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Airbnb is a successful online marketplace offering various accommodations worldwide.
Classifying the innovation in terms of Product/Service/Process, it is possible to pinpoint that Airbnb business is primarily based on service innovation. The creative entrepreneurial innovation allows people to travel and stay at different hosts connecting them in advance. Precisely speaking, the success of Airbnb leans on the variety of suppliers ranging from small rooms to A-listed buildings (Airbnb, n.d.). The service continuously improves paying precise attention to hosts, photos, and comments posted by users. In its turn, the latter provides the basis for further rent and experience sharing. Therefore, Airbnb encourages people to travel more and enjoy their trips.
Moreover, Airbnb focuses on the radical innovation designed according to the completely new architecture. If earlier people had to arrive and book a room in a particular place, now it is simple and easy to do it using the online platform. Simultaneously, the service provides not only accommodations but also traveling experience, namely, travelers’ evaluations concerning bars, restaurants, and other places.
In terms of configuration, Airbnb undoubtedly applies the revolutionary profit model. Meeting both customers’ and company’s needs, the service obtains increasingly growing profits year by year. The product performance is also at the highest level as Airbnb positions itself as a safe and credible platform, with the help of which people can find and book unique accommodations anywhere in the world directly on the site or via a mobile app. Among other distinguishing features of the company, one might note the instant booking, confidentiality, and eligibility.
The channel of the company expansion might be referred to as the users’ feedbacks and ratings. In addition, Airbnb regards itself as a sharing economy company (Shankman 2013). Particularly, using people’s capacity to create a reputation and monetize the space, the service becomes one of the most successful projects of our time.
To conclude, Airbnb is a ground-breaking business based on radical service innovation. The customers compose the basis for the company’s growth. Airbnb’s paramount driving force is its innovation strategy.
Airbnb n.d. Web.
Shankman, S 2013, The World Economic Forum Praises Airbnb for Vision and Innovation. Web.