Car park yield management
Parking yield management
From business intelligence to dynamic pricing
The interest paid to dynamic pricing techniques for parking lots, also known as car park yield management, has considerably increased in the recent years, due to the remarkable digital shift of the sector. These changes include the development of smart city concepts and the recognition of pricing policies as a component of a city eco-mobility policy. Similarly, new parking booking services have been implemented, and have led to the digitalization of inventories, for instance for hotel parking spots around an airport. All these transformations have created a completely new parking competition context, with an absolute necessity for traditional actors (airports, urban parking operators, etc.) to become price agile. Kowee’s car park yield management solution is a true dynamic pricing engine: it goes beyond the application of parking managers’ expertise. Based on forecasts and unique machine learning algorithms, it finds the optimal price to set for a given booking request, considering the alternatives and their degree of certainty (other demand for the same inventory).