An Open Market Approach to Parking is the Future
In cities of all sizes, convenience and efficiency have become not just valued but expected, pushing municipalities to pursue innovative solutions for urban challenges.
One such challenge is parking, a critical component of city infrastructure that impacts everything from traffic flow to economic vitality. An open market parking approach offers a forward-thinking solution to this perennial issue, promising benefits for both municipal parking departments and the communities they serve.
What exactly is an open market approach to parking? It involves leveraging technology to create a more competitive, user-friendly parking ecosystem. Allowing multiple parking apps and services to operate within a municipality ensures that users have the freedom to choose the service that best meets their needs.
The open market approach has been proven to enhance the parking experience, boost local economies, increase revenue, streamline the management process, and provide valuable data for parking operators. All of this makes switching to the open market approach a valuable proposition.
Benefit #1— Enhances the User Experience
An open market approach is a consumer-oriented approach to parking, aiming to create a seamless user experience for anyone parking. Most people only have one parking app downloaded onto their mobile device at one time. By providing integrations between different parking apps, an open market approach to parking can allow people to travel to areas with easy access to parking and reduced stress.
Without the open market approach, parkers may become frustrated when they do not have the required app. They may not pay for parking or at least be less likely to return to your municipality. Using the open market approach increases a municipal parking department’s revenue by encouraging repeated visits to municipalities and their parking facilities.
Benefit #2— Boosts Your Local Economy
People choose to avoid businesses and shopping centers when there isn’t easy access to parking. Confusing, stressful, or inadequate parking can lead to decreased economic activity in your city.
The open market approach can help by making parking more convenient and increasing visits to your municipality and its businesses. It will help local businesses thrive and, as a result, boost your city’s economy.
Benefit #3— Generates In-Depth Data
With the integration software necessary for an open market approach comes in-depth data collection.
Data-driven decision-making can help you adapt to your customer’s needs in real time, and the data can be utilized for future urban planning and infrastructure development.
Benefit #4— Reduces Costs Across the Board
Another benefit to the open market model is that it can offer cost savings to both parkers and operators. Parkers receive optimized parking fees through their preferred parking app, and operators experience reduced operating costs.
Reducing parking costs leads to happier patrons and higher revenue for parking operators and municipalities through more frequent visits.
Benefit #5— Facilitates Efficient Parking Management
The open market approach enables effective management of parking spaces, causing a reduction in traffic congestion. By consolidating different apps and markets into one, parking areas become less chaotic and properly utilized, contributing to a more positive user experience.
Benefit #6— Increases Parking Revenue
The open market approach results in a net increase in parking revenue. By enabling patrons to use their preferred parking apps, they are more likely to utilize paid parking spaces and visit more frequently.
Studies have shown that 63% of parkers only have one parking app downloaded on their phones, and 83% only want to have one parking app. If parkers have to download another app to use your parking services, there’s a good chance they will look for an alternative parking solution or park illegally, which cuts into your parking revenue.
CurbTrac: The Ultimate Open Market Solution
It is important to realize that implementing the open market approach requires advanced technology to integrate parking apps and data collection. Parking departments must find a solution that provides a seamless, stress-free transition for all parties – parkers and parking operators.
ParkHub offers CurbTrac, the ultimate solution for parking operators looking to embrace the open market approach and all it offers.
CurbTrac uses a single dashboard to provide all the data you need from your integrations, allowing you to enact changes and analyze your earnings quickly and easily. Making informed decisions about parking strategy with CurbTrac is easy with all the information and power at your fingertips.
Book a Demo Today
If the open market approach sounds too good to be true, it isn’t! Book a demo with ParkHub today and learn how CurbTrac can help your business or municipality.