Traditional systems of parking management tend to rely on manual intervention. Smart parking has now changed this, introducing technology to crease out inefficiencies and improve management. This, in turn, offers parking lot owners a chance to increase their revenue. It is clear why – with reduced human intervention and improved management of the business, the bottom line is directly affected.
Let us see how smart parking can help businesses generate more revenue.
Most cities have under-utilized parking spaces, but drivers still scramble to find parking spots because they are unaware of these lots. Smart parking apps can provide this information to drivers for a fee. They can follow a subscription model or charge users per-use. Thus, increased revenue is generated for parking app providers as well as lot operators.
Parking apps utilize data from multiple sources and consolidate it to provide drivers real-time parking guidance. By charging for this data, data providers can also generate more revenue.
Mobile wallets and payment gateways
Lot operators can further increase their revenue by charging a commission on mobile payments. They can collaborate with mobile wallets and other payment partners to incorporate reward programs to encourage repeat users. Since payment gateway providers get paid on a per-transaction basis, their revenue is also enhanced.
Data analytics providers
City administrations and lot operators can avail of the services of data analytics providers for accurate accounting of usage and a city-wide view of parking utilization. They can then revise policy and prices and eliminate revenue leakages.
Parking lot operators
Most parking lot operators rely on traditional and manual methods of management and collection. But these methods are riddled with inefficiencies that can cause revenue leakages. Smart parking software like Get My Parking can resolve this through efficient management of the facility. Operators can also leverage customer and occupancy data to implement a dynamic pricing model, thereby increasing revenue directly. The data thus collected can also be used for effective report management with reliable key figures that owners and decision-makers can use to grow their business.
IoT and mobility players
IoT and mobility companies can generate more revenue by servicing the smart parking industry by providing cameras, sensors, license plate readers, RFID, assisted driving, mobile payment solutions, etc. Mobile IoT is also crucial for wide-area coverage and transmission of information from sensors to a centralized database. This creates an opportunity not just for new parking lots but also for retro-fitting sensors and cameras in older ones.
Smart parking has innumerous benefits. It helps businesses grow and generate higher revenues. All while simplifying the parking process for the user, It helps cities manage traffic and reduce congestion.