The sharing economy is on the rise — and small business travelers are loving it, a new study has found.
According to data gathered by accounting software provider Freshbooks, ride sharing service Uber is leading a new shift in business travel.
Airbnb, another leading name in the sharing economy, however is not seeing the same exponential growth among business travelers.
Small Business Travelers Prefer Uber Over Taxis
Gone are the days when business travelers hailed taxis to reach their destination. Numbers suggest in recent years, Uber has gained a competitive edge in the market.
In 2016, small business owners were choosing Uber over taxis 2:1, Freshbooks found. At present, business users prefer Uber 3:1.
Business Travelers Still Favor Hotels for Overnight Stays
In the last couple of years, small business travelers‘ bookings at Airbnb have seen an increase, the study revealed. But when it comes to overnight accommodations, small business travelers seem to still opt for hotels.
In 2016, small business travelers were booking hotels over Airbnb 8:1. This year, business travelers book hotels over Airbnb 6:1. So it’s safe to conclude that business travelers still highly prefer to book their out-of-town stays with major hotel chains.
Why Uber Outpaces Airbnb with Business Travelers
Uber’s growing popularity among business travelers can be credited to its ease of use, FreshBooks suggests. Within seconds, users can request an Uber driver, choose a vehicle, track their ride and be on their way. For busy travelers on-the-go, this is a huge benefit that saves them both time and hassle.
The hotel industry, on the other hand, is driven by reward programs that attract frequent travelers. Hotel loyalty programs are especially popular among business travelers. Also, individual company policies play a big role in determining the place to stay for such travelers.
For more insights, check out the infographic below: