The pain associated with parking might surprise you when they are quantified. On average, Americans spend 17 hours in a given year looking for parking. The average cost on wasted time, fuel, and emission is equivalent to $345 per year. These figures jump to 85 hours and $1,880 per year for Los Angelenos; for New Yorkers, 107 hours and $2243 per year. The cost of parking as a proportion of the total cost of driving is approximately 30%.
Needless to say, the perception of parking does not always conjure up warm and positive reactions.
The challenges for operators and businesses are even more complex. Even before the COVID-19 and its ravaging impact on the economy, there was a tangible push and emphasis on having the flexibility and agility in the parking industry. In the backdrop of pandemic coupled with advancement of ride-sharing services and self-driving cars, which will dampened the demand for parking, being able to convert spaces for a potential multi-use hub befitting the evolving needs should be strategic imperatives going forward.
Businesses are now facing a profound shift in consumer behaviors and preferences and the focus on health and safety have been thrusted into the forefront as they embrace the new normals.
Smart Parking as a Solution
In the face of dampened movement and spending, intelligent parking should be leveraged as competitive differentiator. For those who might not be familiar, Intelligent Parking is a state of connectivity and integration, much like how a modern consumer is connected to a myriad of services through their smart phones. In an environment that offers Intelligent Parking, a driver has the ability to find and book their parking spots in advance and pays through a convenient means of their choosing. The Intelligent Parking renders the best-in-class customer experience, where a driver is guided to a designated spot and has the visibility into the location of their car. It also automates critical processes, gives operators extensive visibility into how they are performing and offers stringent control over their infrastructure to convert and extend the usage with agility and resiliency.
Frictionless Customer Experience
Intelligent parking is a byproduct of meticulous integrations, technologies in existence today have been underutilized in the arena of parking but the benefits that could be offered is even more significant in today’s market. Simple upgrade to the facility and integration with mobility solution can result in easy to adapt solution for drivers and consumers who are inclined to opt in for reduced-contact shopping and appointments. The intelligent parking upgrade to the facility also has added value of providing visual guidance to reduce cruising time and enhance the security of the building - benefitting both the customers and operators.
Smart parking also gives operators visibility into their facilities/infrastructure to automate key processes. The intelligent parking platform, which can be further enhanced by customization, can automate access, revenue management, and manage open spaces. Through integration with other enterprise applications, complex processes such as discount, permit management, loyalty programs can be supported. More importantly, the data generated as part of this automation can be easily synchronized and integrated to roll out exciting initiatives such as dynamic pricing and targeted promotions.
Having the visibility into infrastructure, understanding the usage patterns, gaining control of how space is managed gives operators the flexibility to explore other exciting revenue opportunities. The power of video-based guidance, surveillance, and analytics will enable data-driven decisions based on real-time events and predictive analysis. As some operators aggressively look for new revenue streams; which has manifested in launch of cloud kitchens in parking lots, hosting community events, conversion into a mobile hub for disruptive distribution models, the needs for intelligent parking becomes even more significant.