Parking Industry Insights - Precise ͵͵ | Parking Management Services/parking-industry-insights/Fri, 26 Jan 2024 15:17:25 +0000en-USSite-Server v@build.version@ (http://www.squarespace.com)Multimodality and Parking: the End-to-End Customer Journey with ParkedinParkedinUrban mobilityPrecise ͵͵Mon, 16 May 2022 20:32:12 +0000/parking-industry-insights/multimodality-and-parking-the-end-to-end-customer-journey-with-parkedin606df7dd6b47261d19840040:62791adf8378884ca2d598de:6282b2816045f3449c44ff1816 min read

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The last mile of any journey is often the most fraught.

This phenomenon was first conceptualized by utilities and communications providers that were able to, for example, deliver their products to a neighbourhood fairly easily but then experienced challenges connecting individual homes.

Likewise, logistics companies can easily coordinate delivering a large number of goods to a central depot, but often experience difficulty finalizing the delivery to individual homes because a signature is required but the homeowner isn’t available. It’s also the most expensive and time-consuming part of the logistics lifecycle, so there’s a great deal of interest in finding more efficient solutions.

Similar matters occur in the realm of parking: getting to a concert venue downtown is easy enough, but finding an affordable parking space nearby can be consuming.

As an increasing proportion of the world’s population lives in urban centres and those centres become increasingly dense, we can expect these dilemmas to worsen over time. To address these matters as they arise, companies are leveraging people’s interconnectedness with technology to develop solutions that are flexible and sustainable.

As a leader in technology-forward solutions to manage parking access and revenue control in the Canadian market, Precise ͵͵ is at the forefront of these innovations.

And if we want to stay there, we need to ask ourselves three important questions:

  • What does last-mile technology include in the context of the parking industry?

  • How does it fit into broader trends in urban mobility?

  • What are we doing today to build toward this connected future of urban mobility?

Last-Mile Parking Technology

Nearly 98% of parking transactions today leverage technology at some point in the transaction process. This includes anything from a driver visiting a pay-on-foot kiosk on their way back to their vehicle before leaving a parking garage, looking online to compare rates near their intended destination, to scanning a QR code posted near a parking meter to pay for a session without touching a machine.

In the context of the parking industry, last-mile technology includes everything that makes the driver’s life simpler and more convenient and lets them get to their destination more quickly and efficiently. In practical terms, this means reserved parking with ancillary services like electric vehicle (EV) charging and detailing, or apps that locate available parking stalls, give you turn-by-turn directions to your reserved stall, and pay for your session all in one convenient place.

Municipal governments’ Sustainable Urban Mobility Plans (SUMPs) are increasingly looking at the health and economic impacts of poorly designed and executed transportation patterns within their jurisdictions. By some estimates, as much as 40% of inner-city traffic is caused by drivers looking for parking, often circling a block several times before they find a space. This takes time away from productive work and the emissions that result are detrimental to urban air quality.

To address these failings, the trend in urban mobility is to favour seamless mobility experiences and build momentum toward large-scale implementation by incentivizing early adoption of these technology-forward solutions.

Parking equipment suppliers and management companies that exist today will need to have a firm grasp of the emerging trends in urban mobility, and remaining profitable will mean proactively anticipating and gearing up for changes in the urban mobility market.

Trends in Urban Mobility

The world’s population is becoming increasingly concentrated in dense urban centres, which has significant impacts on energy demand and air quality in cities.

And as services and amenities that cities offer are increasingly concentrated downtown, demand for real estate in city cores goes up, and as demand for space rises, so too does the cost. The rising cost of housing in city centres means that fewer people have the space or disposable income to dedicate to a private vehicle, and as they live closer than ever to work and entertainment, many find they need a car less and less often, making that purchase even harder to justify.

A market for personal mobility will always exist but it’s no longer enough to think of urban mobility as being about parking exclusively — specifically, where to find it and how to pay for it.

So what trends in urban mobility have we seen emerge, and how do technology integrations align with them?

Mobility as a Service

On average, cars are stored twenty-three hours a day, which used to mean parking was critically important to people’s mobility needs.

Today, as people live closer to work and demand for space downtown makes it prohibitively expensive to park at work, even those who still choose to own a private vehicle are increasingly opting to commute to work on public transit and save their car for weekend trips to big box stores.

Having cars sit idle for much of the week but nevertheless having to pay a premium for storing them at home makes them an even more difficult financial burden to justify for many people. To meet the still-present demand for occasional personal mobility, residents of urban centres can take advantage of demand-based mobility services that connect them with drivers able to transport them to their destination.

By optimizing car-ownership in this way, one shared vehicle replaces approximately eight to twenty private vehicles, whether they are self-driven rentals, taxis, or hailed rides. This cuts down on congestion, reduces the total cost of personal mobility, and adds convenience to the lives of many.

Ride hailing is a fixture of the modern gig economy, but shared mobility has existed for many decades in both static and dynamic models, distinguished by whether the rented or borrowed vehicle is returned to its original location, ready for the next user. And regardless of the mobility-as-a-service model, the service is moving increasingly into the mobile, app-based world, whether to call a ride, reserve a rental, or even unlock a vehicle.

Electric Mobility

A growing proportion of the vehicles remaining on the ground are powered by electricity, whether charged overnight at home, in a couple hours in commercial or professional settings, or in just a few minutes at DC fast chargers.

Regardless of how the electricity is generated, the absence of local emissions improves air quality within cities where congestion and idling are most common, though of course we see the greatest environmental benefit when the electricity is generated from renewable sources.

Governments around the world are encouraging the transition to electric mobility in a variety of ways. For vehicle manufacturers, jurisdictions are mandating total fleet averages for their products’ emissions, resulting in higher-emission models becoming fewer in number and therefore more expensive per unit than their hybrid or electric stablemates.

Following a frank appraisal of their driving needs — usually only a few kilometres a day — many are drawn to electric vehicles because of their lower operating and maintenance costs. Nevertheless, a great deal of skepticism persists, so many governments offer rebates or tax incentives to lower the capital cost of electric vehicles as well.

And despite electric vehicle charging stations being a proven reliable revenue stream both directly through fees and indirectly through increased volumes, incentives also exist for the installation and maintenance of these services, all with a view to rapidly increasing uptake of this new technology.

To meet the growing demand for electricity to power our vehicles — not only cars, but increasingly public transit and commercial vehicles as well — an opportunity exists for utilities companies to make strategic investments in renewable energy sources to ensure the environmental benefits of electric mobility are seen economy-wide and not just in terms of reduced noise and emissions downtown.

Autonomous Vehicles

Not only are privately owned vehicles moving toward full automation as quickly as technology and legislation will allow, but so too will shared vehicles, eventually becoming driverless as their systems are proven robust and reliable. In this latter case, we can expect to see car sharing as we know it continue into the future, except a vehicle is reserved and arrives at your location at the scheduled time.

