Smart parking technology enables drivers to locate their nearest parking spot, pay for their parking with the click of a button, and be on their exit without hassle. Alongside decreasing pollution and congestion parking is thought to have the potential to boost a city’s revenues by up to 30 per cent.
Although increased revenues for the operators and city administrations are certainly a benefit smart parking technology could also create new revenue streams. For instance, parking businesses are able to charge in a tiered method, depending on the place of the parking. We’ll look at ways parking can create new revenue streams for the various stakeholders within the ecosystem.
Many cities have untapped parking spaces that motorists are ignorant of. By using a parking application users can access the information they need by making a payment, creating a revenue stream for parking lot owners. Smart parking technology integrates various data sources into one complete set of information for immediate guidance for parking. Data providers are able to cost users for the data and thus easing parking procedures and reducing travel time. Users are charged either on a monthly or pay-per-use basis.
Operators may charge a commission on mobile transactions, thereby creating a revenue stream. They could also implement reward programs to encourage frequent customers. Based on the number of people using the parking space at the moment, the cost of the reservation is able to be adjusted in line with demand and can be a great source of revenue.
Smart parking software, such as Get My Parking offers data analytics that can help with policy and pricing. Its IoT-based functionality can eliminate the possibility of revenue loss by recording the usage. Data analytics can be employed by city administrators and operators to increase efficiency and provide a comprehensive overview of parking usage.
Parking lot owners have historically relied on manual methods for collection and management, frequently experiencing leaks and inefficiencies due to inefficiencies. Smart parking software is able to solve this problem by efficiently managing the property. Operators are able to also utilize occupancy and customer data to create dynamic pricing, which can directly increase revenue. The information gathered can be utilized to aid in effective report management and will provide important figures that business owners can make use of to increase their profits.
The traditional parking system, which generates revenues for cities, however, is prone to leaks because of the absence of precise information. With sufficient information about the use of parking, authorities can ensure that parking fees are designed to allow for innovative billing methods. Mobile payments, when combined with data on space utilization could permit per-minute parking fees instead of flat rates.
Cities may also discover new revenue streams by making money from certain parking data. It might gather data on cars via videos and then sell it to car makers looking to gauge buyer behaviour and customer information.
With sensors for parking, cities can also enhance enforcement and identify the violators, which can improve the process of collecting fines. Cities could also gain from the flexibility of pricing dynamically and precise billing that is enabled by IoT sensors. This is especially beneficial for parking on streets where the duration of parking is difficult to quantify and control. Since mobile IoT networks provide real-time information relays, a signal could be sent to the billing system in order to charge the driver.
IoT And Mobile Players
IoT and mobility companies could certainly generate new revenue streams through the parking market. Smart parking makes utilization of sensors, RFID cameras as well as license plate readers, automated driving, mobile payment, etc. to ensure a pleasant parking experience. Mobile IoT is essential for broad coverage in order to transfer data that sensors collect to a central database. This is an opportunity not just for parking facilities that are new but also for retrofitting cameras or sensors to older ones.
Generating Newer Revenue Streams
Smart parking creates new opportunities for revenue streams for parking lot owners and city administrations. With a variety of web and mobile apps, all key stakeholders in the parking industry are able to be served by parking solutions, creating fresh revenue streams.
Get GMP QR. It’s a simple and easy QR-code payment option that is simple and cost-effective to install. Let’s look at an example from Hawaii when QR code use helped increase the revenue from parking in a place in which a kiosk that was supposed to be a payment machine suddenly malfunctioned.
The parking company caters to the needs of its customers, residents, and the hospitality sector with the most prestigious valet service in the state parking services, self-parking service as well as garage administration. They’d established GMP QR to provide a payment method for their guests since it was the most efficient and cost-effective method to allow touchless payment All they needed to do was install an ultra-visible QR Code that was provided by GMP.
Gmp Qr – Impacts Revenue
Automated payment kiosks are vulnerable to breakdown, particularly in harsh weather conditions. The Pay-and-Display machine on one of their lots was able to break down the operator positioned themselves for a decrease in revenues. However, the data revealed an entirely different story. The graph below shows the growth in revenue as well as the number of sessions completed through GMP QR.
The company saw a 100 percent increase in sessions that used QR codes month-to-month and a 113% rise in revenues. GMP QR is so simple to use that people were able to switch easily to scanning the QR Code and then paying using the operator’s customized web application.