Yelp – Rise and fall
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| This photo is credited by itunes.apple.com |
Yelp was a local reviewing site opened in July 2004 and by former PayPal employees to give small businesses a chance to grow by giving reviews from the customers. This gave more user experience to the users and the companies.
The company has enhanced its value by helping small business. In the first 3 years, yelp had conducted many events to help the small business as well as give the best user experience to the user, more like a penetration strategy but quite effective which attracts more and more consumers as well as business owners to the site. The small business owners were loving the site in the early days.
In 2009 the company was so popular that Google offers $550 million to take over it whereas Yahoo countered that offer by giving an offer of $1 billion. Yelp refused both of them.
In 2012 yelp went public and stocks went up with a huge margin.
In 2012 it has 77 million reviews and 61 million regular users but in 2018 it has 177million reviews as well as 164 million unique visitors including the desktop site, mobile site, and mobile app.
Problems Faced
It was the most interesting and exciting business plan when yelp came into play but now the competitors are increasing and google was already taking the yelps data and making its side product. This was a big competitor standing in front of yelp having much more human and technical resources.
At the same time, yelp is facing problems in handling the review system. From 2004 to 2012 From a survey people noticed that 16% of yelp reviews are fake in the Boston region.
Companies are writing negative reviews on the competitor's website and writing positive reviews on their own company's website but yelp said that every reviews of yelp is checked by the company software based on the Quality, Reliability, and user activity.
Yelp said that they don’t high light the reviews of the users they don’t know much as they might be fake.
Restaurant owners with yelp
Yelp makes its majority of money through Advertisement and that really has a bad impact on the small restaurant owners. They said because of that their restaurant is not on the top. But on the other hand, we have sellers saying that yelp helped them a lot to grow their business.
Major problem
Yelp stocks increased continuously and it was highest on 5th march 2014 but after that, it didn’t managed to get that position and it is very difficult to get that position again.
Facebook and google also started the review system so it has been difficult for yelp to be in this market.
At last the stake holder said that they have to do some serious improvement to survive in the market.
Innovation
Now yelp stated improving its website and they said now it is just not a website to give or check reviews but also the website to book restaurants. That bumping up the market now. Now yelp is trying for more innovation on the site.
Can Yelp improve in front of these giant companies or not???
please comment your thoughts down below.
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