Full vehicle automation has a number of interesting and exciting implications for the future of urban planning as well. With a significantly reduced need for on-site vehicle-storage, existing surface lots can be converted back to green space, offering a comfortable environment when we need a break from the office and helping keep our cities cool in the summer. And in areas where on-street parking is no longer needed, the space can be repurposed as curbside pick-up and drop-off zone for autonomous driverless taxi services.

What vehicles will remain on the roads will still need to be stored somewhere when not in use, so there will always be a need for parking technology with equipment and integrations to manage their use. But as the automotive industry moves steadily toward full automation, parking operations need to keep pace with credentialing systems that don’t require human intervention; the future of access control is in automatic license plate recognition, automatic vehicle identification transponders, and similar platforms that will let driverless cars come and go as they need to.

Car-to-X Communication

Critically important to achieving full automation of vehicles on the road is fast and reliable car-to-x communication.

This data-driven solution, in its present application, lets vehicles communicate their position and status to the cloud for use by other vehicles; this is what powers the technology behind real-time traffic updates for in-car navigation systems and lets vehicles navigate around heavy congestion.

Traffic signal pre-emption is another common use of car-to-x communication that ensures emergency vehicles have the right of way through intersections. These systems often use GPS or localized radio signals to identify emergency vehicles and prioritize their direction of travel, however more broadly implemented systems have the potential to reduce fuel consumption by avoiding hard acceleration and deceleration when approaching or leaving a set of traffic lights.

As more vehicles integrate with these systems and car-to-car communication becomes more robust, autonomous vehicles can self-organize into convoys. Limiting the human element — timidity, indecision — makes for safer road use for everyone, including pedestrians. Convoys also help to optimize traffic flow by synchronizing the acceleration and deceleration of each member of the convoy, contributing to a significant reduction in congestion on the roads.

As roads become safer and less congested with enhanced car-to-x communication, bicycle ridership will only continue to gain popularity in inner cities as a fast and convenient alternative for short trips. As these technologies are deployed in greater numbers of vehicles of all types, cyclists will no longer need to worry about car doors opening onto them, buses pulling out in front of them, or any number of the other nuisances that presently discourage cycling in the city.

Transitioning to the Future of Parking

Parking equipment manufacturers and suppliers need to remain agile to pivot their business model as the industry evolves or they’ll be left behind. But as competition in the sector is stronger than ever, we need to be proactive in anticipating trends that are about to emerge — and sometimes leading the change ourselves.

Some of the directions we see the parking industry going in will always be outside of a parking equipment supplier’s scope — car-to-x communication, strategic investment in power generation capacity, and urban redevelopment with a focus on greening and sustainability are all fascinating areas of inquiry but should be left to the experts in those fields.

But what is clear for our purposes is that the future is electric, connected, and increasingly autonomous. So how does parking fit into the equation as we transition from where we are now to where the industry is going?

Specifically, how can we align Precise ͵͵’s research and development priorities to target new use cases with innovative solutions while still delivering value to our existing clients with the robust technology they’re accustomed to?

Precise ͵͵’s Parkedin app — available from the as well as — is still in its relative infancy, but a number of impressive features are already available or quickly approaching the end of their beta testing with select clients ahead of full deployment.

Reservations

Becoming Canada’s leader in the airport vertical has taught us the importance of being able to offer reservations for travellers looking for a worry-free check in and boarding experience.

And the demand for this type of service is easy to understand: especially for those who don’t travel often, the size and complexity of many airport parking facilities can be overwhelming. Our systems already offer integrations with leading platforms, but Parkedin’s forthcoming reservations module brings this functionality in-house.

For more experienced travellers travelling for work, Parkedin lets them extend their business class experience beyond the premium lounge and priority boarding to parking their vehicle and collecting it again afterwards. For example, valet services can collect their vehicle on arrival and make it’s detailed ahead of their return, and if the customer is driving an electric vehicle, they can make sure it’s fully charged by the time they get back — all of this reserved in one place and billed in one place.

And as Parkedin is integrated with more systems from coast to coast, these reservations can be made at both ends of leisure and business travelers’ journeys to maximize their convenience.

Navigation

Any number of apps can let you know where parking lots are located, but few combine the convenience of real-time availability in these lots, the option to reserve a space, and turn-by-turn directions not only to the lot from your present location but within the lot to your exact reserved space.

Building on our integration with the Waze app and our experience integrating between parking guidance systems, dynamic signage, and location-based pricing, Parkedin and the entire Precise ͵͵ ecosystem are leading the way in last-mile technology. The app will remind you of your upcoming reservation, give you in-app directions to your destination, guide you to your stall, and give you directions back to your car at the end of your stay.

Payment

To address the need for expanded touchless technology and leveraging the increasing popularity of mobile pay for parking, we’ve made the Parkedin platform just as easy to use whether you’re paying for parking in a gated or non-gated facility. And we’ve made it versatile enough that you don’t even need to download the app to get a lot of the benefits the system offers.

For those customers who are “app-weary,” Parkedin leverages their smartphone’s camera to scan a QR code displayed on or near a meter as a means of identifying the parking zone; likewise, in gated facilities, customers can use their camera to scan a QR code on their entry ticket. In either case, through their smartphone’s web browser, the customer can process their payment through the same secure, Level 1 PCI-compliant payment portal accessed by the app.

Customers — typically those who use Precise ͵͵-equipped facilities more frequently — may opt to download and register for the Parkedin app, available from the App Store and Google Play, which leverages their smartphone’s biometrics, provides transaction histories, displays in-app receipts, and stores customer preferences.

In either case, Parkedin emails transaction receipts — including amount and method of payment, length of stay, and other pertinent details — to customers as part of its PCI compliance requirements.

Loyalty

Loyalty programs — especially ones integrated into the same system you use to reserve and pay for parking — are critical to driving recurring business to parking operators’ facilities and they’re a nice perk for the consumer.

Whether it’s a preferential rate for high-use clients at one or multiple sites or including a valet service with a hotel suite upgrade, programs like this draw new customers in and keep existing customers coming back.

These incentives are also important to business travelers, and the preferential rates or included services can be the deciding factor in your operation’s value proposition for corporate bookings. And with this in place, it’s just a short step to full end-to-end integration of the customer journey, letting business and leisure travelers reserve every step of their journey all in one place.

Programs like these not only connect businesses to consumers to build brand loyalty, but they’re an opportunity for businesses to connect with each other to share the customer experience. By networking in this way, they gain greater visibility, and being part of a customer’s journey so early on makes doing business with a participating company an even easier decision for a customer to make.

This feature will be coming online shortly, and Precise ͵͵ is excited to be taking the lead in moving urban mobility one step closer to the future by making customer journeys fast, safe, and easy.

Permits

Virtual permitting is another innovative feature of the Parkedin app.

Leveraging smartphones’ Bluetooth Low Energy capabilities, permits purchased in the Parkedin app will be recognized automatically without having to open the app. This feature is not only convenient but it’s also hands-free in a world that greatly prefers touchless solutions.

What’s more, the automatic nature of this technology means it can easily be integrated into driverless vehicles to work just as it does now: a Bluetooth transponder doesn’t need a person to activate it, and this form of car-to-x communication will let autonomous vehicles come and go from their storage facilities on their own without any human intervention.

