ABSTRACT

In San Francisco, Airbnb was founded by Brian Chesky and Joe Gebbia to help them pay their
rent and supplement their income while they searched for work (Beck, et al., 2016). Airbnb
provides extra rooms at the nation's modern vacation destinations during festive seasons or
holidays when hotel rooms are sold out and the remaining ones are only available at exorbitant
costs (Guttentag, 2013). Airbnb has now disrupted and transformed the whole hospitality
business. While networked hospitality companies like Airbnb are still relatively new, their quick
expansion is the reason they are a force in the hospitality industry, with significant implications for
travel and tourist destinations (Oskar, and Boswijk, 2015).  Due to its rapid growth, Airbnb, an
online marketplace where users may join tours, book meals, and rent out their properties on a
short-term basis, has become a worldwide sensation. There are around 191 countries where
Airbnb is active, and more than 300 million individuals have used its platform to book lodging
(Guttentag, 2019). In this paper, Airbnb's existing business strategy will be analysed, which offers
them a competitive edge in the market, and, based on its potential for further development, we will
also look for solutions to the question of how to design a successful business plan.

INTRODUCTION

The business model Airbnb uses enables property owners to take advantage of underutilized
resources. But along with its rapid expansion, disputes have emerged among a variety of parties,
particularly the conventional hotel sector, local governments, and policymakers (Mugabi, 2020).
Airbnb has now eclipsed the main hotel chains in terms of the number of beds available and
market valuation thanks to the largest networked lodging service (Kapai, 2019). As one of the
most popular sharing economy services, Airbnb quickly became a force after they were founded
in 2008. As of 2017, Airbnb had attracted 100 million hosts and guests worldwide, earning $100
million that year (Roelofsen and Minca, 2018). The company has developed its business model
based on a compelling value proposition. (Cheng and Foley, 2018).

The stakeholders of Airbnb receive a variety of advantages. For clients, lodging on Airbnb is often
less expensive than conventional lodging like a hotel (Guttentag, 2015). Additionally, Airbnb
provides local authenticity, making it easy for guests to blend with the locals in the listed
apartment, home, or private room (Bucher et al., 2018). With Airbnb, property owners can get the
most out of their unused resources (Oskam and Boswijk, 2016). Other stakeholders, like the
neighborhood, benefit from Airbnb's expansion of local economic and commercial potential

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(Gurran and Phibbs, 2017). There are negative externalities the growth of Airbnb has brought
notwithstanding the advantages they offer. For example, one hotel in Texas experienced a
revenue loss for every increase in Airbnb property listings (Zervas, Proserpio and Byers, 2017).

An analysis of the external environment reveals the contextual elements that will influence Airbnb
strategy. PESTLE and Porter's Five Forces were chosen as the appropriate tools for this. PESTLE
study provides a high-level report on the variables that may have an impact on Airbnb, such as
economic, political, technological, etc. Additionally, using Porter's Five Forces, one may assess the
competitive environment's strength and place Airbnb within it. These tools are valued as they
provide information for strategic decision making and long-term planning. In contrast, the internal
environment has to do with how Airbnb runs and manages its digital capabilities. As a digital
company, it is crucial for Airbnb to understand how customers can contact them, which is why a
Digital Marketplace Map is carried out. This article discusses the online environment of Airbnb.
Additionally, a Value Network is run. The Value Network shows the network between all the parts
that make up Airbnb and pinpoints where the value of Airbnb is located. Finally, the Business
Model Canvas explains the workings of the Airbnb Business Model. It may be able to identify and
address opportunities and challenges by clearly defining its business model.

IDENTIFICATION AND ANALYSIS OF CONTEXTUAL FACTORS AFFECTING THE

ORGANISATION’S EXPLOITATION OF THE DIGITAL ENVIRONMENT.

POLITICAL FACTORS

Organizational impact on the political environment is investigated using PESTLE analysis. For
instance, the results of the research may reveal if political events are stable and so advantageous
to organizations (Touati, 2013). Unfavorable political conditions, such as a state of war and
unstable governments, might, on the other side, have a detrimental effect on the organization.
Understanding opportunities and addressing challenges in the political climate can be extremely
advantageous to the firm (Buye, 2021). It has been reported that in the US, "Airbnb is fighting
local officials over attempts to collect occupancy taxes and ensure that the houses listed on its
site conform with zoning and safety standards from Nashville to New Orleans to Honolulu
(Martineau, 2019).

