Yelp Upgrades Search
NEW YORK (Trefis) -- Yelp(YELP) is one of the largest online business search, review and recommendation services, which enables consumers to access ratings and read reviews and opinions about local businesses like hotels, restaurants, salons, dentists and mechanics on its Web site. It generates revenue mainly from local business advertising, display advertising and from additional services like Yelp deals, and deals with reservation services like OpenTable(OPEN) .
Yelp has upgraded the search features on its service, adding some advanced search filters that help users to find local businesses based on their preferences and demographic stats like age. The first two new filters are "Liked by Vegetarians," which enables vegetarians to find restaurants that have been liked by other vegetarians, and "Liked by X-Somethings," which enables users to find local businesses popular with customers in certain age groups.
With improved search, Yelp aims to offer a better discovery experience to its users by providing more relevant results. This should eventually lead to higher engagement and usage levels that will help it drive its local and brand advertising revenue, which account for around 65% of its total value.
We currently have a $10 Trefis price estimate for Yelp, which stands nearly 60% below its market price.
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