For a company to succeed as a parking solution, two critical components for success are experience and innovation. The parking ecosystem is rapidly evolving with the introduction of new software technologies that enhance the experience of parking customers. Because of this changing landscape, the parking ecosystem needs both established companies and start-ups to drive our industry forward.
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Numbers show that the parking industry has recovered from the COVID-19 pandemic. In 2020, revenues were only $58 billion, 56% less than in 2019. In 2023, projections for revenue come in at about $144 billion, a 10% increase over 2019. However, you must continually hone your approach in this highly competitive parking landscape.
Start with the right customer engagement tactics to maximize revenue and give your customers an exceptional experience.
Current and emerging technologies are finding their way into every aspect of our lives. The world of parking is no exception. Tech helps parking operators use space more efficiently, which makes it an asset in crowded urban areas where square footage is at a premium. And of course, technology has the power to make parking more convenient for drivers.
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When the first commercially available cars hit the road in the United States in the early 1900s, they revolutionized American life. By 1929, there were 23 million cars on American streets and thoroughfares. While automobiles increased convenience, they also introduced some logistical challenges, including traffic management, road rules and (of course) parking.
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At Parker Technology, we strive to create an exceptional customer experience (CX) for your parking patrons. We also work to ensure your organization is operating efficiently and effectively. Those three aspects — customer experience, operational efficiency and effectiveness — are inextricably linked.
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Technology is changing faster than ever and so are customers’ expectations. In the growing and dynamic parking industry, you need to stay in tune with both. Being efficient in the “new” world of parking means effectively balancing people and technology.
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In the automated parking industry, everything moves quickly, which means streamlining processes for efficiency is critical. The more organized and optimized your business processes are, the more productive you will be. And, of course, improved productivity means more revenue.
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In the automated parking industry, there is no room for error. It’s a fast-paced, competitive market. If your business doesn’t deliver, your customers will find somewhere else to park. One bad experience can lose you up to ⅓ of your customer base.
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Is your business digitally transforming? The process of digital transformation integrates technology into every aspect of a business, making innovation an ongoing top priority as time goes by and the company continues to grow.
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At Parker Technology, we are always looking for better ways to manage intercom and inbound customer calls. And one way we do this is by offering flexible software solutions that enable you to improve your level of service on your terms.
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