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The sharing economy benefits both hosts and guests, but rent is not subject to the same
restrictions as rental properties (Quattrone, 2016). In other words, this method doesn't yield much
for the government. Some states demand that the owner be present during the brief renting
period. The hosts must pay the same amount in taxes as other hotels do in the other states. The
business model of Airbnb is unique and out of the ordinary, and this is why they have issues with
both the law and people in high places. There are a few states that have enforced fines on them.
This is why they need to be careful and follow the housing laws and regulation that exist in
different states and countries (Park, 2019).

ECONOMIC FACTORS

Using PESTLE to analyse will generate data on different levels of economic growth by providing
results on the economic situation and how it might impact on the organization helps it to respond
appropriately (Buye, 2021). Due to its expansion, Airbnb now poses a serious threat to hotels and
motels. Airbnb provides more affordable rental options. And it quickly experienced exponential
growth. Over 9 million people are now served by them globally (Martin-Neuninger, 2019).
Numerous economic factors directly and indirectly have an impact on the peer-to-peer lodging
sector. The country's overall macroeconomic environment, inflation and interest rates, currency
exchange rates, and tax rates are only a few of the economic variables that have an impact on the
disruptor in the tourism business (Buye, 2021). Additionally, significant economic drivers for
Airbnb include the unemployment rate, financing availability, cost of labor, and changes in
consumer disposable income. For the worldwide hotel firm, the importance of the difference in
currency exchange rates and credit availability is crucial. (Dogru, et al., 2019).

Airbnb has jobs available for "hosts," or those who occasionally let guests stay in their homes.
This kind of service is cherished for cities that don't have hotels or motels. States have profited
from Airbnb because it has created full-time jobs and millions in spending. Nearly four thousand
jobs and over $600 million in economic activity were created in New York (Quattrone, 2016). The
company has approximately 6 million listings in about 191 countries worldwide. There are also
about 500million guests visiting approximately 100,000 cities under the Airbnb banner.
(Guttentag, 2019). By early 2015, Airbnb started charging a 3% fee for people that were booking
made on the platform with an international currency. This was because Airbnb were greatly
affected by the international currency exchange rate and also to control earning being negatively
affected by constant changes in the currency exchange rate (Fast Facts, 2019).

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SOCIAL FACTORS
Airbnb is a Social business. In exchange for payment, hosts allow visitors to stay in their houses.
Visitors will post online diaries of their adventures. Stories can spread thanks to social media. And
word-of-mouth marketing helps Airbnb expand (Kamble, 2020). The social media sites Facebook,
LinkedIn, Google Trends, and Instagram have all been effectively used by Airbnb. Through social
media, the brand interacts with customers and site visitors and invites them to share their
experiences. When this occurs, the business uses the customer's input to advance the brand
(Schivinski, et al, 2020).

The hosts will also talk about their experiences. Although tourists frequently provide reviews,
hosts also talk about tenant activity. Additionally, the business has an "Experiences" initiative.
Users reserve three-day events like classes in burlesque, or go to significant occasions (Reinhold
and Dolnicar, 2017). In exchange for payment, Airbnb hosts offer special experiences to its
visitors and clients. Compared to hotels and restaurants, it is entirely different (Li, et al, 2019).
Social media user reviews and word-of-mouth advertising reduce a company's marketing and
promotional expenses. Airbnb operates under the shared economy model with the intention of
assisting both buyers and sellers (Johnson and Neuhofer, 2017). It has helped families in the
lower and middle classes by generating work opportunities and dispersing money throughout
society.

TECHNOLOGICAL FACTORS
Airbnb is heavily reliant on technology. Visitors will book rooms using the app or the website. The
website is also where guests will leave feedback. A negative review indicates that a host will have
difficulty obtaining future bookings (Guttentag, 2019). They also make use of automation. If a host
does not respond to a guest's message, Airbnb will text the host on their behalf. For example, if
the host is purchasing and can respond to the guest's questions. On its behalf, the automated
system would communicate with the guests. In other words, without the use of technology, Airbnb
would not have achieved this level of success (Santos, et al., 2020). By generating information on
technological advances, organizations can be better prepared to implement change and use the
most relevant technologies.

