Future of starting a business like Airbnb – vacation rental marketplace
As we know, Airbnb had a great impact on the hotel and hospitality industry, introduced the concept of peer-to-peer platforms. There are two reasons why peer-to-peer platforms like Airbnb have grown. First is technology innovation and the second one is the flexibility it gives to the supplier side. Due to these reasons “Airbnb” created a niche for itself in the hospitality industry, benefited its users from different fascinating services.
Airbnb’s current market position and how did it reach here
Airbnb is one of the leading vacation rental service providers. The main question on most people’s mind is, how did it manage to become so successful in a short space. Answer is, through the customer-centric amenities, they won the millions of customer hearts.That is why, they reached one million booking milestone within 3 years and crossed the 5 million booking milestone within a year after that.
In fact, they are so successful that they have very few competitors in the world. To counter Xiaozhu in China, Airbnb has made use of many diverse tactics. It is true that Xiaozhu has more listings, but Airbnb is fast catching up. Airbnb has narrowed the gap with Xiaozhu even after entering the Chinese market late.
Airbnb’s success strategy
Proper implementation of Data science is the main reason for the success of Airbnb. The data scientists in Airbnb see the data they receive as the voice of the customer. They analyzed the feedback given by the customer and made their plans accordingly. All the features introduced in Airbnb were done after properly analyzing the feedback given by customers.
They integrated Craigslist into their website. The listings posted on Craigslist by Airbnb were far superior to the ones listed by others. Being superior in the sense that they were more personal and descriptive.
Scope for future entrepreneurs
Even though Airbnb is one of the leading vacation rental service provider available out there, they do not have total control of the market. This means that entrepreneurs who can build businesses based on Airbnb model will be able to seize control of a sizable piece of the market.
As Airbnb is a part of the sharing economy, this economy is expected to be valued at 335 billion US dollars in the year 2025. This is based on the expected growth of Airbnb and other companies. That means entrepreneurs who join the business now will be able to reap the market.
It is predicted that no company will have the total monopoly over the sharing economy. This means that whoever provides customers the best possible service they can gain their patronage.
As you see, entrepreneurs who replicate the Airbnb business model having paramount possibilities to acquire the market share.
The “sharing economy” is a huge basket resides with a lot of opportunities for entrepreneurs. Those entrepreneurs who wish to be a part of this growing economy can look at Agriya made Burrow – Airbnb clone software, that brings you an exact clone version of Airbnb business model by saving your high-priced time and money that can be spent for further marketing and strategies.