A platform business such as Airbnb leverages data analytics to differentiate its offer from that of competitors such as VRBO.
Answer the following statement true (T) or false (F)
True
Platform businesses can learn a great deal about their suppliers and customers by observing their search and usage patterns. Successful platform firms leverage this data to figure out how to best fill their matchmaking role in bringing together suppliers and users. Airbnb has worked to create systems that increase the likelihood that hosts will agree to offers from potential renters. The firm realizes that renters get frustrated if their rental offers are declined. Additionally, hosts will be dissatisfied if offers come from undesirable renters. Using data analytics, Airbnb analyzed when specific hosts accepted and declined offers and their satisfaction ratings of renters to develop profiles of preferred renter characteristics. Using the resulting algorithm for matching renter characteristics and host preferences, the company saw a 4 percent increase in its rate of converting offers into accepted rental matches
You might also like to view...
The factors involved in computing periodic depreciation charges for an asset do not include the
A) method of cost allocation B) current value of the asset C) service life D) residual value of the asset
The researcher can manipulate the context in which the questions are asked so that the questions seem appropriate
Indicate whether the statement is true or false
Cash equivalents
A) are illegal in some states B) will be converted to cash within two years C) will be converted to cash within 90 days D) will be converted to cash within 120 days
What are some of the objectives a firm might hope to achieve when setting prices?
What will be an ideal response?