LEGAL FACTORS

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Airbnb is a one-of-a-kind company. People offer to allow strangers use their houses. Aibnb have
legal problems from this situation (Guttentag, 2013). There are state housing laws that some of
this properties are breaking. The owners of this properties have to live on them in order for the
rent to be legal. Furthermore, during holidays when these owners rent out their homes, there are
taxes that the owners of these properties are supposed to pay (Zabihi and Rezazadeh, 2021).

Airbnb has been fined and sued in Barcelona, New York, and New Orleans, because they have
violated local tourism laws (Nieuwland and Melik, 2018). The housing regulations of various
countries and states differ, and Airbnb has had numerous legal issues. Now, the company has
established a set of guidelines for hosts and guests to follow (Green and McCarthy, 2015).
Different governments have different rental regulations. In 2020, Airbnb paid 15.3 percent of its
revenue in taxes. It allows the company to continue operating while staying out of trouble with the
law (Gibbs, et al., 2019).

Porter’s 5 Forces
The goal of Porter's five forces analysis is to determine a company's competitive advantage and
competitive advantage. According to this analysis, the combination of the five important strengths
(Rivalry among Existing Competitors, Threat of New Entrants, Threat of substitute Products or
Services, Supplier Bargaining Power, and Buyer Bargaining Power) are what is seen as the
competitive nature of the industry (Bruijl, 2018). Customers will gradually abandon companies that
do not want to grow in terms of information systems because they are perceived to be ineffective
and less helpful or interactive. (Goyal, 2020).

Figure 1 showing the five forces that shape the industry Competition (Nurlansa and
Jati, 2017)

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Rivalry among Existing Businesses: This is usually the most powerful of the five competing
forces. The company's strategy can be successful if it gives an advantage over rival companies'
strategies. (Bruijl, 2018). A change in strategy by one company may result in a counter-attack,
such as reducing prices, improving value, increasing variety, delivering services, extending
warranties, and increasing advertising. (Adekiya and Adekiya, 2016). Competing companies differ
in terms of strategy, where they come from, and the culture. As rivalry between companies in the
same industry increases, the company's profit declines, and in some cases, creating an
unattractive industry. Strategies implemented by one company can only be successful if they
provide a competitive advantage over the strategies implemented by the company's competitors
(Allen and Helms, 2006).

The competition among businesses is intense if:

 The number of competitors is enormous in size and influence. Competitors will find it
testing not to go after businesses.
 The industry is growing slowly. Slow growth leads to competition for market share.
HomeAway is one of Airbnb’s biggest competitors. There are other competitors like Wimdu
Booking.com TripAdvisor and Trip.com

100
89.1
90 86.5
81.2
80
73.7
70 66.3
Number of users in millions

60 56.5

50 44.8

40

30

20

10

0
2016 2017 2018 2019 2020 2021 2022

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 Figure 2 Number of sharing economy users in the United States from 2016 to 2022 (in
millions) (Statista, 2019).

Threat of New Businesses: We believe that the obstacles for a business with the characteristics
of Airbnb are relatively low and flexible. The requirement for capital is low because, as previously
stated, the website requires little initial investment (Guttentag, 2013). Despite the fact that a small
barrier is not risky, what is a risk to the startup is that a small company that has recently entered
the market attempts to create a gap between the major competitors of the sectors, such as the
most well-known accommodation search engines. (Guttentag, 2013).

The danger of new companies coming into the industry is determined by the existing entry
barriers, as well as the reaction of existing competitors, which can be predicted by the new
company. If the barrier or obstacle is large, and/or new entrants expect violent resistance from the
old faces, the threat of entry of new entrants is low (Islami et al, 2019).

Despite being founded in 2008, Airbnb has quickly grown to become a leading global hospitality
service brokerage company. The term Airbnb has become synonymous with peer-to-peer lodging,
leaving little room and market for new entrants. (Bruijl, 2018).

