Discover how to improve your parking spaces’ utilization and increase revenue adopting a Dynamic Pricing strategy
Improve the spaces’ utilization and increase revenues are the main goals of garage owners and operators. But did you know that adopting a Dynamic Pricing strategy might be the perfect solution to reach them?
For a city garage, the quantity and diversity of customers on a single day increase dramatically when it is located close to shops, theaters, and sport venues, and under special circumstances such as shows, events, and matches that succeed in attracting wider audiences.
A flexible pricing strategy allows the operation to combine the garage opening times with different tariffs in order to define variable rates, then maximize both revenue and capacity utilization. Operators can thus capitalize on peak business periods: they can differentiate daily rates from special event rates, such as sports games and theater productions. And they can also stimulate demand in underutilized facilities, providing incentives to park such as special rates for overnight stays.
Because of the dynamic parking habits of drivers, the effectiveness of variable pricing schemes directly depends on how responsive operators are: they should adjust the available fares to account for differences in demand.
Creating a Dynamic Pricing scheme through the management software is the easiest and quickest solution for operators, to keep the parking performances monitored and under control: they can set different rates remotely, i.e. not only from the monitor, but also from their smartphone and any device connected to the software. Rate changes becomes customizable, flexible and automatic; easy to update, and ultimately decreasing calls to service and dependency on the hardware vendor. Parking performance and actionable analysis is just a click away!
Through the same software, operators can update the electronic display panels at the entrance and throughout the garage, saving time and labor to update the static signage manually. This not only minimizes the risk of inconsistencies or delays in handling the variance of rates, but also provides a flawless parking experience to end users: consistent, straightforward, fast.
Owners and operators can harness the power of advanced parking technology: dynamic pricing strategy takes the parking business to the future.
Discover more on our seamless parking solutions on www.hubparking.us!