Next Steps

None of this technology is new, but integrating it all into one place is.

As the Parkedin platform continues to evolve with our R&D department continually updating it, we’re getting closer and closer to fully virtualizing the customer experience.

Being at the forefront of last-mile technology is our first step to launching parking into the future.

Multimodality: the End-to-End Customer Journey

More than ever, customers want simplicity. As everything in their lives gets more complicated, they’re craving technology and services that make their lives simpler. The proverbial last mile of any journey is always the most complicated, and technology has come a long way to simplify it. But it’s still only the first step in where the industry as a whole is going.

Precise ͵͵ is leading the way in addressing these challenges, but we’re doing it in a way that has an eye on the future — not only of parking, but of urban mobility more broadly. The future of urban mobility sector can be described succinctly: multimodality.

Multimodality takes the concept of last-mile technology and expands it to the entire customer journey from end to end. This means not only reserving parking at the airport and having it charged before your arrival, but looking further into the future and investing in the technology now that will let customers hail a driverless taxi to bring them to the airport and book a spa treatment in the airport’s first class lounge. Once they’ve landed, they can pay their train fare from the airport to downtown, reserve a rental car to take them to meetings, and rent a bicycle for some leisurely sightseeing on their downtime.

As the industry continues to evolve and new trends emerge, our research and development engineers remain agile in responding to present customer demand and anticipating future customer needs, working with our partners to develop sophisticated and robust technology integrations that power our solutions and continue to amaze our clients.

It’s a bold vision for the future, and Precise ͵͵ is taking us there one step at a time.

Reference:

Bmw. (2020, August 18). Urban mobility: The 5 trends of the future. Urban Mobility: The 5 Trends of the Future | BMW.com. .

Luigi Lato

Chief Operating Officer, Precise ͵͵

 

About Precise ͵͵

1-Teal-Green-Divider.png

CANADA’S PARKING INDUSTRY LEADER FOR MORE THAN 30 YEARS.

When Precise ͵͵ was founded more than 30 years ago, the company was a two-person field operation with a simple aspiration: to make a difference in the world of parking automation.

Since then, Precise ͵͵ has grown into a nation-wide managed services and technology firm with more than 700 employees across Canada, a head office in Toronto, and 13 supporting offices across the country. 

But what sets us apart from other parking operators isn’t where we are, it’s what we are: a full-service parking solutions provider. One source for all your parking-related needs.

Precise ͵͵ manages thousands of parking lots on behalf of hundreds of property owners. We supply cutting-edge technology and services to thousands of clients in the healthcare, municipal, commercial, institutional, and private sectors. 

Being a vertically integrated company puts us in a unique position. We can provide a level of management and technical integration that is best-in-class. Just ask the hundreds of clients to whom we’ve delivered cost-effective and customer-focused solutions over the years.

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Multimodality and Parking: the End-to-End Customer Journey with Parkedin
Prepaid vs. Monthly Parking Permits: What Works Best For You?Precise ͵͵Mon, 16 May 2022 20:21:16 +0000/parking-industry-insights/prepaid-vs-monthly-parking-permits-what-works-best-for-you606df7dd6b47261d19840040:62791adf8378884ca2d598de:6282b0f769dbd35a169003c03 min read

Published on

Offering parking permits to your visitors, employees and tenants is an effective way to secure recurring revenue and encourage returning customers.  With many work-from-home models becoming the new norm, and stay-at-home orders in effect, organizations have been required to evaluate their parking permit models in order to continue offering attractive options that meet consumer demands.

There are a variety of permit models available within the parking industry. Traditional models, such as monthly parking permits, offer subscribers unlimited usage but tend to require a greater upfront commitment. While these traditional models offer businesses more assurance and stability, contemporary models, such as prepaid parking permits, can entice customers by offering a lower upfront commitment option for limited usage. Both models provide a competitive advantage however are designed to satisfy distinct consumer needs.

The key differences between the two permit models and how they can benefit your parking program and customer base is outlined below.

Monthly Permits

Monthly parking permits, such as Precise ͵͵’s IPASS solution, offer businesses a predictable and reliable monthly revenue stream. This traditional model requires customers to subscribe for parking on a monthly basis for a specific vehicle. Personal information such as the subscriber’s contact, vehicle and billing information are stored in a secure database permitting automatic billing for the following month, unless cancelled. Registrations undergo an approval process and cancellations are subject to 30 days notice, providing businesses greater financial stability.

Organizations can also choose to sell monthly permits for specifically allotted times or days. For example, monthly permits can be sold for use Monday to Friday or during weekends only. They can also be sold for use during daytime hours or overnight specifically.

Subscribers benefit from only having to register for parking once. After initial registration, subscribers are granted unlimited access to the parking facility until they choose to end their subscription. Moreover, if a subscriber loses their permit it can easily be replaced since it is connected to a registered account.

Prepaid Permits

Prepaid permits, such as Precise ͵͵’s HPASS and Flex Pass solutions, allow businesses to offer an attractive option to consumers who require a more flexible and feasible model. They too can offer businesses a reliable revenue stream and viable degree of financial certainty, however when compared to monthly permit models this assurance is lower.

This contemporary model allows customers to commit and purchase parking for a certain number of days. Permits are activated from the moment of purchase without the need to store personal information such as the buyers’ contact and billing details. If the permit it lost or stolen however, the permit cannot be replaced as it is not connected to a registered account. In this sense, a prepaid permit is similar to a gift card or cash and can be transferred to any vehicle and shared amongst family or friends. In most cases prepaid permits do not expire. Depending on the software provider, these permits may be reloadable and can operate at multiple locations. Read to learn more about the features of prepaid permits.

Whether you offer monthly or prepaid permit options, or a combination of the two, parking permit technology provides an opportunity for organizations to generate significant parking revenue. Permit technology has now evolved to encompass a variety of hands-free and digital options that increase safety and convenience for both the consumer and business. They have become a staple in successful parking programs and an expectation amongst consumers.

Bosco Tse

Client Relations Manager, Precise ͵͵

 

About Precise ͵͵

1-Teal-Green-Divider.png

CANADA’S PARKING INDUSTRY LEADER FOR MORE THAN 30 YEARS.

When Precise ͵͵ was founded more than 30 years ago, the company was a two-person field operation with a simple aspiration: to make a difference in the world of parking automation.

Since then, Precise ͵͵ has grown into a nation-wide managed services and technology firm with more than 700 employees across Canada, a head office in Toronto, and 13 supporting offices across the country. 

But what sets us apart from other parking operators isn’t where we are, it’s what we are: a full-service parking solutions provider. One source for all your parking-related needs.

Precise ͵͵ manages thousands of parking lots on behalf of hundreds of property owners. We supply cutting-edge technology and services to thousands of clients in the healthcare, municipal, commercial, institutional, and private sectors. 

