertising customers at scale and consolidate relationships with their existing ones by using machine learning. Through this, shoppers receive relevant offers in the final stages of an ecommerce transaction. 

The ridesharing market

As per Facts & Factors report, the global ridesharing industry size has been valued at USD 69.3 billion in 2022 and is expected to reach USD 205.83 billion by the end of 2030. During the anticipated period, the market is projected to grow with a CAGR of 13.5%, as the high penetration rate of smartphones and decreasing data pack prices are likely to enhance the ridesharing market growth. Moreover, the North American region is expected to dominate the market, with Lyft and Uber as its active service providers. Based on a survey of 11.000 citizens in the US, 36% of people used ridesharing services in 2018, compared to 15% in 2015. 

During the COVID-19 pandemic, the ridesharing market has seen a decrease in consumer sales. However, it began to recover rapidly in May 2020, when the restrictions have been lifted in most of the world. Due to the high inflation and fuel surcharges instituted by some companies in 2022 as a reaction to the rising gas prices, users are paying an increased amount for their rides. According to Bloomberg’s report, in July 2023, the average sale per client at Lyft was USD 87, 3% higher than in July 2022 and 12% higher than in July 2021. 

More information about Lyft

Launched in 2012, Lyft has seen a quick expansion in the US, reaching 20.3 million active users in 2022, with an increase of 8.5% from the previous year. During its years on the market, the company has introduced a variety of features to improve its user experience, including a car pre-order service to streamline airport pickups in May 2023. Back in March 2023, Bilt Rewards enabled its cardholders and members to increase their Bilt Points by 5X on rides booked on Lyft. The collaboration allowed Bilt members to earn rewards towards monthly rent and other expenses through Lyft rides.

The company entered the food delivery space in 2021 through a collaboration with Olo, Lyft’s aim being to deliver from restaurants using Olo’s Dispatch software. Therefore, the partnership allowed an expansion of delivery coverage in local areas, due to the availability of Lyft drivers and their delivery pricing.

In June 2020, the company announced their commitment to transition to a fleet of electric vehicles across their platform by 2030, therefore continuing its course in building an eco-friendlier future. As per the company’s The Path to Zero Emissions plan, the transportation industry represents the largest source of greenhouse gas pollution in the US. Their expected results are related to a reduction in emissions of 16 million metric tons and savings of USD 10 billion for drivers in reduced vehicle operating expenses. 

Source: Link


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Keywords: ecommerce, partnership, COVID-19, machine learning
Categories: Payments & Commerce
Companies: Lyft, Rokt
Countries: United States
This article is part of category

Payments & Commerce

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