Monetizing The Curbside in The Age of Automation
3 min read.
Author: Dani Ierullo, Director, Proposal Development
Published on Parking Industry Insights
The concept of curbside monetization has taken on a whole new meaning with the advent of automation. The curb, once merely a place to park, has transformed into a potential source of revenue for businesses. This paradigm shift is driven by integrating technology and automation into our daily lives. Before we delve deeper, what exactly is curbside management? Curbside management aims to maximize the use of available space while minimizing congestion, safety hazards, and conflicts among users. It often involves various stakeholders, such as city officials, property owners, businesses, transportation providers, and residents, working together to ensure the efficient use of curb space.
Strategic curbside management planning can generate more revenue for your business. Here’s what you need to consider before getting started.
Invest in Smart Paid Parking Meters for Enhanced Efficiency and Revenue Generation
The average parking meter has undergone significant technological advancements to maximize their revenue potential. Implementing smart parking meters that communicate to a centralized business intelligence platform allows for real-time monitoring of parking spaces. This ensures better enforcement of parking rules and reduces revenue leakage due to expired meters. Customers can also pay for parking using multiple payment options including tap, mobile wallets, and QR code payments, catering to customers' evolving needs. Smart parking meters can be set for dynamic pricing to optimize curb usage by adjusting parking rates based on demand, time of day, special events, and more, optimizing revenue to encourage turnover.
Integrate Mobile Apps to Transform the User Experience and Maximize Revenue Potential
Mobile apps are a powerful tool for both curbside monetization and enhancing the overall customer experience. It can navigate customers directly to these spots using mapping technology, reducing unnecessary parking troubles. Additionally, it enables customers to make cashless payments through the app, making payment easier than ever. Parking facility or business owners can offer promotions, discounts, or rewards for consistent app usage to encourage user engagement and loyalty. This boosts revenue and encourages your customers to adopt digital payment methods.
Tap into an Online Data Platform for Informed Decision-Making and Monetization Optimization
Leveraging online data platforms can improve curbside monetization strategies by providing actionable insights. These platforms gather data from various sources, such as parking meters, apps, and camera sensors, into a unified system. This holistic view enables a comprehensive analysis of curbside usage patterns. By employing advanced analytics, parking businesses can predict when and where high parking demand will likely occur. This information can inform pricing strategies and help allocate resources more effectively, maximizing curbside revenue while improving traffic flow.
Monetizing the curbside in the age of automation requires a strategic approach. Paid parking meters, mobile apps, and online data platforms work together to create a seamless and efficient curbside management strategy. By embracing these technologies, cities can boost revenue and enhance the urban experience for residents and visitors alike. Adapting to these innovative solutions will be essential for sustainable curbside monetization as automation continues to shape where we live, work and play.
References
Banyard, P. (2023, July 6). Five integrations for a successful parking meter operation - precise ParkLink: Parking management services. Precise ParkLink | Parking Management Services. https://www.preciseparklink.com/news/five-integration-of-a-successful-parking-meter-operation
Charlebois, V. (2023, August 28). Innovative features to consider when investing in parking meter technology - precise ParkLink: Parking management services. Precise ParkLink | Parking Management Services. https://www.preciseparklink.com/news/innovative-features-to-consider-when-investing-in-parking-meter-technology
DeBow, C., & Drow, M. (2020, March 23). Curbside management: Managing access to a valuable resource. IPMI. https://www.parking-mobility.org/2019/05/06/curbside-management-managing-access-to-a-valuable-resource/
Hoyt, D. (2022, February 3). Modernizing curbside management – how smart parking technology paves the way to a digital curb. ParkMobile. https://parkmobile.io/articles/modernizing-curbside-management-how-smart-parking-technology-paves-the-way-to-a-digital-curb/
The importance of Curb Management for Your Business. OperationsCommander. (2023, March 20). https://ops-com.com/blog/curb-management-how-can-it-effect-my-business/