iPAM is a system that can implement dynamic pricing for parking management with an intelligent and structured execution. iPAM uses real-time data to track parking demand and adjust prices accordingly. This system can help the parking ecosystem in multiple ways, and in this blog, we shall understand the tangible solutions.
5 Ways Agencies Can Use Dynamic Pricing for Parking Management
1. Demand Play
One of the most straightforward ways to use dynamic pricing for parking management is demand play. Revenues and efficient use of parking space are two significant zones where dynamic pricing can play a crucial role.
With dynamic pricing, prices can be increased to encourage turnover, resulting in high revenues. These could be during sporting events, festivals, etc. There is a guarantee of a big turnout, and with excessive demand, a high price means more significant profits.
2. Reduce Parking Time
Dynamic pricing for parking management has many advantages, and increasing parking space efficiency is one of the most valuable ones. Parking gets chaotic with high demand. Under such situations, a dynamic pricing technique alters the prices in such a way that long parking hours could get expensive.
Consequently, motivating users to vacant the parking spaces quickly to avoid high costs. As a result, the waiting demand can be fulfilled faster with a smooth traffic flow. In contrast, a long parking time could be cheaper on days of low footfall.
3. Predictive Algorithm X Dynamic Pricing
Some events are prominent, but some are not. For example, high traffic during a weekend is easy to predict. However, there are events and occasions that humans cannot foresee. These events of a climb or decline in parking demand can be predicted using algorithms to alter prices and generate revenues.
For example, suppose a new outlet of Starbucks has been opened in a particular locality. In that case, colossal demand can be predicted owing to the fact that the predictive algorithms have data on the parking spaces around other Starbucks outlets.
4. Remote Parking
Everyone wants to park closest to their destination. And these behaviors lead to massive chaos during peak hours, so much so that users tend to occupy public spaces for parking. This issue can be resolved by dynamic parking.
Specific parking spaces organized a few meters away can be priced lesser comparatively to decongest the traffic and meet the demand. This way, the efficiency of parking spaces increases while creating a balanced parking ecosystem.
5. Real-Time Price Updates And Notifications
Intelligent parking systems can provide real-time updates on parking prices to drivers through mobile apps or digital signage. By keeping drivers informed about current rates, they can make informed decisions about where to park based on their preferences and budget. This helps to distribute parking demand more evenly, ensuring better utilization of available parking space throughout the town or city.
Conclusion
Dynamic pricing for parking management is a powerful tool that can be used to optimize available parking space in towns and cities. By adjusting prices based on demand, dynamic pricing can also help to reduce traffic congestion, improve air quality, and increase parking turnover.