Being a vertically integrated company puts us in a unique position. We can provide a level of management and technical integration that is best-in-class. Just ask the hundreds of clients to whom we’ve delivered cost-effective and customer-focused solutions over the years.

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Prepaid vs. Monthly Parking Permits: What Works Best For You?
Five Ways To Repurpose Your Parking Lot For Revenue Generation During The PandemicDigital marketingPrecise ͵͵Mon, 16 May 2022 20:15:23 +0000/parking-industry-insights/five-ways-to-repurpose-your-parking-lot-for-revenue-generation-during-the-pandemic606df7dd6b47261d19840040:62791adf8378884ca2d598de:6282ae76ce824c07d827636d4 min read

Published on

The impact of the COVID-19 pandemic on urban centres across the globe has been significant. Operators of commercial parking facilities are among the many businesses that have been severely affected by the pandemic. Work-from-home infrastructures combined with cancelled concerts, sporting and large public events has led to a substantial decline in parking lot occupancy rates and revenue generation.

The amount of people that once required parking services and monthly parking permits is now significantly less, and timelines for how long this will remain is uncertain; leaving property owners of large parking facilities in unchartered waters. Fortunately, there are many creative ways property owners can repurpose their parking real estate as a means to make up for lost parking revenue.

Below are five ways parking lots can be repurposed during the pandemic to generate revenue:

1. Drive-In Experiences

As movie theatres, concert venues, museums, and most large event spaces remain closed, parking facilities can be used to supplement experiences of art and entertainment. Drive-in experiences have become increasingly popular since the start of the pandemic allowing property managers to generate additional revenue streams. Big box retailers such as Walmart have hopped on the bandwagon by converting 160 parking lots into drive-in theatres this past summer.

There are many different types of drive-in events that can meet your specific needs. Depending on your property’s location and target market, you can strategically curate an experience that adds to your bottom line. Drive-in style events create a sense of community and connection without posing a health risk. Several event ideas that your organization can leverage are:

  • Drive-in movie theatres

  • Drive-in food festivals

  • Drive-in concerts and viewing parties

  • Drive in comedy acts

2. Drive-Through Experiences

With most large events and festivals being cancelled, many Canadians have enjoyed new and exciting outing ideas that keep themselves and their family entertained. Many Canadian’s have found a new love for drive-through events. The key to a successful drive-through event, is to make it a memorable experience. Several drive-through event ideas your organization can leverage: are:

  • Drive-through art shows

  • Drive-through holiday-themed experiences

  • Drive-through brand activations

3. Pop-Up Farmers Markets

Providing the community with fresh fruits and vegetables, farmer’s markets encourage communities to get outside and be physically active while supporting local businesses. Pandemic restrictions have motivated events as such to get creative with how they can continue to operate safely. Large surface parking lots have become a suitable option for pop-up events as such, making farmer’s markets and the businesses that participate within them an ideal tenant for property managers. In addition to traditional walk-through farmer’s markets, drive-through and drive-up markets too, have potential for success.

4. Pop-Up Retail

Current limitations on indoor shopping centres has encouraged retailers to adapt to new ways of doing business. Many have converted to the “digital world” in order to attract more business and stay afloat during these times. Even prior to the pandemic, retailers were on the hunt for shorter lease agreements and ways to temporarily test new concepts. And that’s how the idea of temporary pop-up shops was born.

For some retailers, opening a pop-up shop during the pandemic might be the difference between remaining partially open or shutting down business for good.

Parking lots can be allocated to facilitate mobile trailers and/or shipping containers that house pop-up shop and retail goods. The trailers and containers can be outfitted and branded as desired to attract potential customers.

With the increasing popularity of pop-up retail activations, this particular concept provides an alternative way for property managers to collect revenue during times of low parking occupancy. Drive-through and drive-up set ups too, have potential for success.

5. Socially Distant Dining Experiences

While dine-in service is restricted, Canadian restaurants can turn to outdoor bubble experiences to maintain their business. Outdoor dining bubbles are typically set-up outside of a restaurant, with food and drinks still being prepared within the kitchen and served to guests seated within "outdoor dining bubbles." This type of experience allows restaurants to remain in business while providing guests a fun and unique private-dining experience.

Low parking occupancy rates have created an opportunity for property managers and parking lot operators to think outside the box. Parking facilities can be utilized for more than just storing vehicles, but transformed from what is usually a consumer’s stop along the way, to a consumers final destination.

References:

Waters, M. (2020, June 06). How COVID-19 could change the future of parking. Retrieved January 26, 2021, from

Jiao, I. (2020, June 21). 10 Ideas To Keep Your Venue Open During Social Distancing. Retrieved January 26, 2021, from

Hirsh, L., & Marr, G. (2020, June 29). The Pandemic Transforms the Parking Lot. Retrieved January 26, 2021, from

The City, R. (2020, August 13). Covid Parking Garages: Functional Structures Get Called to Serve :. Retrieved January 26, 2021, from

Maria Lato

Marketing & Communications Manager, Precise ͵͵

 

About Precise ͵͵

1-Teal-Green-Divider.png

CANADA’S PARKING INDUSTRY LEADER FOR MORE THAN 30 YEARS.

When Precise ͵͵ was founded more than 30 years ago, the company was a two-person field operation with a simple aspiration: to make a difference in the world of parking automation.

Since then, Precise ͵͵ has grown into a nation-wide managed services and technology firm with more than 700 employees across Canada, a head office in Toronto, and 13 supporting offices across the country. 

But what sets us apart from other parking operators isn’t where we are, it’s what we are: a full-service parking solutions provider. One source for all your parking-related needs.

Precise ͵͵ manages thousands of parking lots on behalf of hundreds of property owners. We supply cutting-edge technology and services to thousands of clients in the healthcare, municipal, commercial, institutional, and private sectors. 

Being a vertically integrated company puts us in a unique position. We can provide a level of management and technical integration that is best-in-class. Just ask the hundreds of clients to whom we’ve delivered cost-effective and customer-focused solutions over the years.

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Five Ways To Repurpose Your Parking Lot For Revenue Generation During The Pandemic
Accessibility: Parking Pay Stations and KiosksAccessibilityPrecise ͵͵Mon, 16 May 2022 20:04:06 +0000/parking-industry-insights/accessibility-parking-pay-stations-and-kiosks606df7dd6b47261d19840040:62791adf8378884ca2d598de:6282ac9afae2b37cbb171e1c5 min read

Published on

Let’s recall that time when the person using the parking pay station in front of you turned around and asked you how to use it.  Probably last weekend.

Joking aside, parking pay stations (or kiosks) play an integral role in permitting someone to park at a facility. When your parking transaction goes well, you feel a sense of relief that you don’t have to go looking for assistance, or worse, stay put and hold-up the cars behind you. I know you know what I’m talking about.

Now, let’s recall a time when you couldn’t purchase parking at the pay station because you couldn’t reach the controls or read the screen. Maybe not you, but a number of people, with and without disabilities, know this experience all too well. It’s also not uncommon for people with disabilities to be exempt from having to pay parking fees either, when the parking lot owner knows full well, they haven’t got accessible parking pay stations on site.

