It is impossible to downplay the tremendous impact of modern technology on daily life. Today, even in pandemic times, people can interact whenever they want, from all corners of the globe. Driving on urban roads has also become easier and safer, thanks to smart tech integration and reliable GPS solutions.
With all these rapid advancements, it is no surprise that parking systems are becoming more tech-oriented. Modern smart parking solutions enable drivers to locate nearby parking spots quickly, pay for them at the touch of a button, and drive off with ease. As a result, they have the potential to reduce significant congestion and emissions in urban areas.
That said, transforming a parking lot to a smart car space can be a capital-hungry investment. Despite the apparent environmental benefits and increasingly accessible technology, many parking operators have a shallow view of smart parking’s return-on-investment.
Smart parking benefits go beyond contributing to seamless urban movement and lower pollution. Below are five intriguing income sources you can unlock by taking your parking space to the next level.
1. Parking Marketplace Services
The most straightforward way to make your parking lot “smart” is to take it online with a parking app. With Pavemint's Marketplace service, you can give potential clients the convenience of knowing you have empty spaces before they start driving. That way, they do not need to drive around aimlessly, hoping to stumble on a free slot.
By offering this undeniable value to commuters, a parking app can unlock an undeniable revenue-making avenue for parking providers. You can also enable your lot with QR codes to capture drive-up traffic through Pavemint's Self Park service.
2. Data Analytics
A parking software solution with multiple functions, such as free parking geolocation, space reservations, and instant mobile payments, can be a one-stop-shop for valuable insight into the parking market. Pavemint offers data collection and analytics in many different ways.
It can give new parking providers and city administrators information about peak- and off-peak parking times, the most preferred parking spaces, the most popular payment options, and even city-wide views of parking utilization. With this data, they can make sound decisions regarding business strategies and policies.
3. Mobile Payments
The proliferation of smart mobile devices has dramatically increased the typical customer’s demand for instant gratification. Today, clients across all industries want to enjoy their service and pay for it with as few steps as possible. In parking, motorists are gradually shunning the traditional ticket-and-chip payment processes for faster and more user-friendly mobile-based solutions.
With parking software, motorists can rent parking on-demand, reserve a space, and even pay to extend their stay. As an operator, you can charge a commission on all mobile payments they make, adding a revenue stream. You can also introduce a rewards program to encourage repeat payers. Moreover, you can adjust this mark-up fee depending on the parking demand at a given time, keeping your clients happy while maximizing peak-time returns.
4. Cost-Effective Facility Management
Many parking lot operators rely on manual methods of managing their parking spaces and collecting payments. These processes are marred by leakages and inefficiencies, which result in significant revenue losses.
Smart parking replaces some of the costliest and most problematic manual processes with automation. As a result, you will cut down your spending on onsite staff, and your clients will spend less time driving around your parking lot.
Smart parking can also centralize payment collections. Solutions like Pavemint support several payment options, minimizing the need for more than one infrastructure for managing accounts. You can accept payments on one user-friendly, cost-effective platform and avoid the losses that stem from using multiple disjointed systems.
5. Dynamic Billing Models
Traditional parking systems are riddled with inefficiencies because they lack targeted data. Because smart parking can offer comprehensive information about parking utilization, parking providers can develop dynamic parking tariffs according to demand changes. Mobile payments combined with real-time space utilization data can enable per-minute and per-hour parking charges rather than flat rates.
As a parking operator, you can determine which times your parking lot experiences the highest demand and adjust your charges accordingly. Furthermore, your clients can enjoy the flexibility of planning their parking times based on on-peak and off-peak hours and get more value for their money.
Embrace Smart Parking and Boost your Revenue
Smart parking can come at a cost. However, as you have learned, it can open new revenue streams to recoup your investment. With the right solution, you can boost your income and cut down operating costs, all while contributing to a less congested and polluted world.