The Success of Airbnb :
Airbnb stands for Air bed and breakfast (Airbnb). It is an online place for homes primarily or tourism or for lodging. This online marketplace neither hosts any kind of event nor does it own any of the property. It works as a broker, who takes a commission for the bookings. In this article, let us try to find out the reasons behind the success of Airbnb.
Extensive Research and Planning
Some research is going on to find out the success of Airbnb. Peer- to-peer model gave a flip in case of Airbnb. This system doesn’t allow customers to review the rented house or vendors. But it allows vendors or householders to choose and review the customers. Some of the researchers spoke to the hosts to find out the key factor that motivates the vendors to give their properties or houses in rent. The answer was money, some of them are giving rent to enjoy a luxurious life and some of them did this to meet daily needs.
The researcher shows that there are no single factors why the vendors or householders are giving their properties. One of the important factors is money that will be helpful to many of them or will meet their daily needs, some say they enjoy the company of strangers and would be fun to stay with them. Whereas others say that they would love to help the strangers and show them the beautiful place where they stay.
Extensive use of social media popularity
With the use of extensive reach of social media, Airbnb became a name for everyone. People got accustomed to intangible assets and this caused them a lot of things right in return. Back in the days, renting a place was a big problem for everyone because of the staying issues that emerged from days. This is when AirBnB came right into a stop for the people to help them out.
The revenue model is revised
The revenue model for AirBnB is completely revalued and reminded of the new numbers. With the stark changes that are happening from all around the world, Airbnb is still a major source for income from households. The rent back in the days was not funded enough and this is where people lost most of it. Most of the tenants used to be on the pro-rata basis but AirBnB came into the story and helped a lot of owners to thrive.
The researchers think that it will be definitely helpful to many other hospitality companies to raise their business. This will also help travelers to communicate with the local people and become familiar. This will also allow vendors to adapt to small businesses like cleaning pools, gardening, etc. The peer-to-peer network helps not only the company but also the vendors to show their interest in lending properties. Airbnb took the challenge that according to common people, why will they allow strangers into their home, there are many risks of doing so. Taking all these challenges Airbnb is now one of the most successful hospitality companies.