This article is intended to bring awareness to the accessibility of parking pay stations and what that involves.  To make a parking pay station truly accessible, it involves multiple parties often with decisions having to be made by both the vendor or manufacturer and the building operator or designer.

Recognize that accessibility does not just benefit people with disabilities. A lot of the “accessible” characteristics for accessible parking pay stations are helpful to everybody.

Parking pay stations are not considered to form part of a physical building and are not required by the building code to be accessible.  So why should organizations go the extra mile to make them accessible when that would cost money or be a significant investment? You’re right, it does cost money and it’s going to be expensive, but you know what makes you more money, having everyone be capable of paying for their parking. Not to mention, the thought process of not going above and beyond the code is becoming outdated.

If you’re currently working on, for example, federal projects or facilities governed under the , guess what? They are required to have accessible parking pay station options. Meanwhile, as more and more buildings undergo (RHFAC) Ratings, buildings with parking will want accessible parking pay stations because they can lose points if they’re not.  The RHFAC Rating has a section specifically dedicated to accessible parking pay stations and buildings typically meet it or they don’t.  This could be the reason why a building achieves Accessible Certification instead of Gold Certification – so be ready for the client when they come asking for an accessible parking pay station – because it’s going to happen…  

Parking pay stations are made up of a series of interactive components in order to complete a transaction (ie. activation keys, selection controls, a screen with various instructions and prompts, a pinpad, card reader, coin and bill insertion slot etc.). A lot of the time these interactive components are not user-friendly or accessible, for example, the buttons may be too small, not easy to find or follow, the prompts on the screen are barely visible, the screen is not glare-free, it’s difficult to retrieve your credit card from the card insertion slot - the list goes on.  

If parking pay stations applied the general rules of the building code regarding its provisions for building controls, the interactive components could be improved upon.  Consider locating all operable components not more than 1200 mm above finish floor/ground level, ensure all operable components are usable with limited to no force, and are approachable using a clear floor space of at least 800 mm by 1350 mm. Let’s go one step further and take into consideration some of the things that the RHFAC survey criteria look for when it comes to accessible parking pay stations:

  • be installed in a safe and convenient location on a level ground or floor surface (not raised or served by a step),

  • provided with directional signage if not within visual line-of-sight from the parking spaces,

  • have colour-contrasted features and components while being colour-contrasted from its surroundings once installed,

  • have a screen that is easy to read information from (adjustable, glare-free, reflection-free, strong contrast between wording and screen background, good illumination etc.),

  • include legible instructions that are easy to read and follow along with, and

  • has a variety of payment methods (card, cash, smart pay).

The options don’t end here, parking pay stations can be even more accessible when they are sheltered, come in a variety of heights, have integrated zoom-in functions, programmed with audible and visual notifications, are used in combination with a variety of other payment options (in-person, prepay etc.), have virtual assistance (two-way communication, video relay systems, headphone jacks, text options, captioning), and come with an array of tactile and illuminated features.

Additional resources regarding Canadian standards that address accessibility provisions for parking pay stations are:

  • , and

  • .

Now that you’re aware of numerous accessibility provisions for parking pay stations and have a list of resources to reference, there is no excuse not to provide accessible options. It’s time to stay ahead of the game and allow everybody to pay for parking. What’s not to like about that?

Similar to but instead of sustainability it addresses accessibility and is a system designed to measure the level of meaningful access throughout a built environment, inclusive of items such as parking pay stations that are required to be used by the occupants along their travels.

Samantha Proulx
CET, RHFAC, BCIN,

 

About Precise ͵͵

1-Teal-Green-Divider.png

CANADA’S PARKING INDUSTRY LEADER FOR MORE THAN 30 YEARS.

When Precise ͵͵ was founded more than 30 years ago, the company was a two-person field operation with a simple aspiration: to make a difference in the world of parking automation.

Since then, Precise ͵͵ has grown into a nation-wide managed services and technology firm with more than 700 employees across Canada, a head office in Toronto, and 13 supporting offices across the country. 

But what sets us apart from other parking operators isn’t where we are, it’s what we are: a full-service parking solutions provider. One source for all your parking-related needs.

Precise ͵͵ manages thousands of parking lots on behalf of hundreds of property owners. We supply cutting-edge technology and services to thousands of clients in the healthcare, municipal, commercial, institutional, and private sectors. 

Being a vertically integrated company puts us in a unique position. We can provide a level of management and technical integration that is best-in-class. Just ask the hundreds of clients to whom we’ve delivered cost-effective and customer-focused solutions over the years.

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Accessibility: Parking Pay Stations and Kiosks
The Pros and Cons of Parking Meter SolutionsParking MetersPrecise ͵͵Thu, 12 May 2022 19:44:48 +0000/parking-industry-insights/the-pros-and-cons-of-parking-meter-solutions606df7dd6b47261d19840040:62791adf8378884ca2d598de:627d630b1e304f2d4d0d20292 min read

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When you start exploring paid parking solutions for your facility, it’s likely that parking meters will come to mind. Like any other system a metered solution provides you with a number of benefits as well as some challenges. It really depends on your customer service and financial goals.

Parking meters have been around for decades. As a result, they’ve evolved to become very efficient solutions for many parking facilities. Below are some of the pros of automated parking meters:

  • Reduced initial capital costs

  • Familiar interfaces and intuitive payment experiences

  • Solar power and cellular communications means no cabling is required in surface or uncovered parking facilities

  • Multi-payment methods, such as credit card, tap-and-go, mobile payment applications, and coin

  • Speedy lot entry and exits

  • Unified reporting dashboards

  • Real-time data, alarms, and statuses sent to live central management systems

  • Reliable and durable quality 

The reality is however, parking meters may not always be the most optimal choice when it comes to parking equipment. 

  • As an honour system parking meters traditionally provide less revenue capture

  • Customers sometimes forget their license plate number or have difficulty entering information into the system (Pay-by-License-Plate)

  • Some systems do require proof of payment on a dashboard (Pay-and-Display)

  • Validations are challenging because it is a pre-pay system

  • Regular parking enforcement for compliance is required (additional labour costs)

  • Receiving a parking ticket is a negative customer experience

Generally speaking, parking meter solutions are still very popular for a reason: they work well when combined with solutions like parking enforcement, proper signage, mobile parking payment apps, and of course, ongoing maintenance and technical support so that they’re able to collect revenue at all times.

A great first step is to think about types of customers who use your facility, your location, your customer service goals, and your budget. Once you have this information a parking solutions provider can help you navigate the pros and cons of a metered system, and find a suitable solution for your organization.

Director, Western Canada, Precise ͵͵

 

About Precise ͵͵

1-Teal-Green-Divider.png

CANADA’S PARKING INDUSTRY LEADER FOR MORE THAN 30 YEARS.

When Precise ͵͵ was founded more than 30 years ago, the company was a two-person field operation with a simple aspiration: to make a difference in the world of parking automation.

