CONSUMER confidence in ridesharing apps is down, according to data released yesterday.

Figures from analytics company Chattermill showed that trust in the likes of Bolt and Uber, as well as Singapore's Grab and Spain's Cabify, has fallen 25 points in the last year.

Drivers cancelling rides, prolonged waiting times and increased prices were cited as some of the main reasons behind customers' distrust.

"For ride-sharing, [loyalty and retention] has always been important," said Chattermill chief executive Dmitry Isupov.

"But now, with heightened competition across every industry, price pressures, and customers less loyal than ever, having a laser focus on customer retention is businesscritical whatever sector you work in."

According to Isupov, the ridesharing businesses that will survive are the ones that "truly understand their customers." The figures come despite rising demand for Uber and Bolt over the last few months, especially in London as a result of tube and rail strikes.

Uber told City A.M it was working hard to make the platform the best possible. City A.M has approached the remaining companies for comment.

(c) 2022 City A.M., source Newspaper