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Industry Introduction

Peer to peer markets (P2P), collectively known as the sharing


economy have emerged as alternate suppliers of goods and
services traditionally provided by long established industries. The
growing influence of internet combined with the Information and
Communication Technology (ICT) has given a boost to the sharing
economy model. Hence, businesses leveraging the sharing
economy have flourished in the last few years. Prominent
examples include Airbnb, Uber, Lyft and TaskRabbit. They act as
an interface between the supplier who has an unused asset and
the customer who is willing to pay for using the services, thereby
allocating resources where they are needed. The two factors that
drive the use of sharing economy are social (desire for
community) and economic appeal.
The first instance of vacational rental industry, a peer to peer
market taking to Information and Communication Technology
occurred in 1996 with the launch of booking site VRBO. The
sharing model grew rapidly with the advent of HomeAway in 2006
and Airbnb followed suit in 2008.The vacational rental industry is
currently worth $100 Billion and is expected to grow to $170
Billion by the end of 2019. The supply side flexibility has
streamlined the process of market entry for suppliers: they can
choose to withdraw the supply whenever they feel like.

Airbnb
A provider of travel accommodation and a pioneer in the sharing
economy, Airbnb was launched in August 2008. It is an online
interface that helps the owners of vacational rentals to list their
homes or apartments in the site and tenants to find and rent the
vacational homes for a processing fee. It is headquartered in San

Francisco, California and has over 1,500,000 listings in 34,000


cities and 191 countries.
Launch of Airbnb coincided with the Democratic National
Convention at Denver which helped them to capitalize on the lack
of hotel space. It started by providing air bed mattresses and
breakfast at lower costs. It was this ability to deliver more than
just a place to sleep that allowed Airbnb to disrupt the established
lodging market in such a major way. Since 70% of airbnb
properties are outside the main hotel districts, hotels saw them as
complementarity of their offerings rather than as competitors. Yet
in order to really compete with hotels, they had to do more than
just offer a better experience. Another major advantage of Airbnb
was that it tended to be substantially cheaper30-80% lower
than area hotels.

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