Since then, Precise ͵͵ has grown into a nation-wide managed services and technology firm with more than 700 employees across Canada, a head office in Toronto, and 13 supporting offices across the country. 

But what sets us apart from other parking operators isn’t where we are, it’s what we are: a full-service parking solutions provider. One source for all your parking-related needs.

Precise ͵͵ manages thousands of parking lots on behalf of hundreds of property owners. We supply cutting-edge technology and services to thousands of clients in the healthcare, municipal, commercial, institutional, and private sectors. 

Being a vertically integrated company puts us in a unique position. We can provide a level of management and technical integration that is best-in-class. Just ask the hundreds of clients to whom we’ve delivered cost-effective and customer-focused solutions over the years.

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The Pros and Cons of Parking Meter Solutions
How They Work: Pay-by-Plate Parking MetersParking MetersPrecise ͵͵Thu, 12 May 2022 19:39:10 +0000/parking-industry-insights/how-they-work-pay-by-plate-parking-meters606df7dd6b47261d19840040:62791adf8378884ca2d598de:627d616120fc595a154ff7521 min read

Published on

Are you considering installing parking meters as a means to control your paid parking operation? 

As a property or facility manager, you know it’s important to provide your customers with seamless parking experiences. And this is simple, your parking meters will handle what you need them to. However, choosing the right technology makes all the difference between a positive or negative customer experience.

Today’s latest and most effective parking meter solutions are Pay-by-Licence Plate meters, also commonly referred to as Pay-by-Plate parking meters. Pay-by-Plate parking meters are a feasible tech-savvy solution that provide ultimate customer convenience and make overseeing the day-to-day of parking more manageable.

Pay-by-Plate parking meters are an automated multi-space solution, meaning that one parking meter can support up to 45 parking stalls. These machines require customers to input their licence plate number in order to pay for parking. As a result, customers are not required to display a receipt on their dashboard.

When a licence plate number is entered on a Pay-by-Plate meter, it is automatically enrolled, in real time, to an intelligent cloud-based server. Authorized representatives, including parking enforcement officers, allowing them to have access to this data to verify active and valid parking sessions via licence plate. 

More advanced solutions let you integrate complementary technologies such as mobile payment apps, discount codes and virtual validations.

In addition to improving your customers’ experience and reducing risks, such as parking enforcement errors, lost tickets, or ticket sharing amongst customers, Pay-by-Plate parking meters provide a wealth of real-time data you and your team can analyze for behavioural trends, peak times, and much more.

Justin Powell

Director, Western Canada, Precise ͵͵

 

About Precise ͵͵

1-Teal-Green-Divider.png

CANADA’S PARKING INDUSTRY LEADER FOR MORE THAN 30 YEARS.

When Precise ͵͵ was founded more than 30 years ago, the company was a two-person field operation with a simple aspiration: to make a difference in the world of parking automation.

Since then, Precise ͵͵ has grown into a nation-wide managed services and technology firm with more than 700 employees across Canada, a head office in Toronto, and 13 supporting offices across the country. 

But what sets us apart from other parking operators isn’t where we are, it’s what we are: a full-service parking solutions provider. One source for all your parking-related needs.

Precise ͵͵ manages thousands of parking lots on behalf of hundreds of property owners. We supply cutting-edge technology and services to thousands of clients in the healthcare, municipal, commercial, institutional, and private sectors. 

Being a vertically integrated company puts us in a unique position. We can provide a level of management and technical integration that is best-in-class. Just ask the hundreds of clients to whom we’ve delivered cost-effective and customer-focused solutions over the years.

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How They Work: Pay-by-Plate Parking Meters
101: Basic Requirements for Canadian Parking FacilitiesConstruction servicesPrecise ͵͵Thu, 12 May 2022 19:28:14 +0000/parking-industry-insights/101-basic-requirements-for-canadian-parking-facilities606df7dd6b47261d19840040:62791adf8378884ca2d598de:627d5d2877d21562016ba75f3 min read

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Parking facilities need to meet certain standards. And when property managers achieve these standards, they’re able to easily manage and maintain their parking operations while providing a safe setting for their visitors.  

The list below outlines the necessary tools to manage your parking operation successfully:

Signage 

Signage is a powerful tool in any parking facility, guiding vehicles and pedestrians safely to their destinations. Parking signage should feature:

  • Parking rates visible at the parking lot entry, exit, and all payment points 

  • Clearly identified pay stations throughout the parking lot

  • Key facility information such as hours of operations, customer responsibilities and regulations

  • Clearly marked parking lot stalls (i.e. accessible, visitors, and client-designated stalls) 

  • Height restrictions and all other prohibitions visible at point of entry, exit, and wherever necessary around the facility

  • Wayfinding strategically placed around the facility to help guide customers to their destinations

Lighting 

Sufficient lighting makes for a safe parking facility. Lighting should:

  • Be positioned safely and appropriately to illuminate the facility and pathways for visitors

  • Be maintained by certified electricians

  • Ideally be LED for sustainable impacts on the environment

Safety 

Mitigating risk in your parking facility is just as important as it is throughout the rest of your facilities. Parking lot safety includes:

  • Regular safety audits to ensure all aspects, including surface conditions, lighting, signage, traffic control and parking equipment maintenance, are frequently inspected and well-maintained

  • Vehicle pathways that meet the minimum dimensions of the bylaw standards

  • Designated vehicle and pedestrian pathways are clear of any possible obstructions

  • Clearly marked designated stalls that adhere to bylaws standards (i.e. disabled parking)

  • Emergency assistance stations 

  • Surveillance, which connects your parking facility to a live central monitoring centre

Enforcement

Parking enforcement is the eyes and ears required for parking meter operations. Your parking enforcement services should:

  • Feature clear signage that displays enforcement and facility regulations, such as rates, hours, prohibited and designated parking spots, and consequences for non-compliance

  • Be scheduled regularly 

  • Utilize cloud-based enforcement technology for real-time data and accuracy 

  • Regularly train enforcement officers on existing bylaws, legislation, rates, and compliance procedures

  • Have an established appeal and adjudication handling process that addresses staff and system errors

On-site Parking Attendants

On-site parking attendants are also the eyes and ears of your parking operation. On-site parking attendants should:

  • Be trained on and knowledgeable about existing rules, regulations, rates, compliance procedures, and technology and equipment used at the facility

  • Use clear and diverse communication methods to be able to service all visitors

  • Wear professional uniforms to ensure they can be easily identified 

Ongoing Maintenance

A well-maintained parking facility is key, and can include:

  • Regular parking equipment maintenance services, ensuring safe customer interactions

  • Sign maintenance to ensure regulations and safety measures are enforced 

  • Clear parking space lines for visibility and to ensure maximum capacity

  • Seasonal snow removal and de-icing for obstruction-free walkways and parking stalls

  • Asphalt repair for safe parking and walking conditions

  • Regular cleaning and waste removal to maintain a clean and attractive facility

  • Landscaping services (for outdoor facilities) for positive impressions

  • Seasonal power washing and sweeping to remove debris build up

  • Lighting and surveillance electrical checks, updates, and replacements

Bosco Tse

Client Relations Manager, Precise ͵͵

 

About Precise ͵͵

1-Teal-Green-Divider.png

CANADA’S PARKING INDUSTRY LEADER FOR MORE THAN 30 YEARS.

