Car park yield management
Parking yield management
From business intelligence to dynamic pricing
The interest paid to dynamic pricing techniques for parking lots (or car park yield management) has considerably increased in the very recent years, due to the remarkable shift of the sector, becoming more and more digital.
The development of smart city concepts (pricing policies becoming a recognized component of a city eco-mobility policy), the extension of new services like parking bookings, concerning sometimes inventories that were not even digitalized before (hotel parking spots around an airport, for example), etc.: all these moves have led to 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 does not consist in enabling a parking manager to blindly push on-line rates according to his feeling (or, in the best case, his 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 vehicles, likely to occupy the same inventory at the same time and leading to other revenue expectancies).