Airbnb CEO Brian Chesky faced a series of challenges throughout 2023 and has been preparing to turn the bad months around.
First, in March, the frenzy known as “Airbnbust” emerged, when hosts expressed their concerns online social media, such as X/Twitter, about the reduction in profit margins and the fear of a possible bubble in the short-term rental market term.
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Soon after, competitor Vrbo overtook the Airbnb by meeting long-standing customer demand and implementing a loyalty program.
In September, the city of New York imposed rules much stricter for short-term rentals, significantly threatening Airbnb's presence in a market that, in its early days, represented around 80% of the business.
As recently as September, when CEO Chesky released some updates to the site, he seemed to be in a delicate situation, facing a complex dilemma between the divergent demands of guests and hosts.
The bottom line was this: Guests wanted to save more money and be assured of a high-quality experience.
The hosts were worried about the possibility of drops in bookings and their financial results.
The new improvements implemented by Airbnb are predominantly aimed at the benefit of guests, addressing common issues in five key areas, from affordability to customer service client.
(Image: disclosure)
When it comes to costs, one of the promises is to provide consumers with complete information about prices for advertisement, including cleaning fees in a transparent and more affordable way, an issue that often causes frustration.
At the same time, these improvements provide hosts with information that will help them set competitive rates.
A new ad verification system has also been introduced to identify and eliminate fake ads, increasing the reliability of listings.
Additionally, the search tool has been improved with the inclusion of other filters, allowing you to guests can more easily find options like king-size beds and accommodations that accept animals.
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