When Precise ͵͵ was founded more than 30 years ago, the company was a two-person field operation with a simple aspiration: to make a difference in the world of parking automation.

Since then, Precise ͵͵ has grown into a nation-wide managed services and technology firm with more than 700 employees across Canada, a head office in Toronto, and 13 supporting offices across the country. 

But what sets us apart from other parking operators isn’t where we are, it’s what we are: a full-service parking solutions provider. One source for all your parking-related needs.

Precise ͵͵ manages thousands of parking lots on behalf of hundreds of property owners. We supply cutting-edge technology and services to thousands of clients in the healthcare, municipal, commercial, institutional, and private sectors. 

Being a vertically integrated company puts us in a unique position. We can provide a level of management and technical integration that is best-in-class. Just ask the hundreds of clients to whom we’ve delivered cost-effective and customer-focused solutions over the years.

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101: Basic Requirements for Canadian Parking Facilities
What is Off-Street Parking?Parking ManagementPrecise ͵͵Thu, 12 May 2022 17:03:06 +0000/parking-industry-insights/what-is-off-street-parking606df7dd6b47261d19840040:62791adf8378884ca2d598de:627d3cb0bcb6b269f67253e01 min read

Published on

Off-street parking refers to available parking spaces for vehicles within an enclosed parking lot or garage. Parking lots can be owned by a municipality, government organizations, or privately owned.

If the parking lot has access and control regulations in place, they may vary from a paid parking system or reserved parking for permit holders, customers, tenants, visitors, or a combination of all four.

There are various access and control solutions for parking lots, ranging from parking meters, gated parking systems, mobile payment apps, and much more.

James Bray

Intermediate Proposal Writer, Precise ͵͵

 

About Precise ͵͵

1-Teal-Green-Divider.png

CANADA’S PARKING INDUSTRY LEADER FOR MORE THAN 30 YEARS.

When Precise ͵͵ was founded more than 30 years ago, the company was a two-person field operation with a simple aspiration: to make a difference in the world of parking automation.

Since then, Precise ͵͵ has grown into a nation-wide managed services and technology firm with more than 700 employees across Canada, a head office in Toronto, and 13 supporting offices across the country. 

But what sets us apart from other parking operators isn’t where we are, it’s what we are: a full-service parking solutions provider. One source for all your parking-related needs.

Precise ͵͵ manages thousands of parking lots on behalf of hundreds of property owners. We supply cutting-edge technology and services to thousands of clients in the healthcare, municipal, commercial, institutional, and private sectors. 

Being a vertically integrated company puts us in a unique position. We can provide a level of management and technical integration that is best-in-class. Just ask the hundreds of clients to whom we’ve delivered cost-effective and customer-focused solutions over the years.

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What is Off-Street Parking?
What is “Pay-on-Foot” Parking?Gated ͵͵Precise ͵͵Thu, 12 May 2022 16:57:22 +0000/parking-industry-insights/what-is-pay-on-foot-parking606df7dd6b47261d19840040:62791adf8378884ca2d598de:627d3b4ab99bb12080d238592 min read

Published on

Pay-on-Foot is a commonly used term in the parking industry, but what does it really mean?

“Pay-on-Foot parking system” is often used interchangeably with other terms, such as “gated parking” or “parking access and revenue control system (PARCS).”

No matter what you like to call it, this parking system generally consists of three components: Entry terminal, pay station, and an exit terminal. 

The entry terminal is a customer’s first point of interaction in it’s basic configuration; it simply dispenses a ticket. The tickets barcode contains key information such as entry date and time, entrance identification and parking lot identification.

At the end of a parking stay this entry ticket is used by a customer at either a pay station or at an exit to initiate the parking transaction payment. 

Traditionally customers use a pay station to complete their transaction. The pay station can be indoors or outdoors, and can process payment for parking sessions, lost tickets, permits, and more.  These pay stations usually accept a wide variety of payment options, such as coin, bank notes, debit, credit card, mobile pay, and parking validations. Once payment is completed on foot at a pay station, the customer returns to their vehicle. When they arrive at the parking lot’s exit gate, they must insert their paid ticket.

This gated solution does provide some alternatives for parking transaction payments. 

Pay-on-Entry refers to a gated parking system that’s configured to require the customer to submit payment from their vehicle at the parking lot entry. This type of system is usually used for event parking or parking lots that have a flat free structure.

Pay-on-Exit refers to a gated parking system that’s configured to require the customer to submit payment from their vehicle at the parking lot exit. Customers must insert the parking ticket into the exit terminal that they received upon entry to the lot. The terminal then prompts the driver for payment. Some organizations choose to have the in-lane exit pay station accompanied by a cashier for customers who wish to pay by cash.

PARCS are a substantial investment that promise a high return on investment with maximized revenue capture. They are often installed at airports, hospitals, stadiums, and commercial properties with dynamic parking operations. However, they can be installed at parking facilities of any size, so long as the budget permits.

With sophistication at its core, PARCS can be integrated with a variety of enhanced hardware and software capabilities, such as licence plate recognition, “tap-in-tap out”, touchless ticket dispensing, mobile payments, remote customer service, HID, RFID and Bluetooth low energy (BLE) readers at entry and exit, and much more. This system also tends to feature smart and connected devices, which offer a wealth of parking insights through data, analytics, and reports.

Andrew Sgorlon

Technical Sales Support Manager, Precise ͵͵

 

About Precise ͵͵

1-Teal-Green-Divider.png

CANADA’S PARKING INDUSTRY LEADER FOR MORE THAN 30 YEARS.

When Precise ͵͵ was founded more than 30 years ago, the company was a two-person field operation with a simple aspiration: to make a difference in the world of parking automation.

Since then, Precise ͵͵ has grown into a nation-wide managed services and technology firm with more than 700 employees across Canada, a head office in Toronto, and 13 supporting offices across the country. 

But what sets us apart from other parking operators isn’t where we are, it’s what we are: a full-service parking solutions provider. One source for all your parking-related needs.

Precise ͵͵ manages thousands of parking lots on behalf of hundreds of property owners. We supply cutting-edge technology and services to thousands of clients in the healthcare, municipal, commercial, institutional, and private sectors. 

Being a vertically integrated company puts us in a unique position. We can provide a level of management and technical integration that is best-in-class. Just ask the hundreds of clients to whom we’ve delivered cost-effective and customer-focused solutions over the years.

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What is “Pay-on-Foot” Parking?
The Average Size of Parking Spaces in CanadaConstruction servicesPrecise ͵͵Thu, 12 May 2022 14:11:29 +0000/parking-industry-insights/the-average-size-of-parking-spaces-in-canada606df7dd6b47261d19840040:62791adf8378884ca2d598de:627d1466c43acc08603b7ff61 min read

Published on

When planning for or updating your parking facility’s layout, it’s important to understand your options. You’ll need to consider parking space dimensions and ways you can optimize the amount of parking spaces available in your lot, while still accommodating different vehicle sizes. 