Threat of similar Products or Services: When there is are similar products, industry profitability
suffers. By setting a price high, commodities that are similar limit an industry's profit potential
(Dan, 2013). If an industry does not differentiate itself from these products through product
performance, marketing, or other means, it will suffer in terms of profitability and, in some cases,
growth potential and all aspects of performance management in a competitive industry, in the
broadest sense, with industries that produce analogs. Replacement products limit the industry's
potential profit with a high price that may be provided by another company in the same industry
(Scott, 1973). The position in the face of similar products is subject to collective bargaining.
Replacement products limit the price that can be set before customers switch to replacement
products. The strength of competition from products that are similar is best measured by the
products' market share, as well as the company's plans to increase capacity and market
penetration (Buzzell and Sultan, 1972). If a substitute offers a compelling price-performance
trade-off in comparison to the industry's product, it poses a high threat. The lower an industry's
profit potential, as well as the buyer's cost of switching to the substitute, the higher the relative
value of the substitute (Goyal, 2020).

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Negotiating advantage of Suppliers: The hosts who rent out rooms or houses are identified as
the supplies in this case; it is because of them that the business is growing. The primary
foundation for providing service to guests is the hosts (Etor, et al., 2013). Each host has
significant power; they can set their own rental terms, prices, and cancellation policy. Airbnb
allows its hosts to set their own terms, always within certain parameters, but it is the host who
decides whether to accept a reservation or change the price at a certain time of year (Airbnb,
2022).

The negotiating advantage of suppliers can pose a threat to a company that obtains input from a
supplier if the company's reliance on one supplier grows over time. A sign that is used to examine
the company's dependence on one supplier is a sign of the concentration ratio which suggests the
ratio between the amounts of supply from a specific supplier and the overall value of inventories
supplied by various suppliers (Etor, et al., 2013). Suppliers can threaten industry participants by
raising prices or decreasing the quality of the products or services purchased.

Negotiating advantage of Buyers: Although, there are traditional hotels and hostels for global
rental and experiences platform, there is no direct substitution for peer-to-peer lodging services
(Prayag and Ozanne, 2018). In other words, peer-to-peer lodging services offer a wide range of
advantages such as having kitchens and amenities, location in neighbourhoods and more space
for less price. Traditional hotels and hostels are not able to match these advantages.

The number of travelers across the world run into hundreds of millions, but just a few hospitality
service companies that are trusted by both, hosts and guests. Therefore, it can be argued that the
size of buyers is significantly greater compared to the size of supplier and such a situation
imposes certain limits on buyer bargaining power (Sainaghi and Baggio, 2020). As mentioned
above, the advantages of peer-to-peer lodging include kitchen to cook and basic amenities,
houses in residential areas and more space. Substitute services such as traditional hotels and
hostels do not offer these advantages, and therefore, buyers’ propensity to go for substitute
services may be limited (Prayag and Ozanne, 2018).

ANALYSIS OF THE CURRENT CONTRIBUTION OF DIGITAL CAPABILITIES TO AIRBNB

Digital Marketplace Map

8
There are always individually owned assets not being used and people with free time who are not
working. Without transaction costs, many of these assets and people could be employed in
productive ways, if only for a short time (Farronato and Andrey, 2017). These transactions could
generate welfare by expanding market capacity, offering better matching products, and providing
new sources of income for sellers. However, the costs of transacting between unacquainted
individuals have been so large in developed economies that people instead preferred to
exclusively transact with traditional firms in most markets (Camilleri and Neuhofer, 2017). Over
the past 20 years, peer-to-peer marketplaces have greatly expanded transaction volume between
individuals in markets such as Airbnb (Fradkin, 2017).

Many features are implemented in peer-to-peer marketplaces, such as payment processing,

messaging, reputation, and search. This paper demonstrates that the design of the search engine
is critical to the success of Airbnb. The company describes itself as a trusted community
marketplace where people can list, discover, and book unique accommodations all over the world,
either online or via mobile phone. Since its inception in 2008, the marketplace's total transaction
volume has at least doubled every year (Johnson and Neuhofer, 2017). Airbnb created a market
for a previously uncommon transaction: the consumer's short-term rental of an apartment or part
of an apartment. (Fradkin, 2015). Airbnb operates a reputation and fraud detection system,
customer service, a communications platform, a mobile application, and an insurance policy for
hosts, and a transactions processing platform in addition to a search engine (Garg, 2020).

9
 Figure 3: Sample of Airbnb Search engine (Airbnb, 2021).

Business Model Canvas

Airbnb is a fascinating company. As of mid-2022, it is valued at $62.58 billion, in less than ten
years since its inception it has surpassed the combined market capitalisation of Hilton and Hyatt.
They have served over 3 million listings in over 65,000 cities in over 190 countries and
200,000,000 guests to date (Kneževič and Dolnicar, 2017).

