It is too early to estimate 2023 Parking growth, but we know there was robust movement in leisure and recreational parking. In fact it would appear that personal parking has more than made up for the drop-off in business-related parking. We expect that trend to continue and that 2024 will post another record year of growth.

“With the car parking market expected to grow at an annual rate of 10.05% from 2022 to 2027, the need for efficient and sustainable parking solutions becomes increasingly important.” Parking Network

Embrace a Technology-First Mindset

Since the Pandemic we have been saying that Digital Transformation is the next big trend in Parking. Operators are quickly adopting new technologies to make their operation more efficient and profitable. From Parking Management software, such as Space Genius, to Wayfinding and License Plate Recognition, operators are digitally upgrading their facilities at a record pace.

“Technology is a key driver of customer satisfaction and operational efficiency. Implementing digital solutions, such as reservation systems and mobile apps, offers customers a touchless and seamless experience. This tech-first approach is not just about staying current; it’s about anticipating and meeting customer expectations.” Tim O’Malley, President & CEO, The Parking Spot

Data Analytics Are a Must-Have

With Digital Transformation comes data and the ability to analyze it. This data will enable operators to set benchmarks and measure their productivity. Perhaps just as important is the ability to measure and improve the end user/parker experience. This is a slow moving process but once it gets engaged it drives almost every initiative and decision.

“The days of offline systems look to be behind us, and data analytics will be used to optimize parking operations and improve decision-making. Both industry leaders and smaller parking providers will implement leading data analytics solutions to gain access to rich customer and performance insights from their car park data.” Parking Network

Dynamic Pricing Will Revolutionize the Industry

Parking Management Software systems, like Space Genius, enable real time dynamic pricing changes based on demand build. Reservations provide a look at demand and can indicate the right time to raise prices. Dynamic pricing powers Revenue Management, similar to the way that the Travel Industry operates. Without dynamic pricing operators could be at a competitive disadvantage.

“With the rise of data-driven decisions, cities might look to implement dynamic pricing models for parking. A running hypothesis is that dynamic pricing will be implemented in high traffic areas. Dynamic pricing can be highly beneficial to drivers as modern technology helps adjust the cost of parking based on demand and other factors in real-time, helping them pay less than usual for the same parking space at different times. The widespread availability of data through the implementation of modern systems and dynamic pricing pilots will aid urban planners in optimizing the areas to let the traffic flow without pauses.” Parking Network

Please reach out for any questions or parking needs:

David Sparks, Chief Marketing Officer | Email: dsparks@spacegenius.com | Phone: 813-556-6691

Looking to boost your Spring break booking traffic? Read Genius Tips!

Genius Tips

Looking to boost your Spring Break booking traffic? 

Consider a Promo Code or Discount for the Spring Break season!

Promo codes and discounts are one of the best marketing tools to attract and keep customers and ultimately, to increase reservations.

You can easily create Promo Codes and Discounts within the Space Genius parking management software system. You have complete control over who can get a Discount or use a Promo Code, how long they are available for, and whether you enter them as a percentage or a dollar amount.

Follow the steps below to set up a new Option in the Space Genius Reservation System.

Create a Discount or Promo Option  

1. Log into https://bridge.spacegenius.com/Admin. You must use a valid email and password.
2. Click and narrow the search by Location.
3.  Click on the left side navigation bar to select “Options”
4. Click the “ADD” button at the right-hand side of the Options page to create a new option or discount.
5. On the “New Additional Options” page click on the open space of the Channel Name(s) box and click on a Channel name to associate it with the Option. You may select as many Channels as necessary to associate with the option.
   The Effective date is when the discount code or promotional code will begin, and the Discontinue Date determines when it will come to an end; at that time the discount or promotional code will no longer be active. Fill in the fields with the dates you wish to be active for the discount. 
6. Below the effective date you will see we have the Active, Optional and Taxable checkboxes. 

• • • The “Active” check box is used to activate the discount or promotional code.
    • The “Optional” check box is what you will select if you would like your discount or promotional code to be your customer’s choice versus an automatic discount 
    • The “Taxable” check box should not be selected when entering discounts or promotional codes.

7. Click the “Option Type” box and select “Discount” from the drop-down menu. 
8. If creating an optional discount, type the actual code you want the customer to input to receive the discount in the “Discount Code” text box.
9. In the “Option Details” field, enter the specifics or an explanation of the discount. 
10.  In the “Rate” field, enter the discount amount and select whether to deduct a percentage or specific dollar amount.
11.  Click the “Discount” toggle switch. This is required for all discounts and promotional codes.
12. Click the “All Plans” radio buttons to choose whether your option will apply to all plans or not. If you click “No”, then you have the option to click the “Applicable Rate Plan” drop-down arrow to select what type of rate plan you would like this discount or promotional code to be associated with. 
13. Click the “All Product” radio buttons to choose whether or not your option will apply to all products. If you select “No”, then you will be able to click in the “Products” box and select individual product from the list to associate with the discount or promotional code. 
14. When you have completed all of the required fields, click the “Create” button. You will be redirected to the Options page. 
15. Use the paging controls at the bottom of the grid on the options page to go to the last page of options where you will see your new option at the bottom of the page.

As always, we are here to support you and we welcome you to reach out to our Support Team! For assistance or more information, contact support@spacegenius.com.

Read about our parking management software solution’s new features!