Although parking lots are not one-size-fits-all, there are general standards for the overall dimensions of a parking stall. First and foremost, it’s essential to provide a healthy balance of small and large parking spaces in order to accommodate the needs of various vehicles, such as trucks, vans, and smart cars, while still optimizing your capacity.

Parking space dimensions can range in width and length. While the standard size of a parking space in North America is usually around eight feet wide by 16 feet long, parking facilities (e.g., such as a grocery store) may offer larger stalls up to 10 feet wide and 20 feet long. 

For exact parking lot dimension regulations in your region, a quick search online or call to your regional bylaw officer will help get you started.

Melissa Tucci

Client Relations Manager, Precise ͵͵

 

About Precise ͵͵

1-Teal-Green-Divider.png

CANADA’S PARKING INDUSTRY LEADER FOR MORE THAN 30 YEARS.

When Precise ͵͵ was founded more than 30 years ago, the company was a two-person field operation with a simple aspiration: to make a difference in the world of parking automation.

Since then, Precise ͵͵ has grown into a nation-wide managed services and technology firm with more than 700 employees across Canada, a head office in Toronto, and 13 supporting offices across the country. 

But what sets us apart from other parking operators isn’t where we are, it’s what we are: a full-service parking solutions provider. One source for all your parking-related needs.

Precise ͵͵ manages thousands of parking lots on behalf of hundreds of property owners. We supply cutting-edge technology and services to thousands of clients in the healthcare, municipal, commercial, institutional, and private sectors. 

Being a vertically integrated company puts us in a unique position. We can provide a level of management and technical integration that is best-in-class. Just ask the hundreds of clients to whom we’ve delivered cost-effective and customer-focused solutions over the years.

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The Average Size of Parking Spaces in Canada
Everything You Need to Know About Dynamic Pricing for ParkingFinancial ServicesParking GuidanceLPRPrecise ͵͵Mon, 11 Mar 2019 17:15:07 +0000/parking-industry-insights/everything-you-need-to-know-about-dynamic-pricing-for-parking606df7dd6b47261d19840040:62791adf8378884ca2d598de:62791adf8378884ca2d598df4.5 min read

Published on

Developing a strategic pricing strategy for your parking operation takes time and consideration. More often than not, it poses the question, "how can I maximize my revenues while maintaining a positive customer experience?" The common solution? Dynamic pricing. Dynamic pricing models are the way of the future and help property managers capitalize on supply and demand without lifting a finger.

If you are looking to maximize your parking occupancy rates and gain valuable insights into your customer behaviours, implementing a dynamic pricing strategy may be your ticket to success. Here’s why.  

What is dynamic pricing? 

Simply put, dynamic pricing is a pricing strategy that adjusts parking rates based on customer demand. Dynamic pricing in parking typically works one of two ways; rates are fixed during a specific location and/or time of day, with the rates raised during peak occupancy and lowered during downtimes. It can also be fully dynamic, fluctuating in real-time based on supply and demand.

Before smart parking technologies made their way onto the market, parking operators and property managers had to rely on historical data to determine demand to set their parking rates accordingly. Now, these technologies have made dynamic pricing a reality for the parking and mobility industry.

What are the pros and cons of dynamic pricing?

Although intriguing to most parking operators and property managers, implementing a dynamic pricing strategy can come with its pros and cons.

With parking rates fluctuating consistently, this can help property managers capitalize on peak times by increasing rates and build occupancy by lowering rates during downtimes—ultimately leading to increased sales no matter your occupancy levels. When paired with smart technologies, dynamic pricing models gather valuable insights about your customers, thus helping you analyze the demand curve better.

Dynamic pricing models also help you remain agile and competitive in the market. Businesses can benefit from using dynamic pricing algorithms that automatically adjust rates based on variables such as time of day and knowledge of supply and demand at any given time, encouraging a more significant turnover of parking.

On the other hand, dynamic pricing models can also spark a price war with nearby competitors, leading to a potential loss of business if your rates are not competitive.

How can dynamic pricing be deployed for parking operations?

Introducing a dynamic pricing model for your parking operation will allow you to set rates based on supply and demand. The first step to getting started is to begin collecting parking occupancy data. This can be done with smart sensor technologies that allow you to track and monitor real-time parking occupancy and set rates dependent upon occupancy targets allocated to that period. 

What should my dynamic pricing strategy consider?                                

When operating on a dynamic pricing structure, it is common for property managers to raise rates during peak times and lower rates during downtimes. However, it's essential to consider how these rates are being adjusted—manually or with an automated algorithm. A key consideration is investing in flexible technologies that provide guidance and control over pricing adjustments.

Another critical consideration is offering special rates for loyalty programs to incentivize the customer to park in your lots. When paired with credential-based parking technologies such as license plate recognition technology (LPR), digital permits via barcodes or Bluetooth Low Energy (BLE) permits, parking guidance systems can better connect the digital and live customer experience. 

Flexibility is the key to operational success. When implementing a dynamic pricing strategy for your parking operation, it is essential to consider the smart technologies needed and how you will use your parking data to remain ahead of market demands.

 

Reference

Flanagan, T. (n.d.). Maximizing revenue through Dynamic Parking Pricing. NAIOP Commercial Real Estate Development Association. Retrieved March 25, 2022, from

Global Infrastructure Hub. (2020, November 4). Dynamic pricing for roadways and parking. Global Infrastructure Hub - A G20 INITIATIVE. Retrieved March 25, 2022, from .

Tucci, M. (2022, March 22). The role of parking occupancy in dynamic pricing models . Precise ͵͵ | Parking Management Services. Retrieved March 25, 2022, from /news/the-role-of-parking-occupancy-in-dynamic-pricing-models

Adamo Donatucci

Business Development & Strategy Officer, Precise ͵͵

 

About Precise ͵͵

1-Teal-Green-Divider.png

CANADA’S PARKING INDUSTRY LEADER FOR MORE THAN 30 YEARS.

When Precise ͵͵ was founded more than 30 years ago, the company was a two-person field operation with a simple aspiration: to make a difference in the world of parking automation.

Since then, Precise ͵͵ has grown into a nation-wide managed services and technology firm with more than 700 employees across Canada, a head office in Toronto, and 13 supporting offices across the country. 

But what sets us apart from other parking operators isn’t where we are, it’s what we are: a full-service parking solutions provider. One source for all your parking-related needs.

Precise ͵͵ manages thousands of parking lots on behalf of hundreds of property owners. We supply cutting-edge technology and services to thousands of clients in the healthcare, municipal, commercial, institutional, and private sectors. 

Being a vertically integrated company puts us in a unique position. We can provide a level of management and technical integration that is best-in-class. Just ask the hundreds of clients to whom we’ve delivered cost-effective and customer-focused solutions over the years.

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Everything You Need to Know About Dynamic Pricing for Parking