The Business Model Canvas is made up of the nine categories shown below to describe a
company. From a business standpoint, the left side is the supply side, and the right side is the
customer side.

Figure 4: Airbnb’s Business model canvas devised by Alex Osterwalder in 2005.

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Airbnb hosts are the platform's supply. They bring their houses/units to the table. Reaching a
critical threshold of supply and variety of options is vital for the customer experience.
Airbnb has two types of hosts:

1. Rental hosts provide houses, units/condos, rooms, and more unique accommodations
such as castles and igloos.
2. Event hosts volunteer to take attendees through local activities such as food, art, fashion,
and nightlife.

The opening rounds of finance are discussed by investors/venture capitalists. The financing aids
in the development of functionality, apps, and algorithms, as well as in the acquisition of clients.
Investors lower the weighted cost of capital (WACC) (Chemmanur, 2008).

Lobbyists are critical to Airbnb's success at all areas of government. It is now unlawful in New
York City to promote properties for stays of fewer than 30 days. The exception is when the
landlord lives in the same flat as the tenants. (Cumming, 2000). Airbnb referred to it as "back-
room dealing".

Corporate travel partners: By moving into the corporate travel arena, Airbnb has gained a big
number of new guests. Airbnb inventory is made available to business travel managers through
partnerships with services such as Concur and Flight Centre.

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Corporate travel managers have some discretion as to which suppliers, including lodging
providers, they enlist within their corporate travel policies. These corporate travel managers have
the discretion to add thousands of potential guests. Early adopters are particularly valuable as
they can set a precedence for peers to follow (Alanzi, 2018).

Non-key partners are those in which Airbnb has multiple choices with comparable offerings from
which to pick. This is not to say that the services provided by non-key partners are irrelevant.

Value Network
Airbnb creates value propositions on (at least) three levels apart from the financial value:
1. Individual connections: Airbnb assists in getting every guest-host connection off to a
good start. In comparison, hotels also give similar appearance and impression all around
the world. Individuality is eroded, service providers must be trained to meet service
delivery criteria, among other things.
2. Community: The large amounts of user contributed content on the destination places as
well as the related home/unit/room enable relationships between users.

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 Figure 5: Airbnb’s Value chain (Reinhold and Dolnicar, 2017).

This is how the value propositions for the hosts looks in more detail:

1. Earning extra money ("From preparing for house repairs to taking a dream vacation, hosts
use extra money to fund their passions."
2. Transactional ease: joining the platform, acquiring guests, payments, and so on.
3. Experience (Meeting new people) if desired.
4. Guests' IDs are already checked, and they can assess other guests' ratings.
5. Calendar and booking management via Airbnb.
6. Airbnb provides insurance coverage (hosts still needs an insurance for certain items).
7. Other non-affiliated third-party host service providers (from cleaning just to full
management).

Organisations in the hospitality business will struggle to compete with Airbnb's value offers on
both sides.

IN CONCLUSION

In the aggressive tourist industry, Airbnb's reputation is precious. It almost completely bypasses
the promotional thought process, as with typical hotels. Finding a "AirbnB" is linked with finding
alternate accommodations for your next vacation. It has surpassed the concept of being
contemporary and has become a mainstay in its own right.

In the sharing economy, Airbnb is a market leader. They hire "hosts," people who rent out their
rooms or homes to visitors. However, each state and country has its own housing regulations, the
necessity for permits, licenses, and taxation varies by area. Airbnb has suffered outrage and legal
difficulty as a result of their failure to solve these issues. They are now ensure hosts abide by

13
these regulations when accepting Airbnb’s terms and conditions. Although lack of clear
regulations regarding home stays helped Airbnb expand rapidly when it first started.

Vrbo, FlipKey, TurnKey, Plum Guide, and others compete directly with Airbnb's business strategy
of providing unique spaces directly to tourists. Airbnb offers numerous benefits, particularly to
budget-conscious and location-savvy guests looking for distinctive lodging to match their travel. It
also provides revenue alternatives for hosts, although setting up a destination space lawfully can
be tricky due to local regulations. While the present business model fixates on lodgings, Airbnb
might expand its offers to include additional relevant choices such as air travel, vehicle rental,
tickets for attractions or activities, and more. This would enable it to produce a whole travel
package, which might be the next step in its evolution.

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