Optimizing Airport Car Park Revenue Through Smart Solutions
According to the latest study by J.D. Power airport satisfaction scores have drastically dropped in 2022 with more than half of the passengers finding the airports severely crowded and nearly one-fourth making no food or beverage purchases.
However, the biggest area of disapproval is the lack of airport parking.
Most global airports are now adopting various measures to address this issue. While many are looking at the physical expansion of the parking space, others are using social media tools to help passengers with airport parking hassles.
For example, the Syracuse Hancock International Airport has opted for expansion plans to tackle repeated passenger overflow at the airport parking lots. The Myrtle Beach International Airport has also undertaken a parking expansion project. Expected to be completed by summer 2023, the airport will add about 600 parking spaces in the long run. Similarly, the Chennai International Airport is planning a multi-level 2.5 lakhs square feet car park that can accommodate over 2,000 vehicles at a time. The London Heathrow airport is building one of the biggest car parks in the world to cater to about 142 million passengers over the next 30 years accommodating 53,000 vehicles.
While news of airports expanding their physical parking space is making headlines, this might not be the ideal solution for many. The availability of land in big cities is a crucial element. Additionally, acquiring land and building state-of-the-art parking lots is cost-intensive and time-consuming.
Airports are also beginning to use social media tools to help passengers cope with airport parking hassles. Take the example of New York’s LaGuardia Airport (LGA) which puts out a tweet to let passengers know that the parking lots are close to filling up. Similarly, the Ronald Reagan Washington National Airport (DCA) goes far enough to encourage travelers to have a backup plan in case parking is not available.
While these measures adopted by various airports are commendable, there is a need for a more sustainable solution. The need of the hour is AI-powered, technology-driven smart software that can help optimize parking solutions digitally. Not only does this help solve the airport parking issues, but it also assists in leveraging ancillary revenue.
The city of San Antonio is planning to privatize airport car parking solutions. The authorities will be accepting proposals from companies on managing and airport maintenance by using the latest technologies like artificial intelligence (AI) and machine learning (ML) tools for pre-booking of airport parking lots and parking price optimization. The city officials think that with ‘Car park price optimization’ the revenue could reach $28.5 million in 2023 with an increase of over 30 to 50%.
It’s like killing two birds with one stone. Imagine a car park solution that can help elevate passenger experience and help airports leverage their revenue.
SmartLot
from GrayMatter Software Services aims to do just that. It uses IoT and advanced machine learning to provide quicker insights, forecast occupancy, and recommend the best pricing based on pre-bookings and drive-ins based on a variety of dynamic rules. Designed to assist the new generation of car park managers to deal with the current parking crisis, SmartLot is also an effective solution to enhance car parking revenue at airports.
Data Automation and Demand Forecasting
The solution automates the data and adjusts the viable factors to optimize the revenue. The car parking data is based on factors like length of stay, day of the week, competitor pricing, booking pace, traffic trend, seasonality, special events, digital promotions, etc.
The app forecasts the demands based on algorithms, airport car park analytics, and AI, helping to chalk out optimum price recommendation solutions leading to efficient airport car park revenue management and customer satisfaction.
Simplifying the car-parking process for passengers
Smart parking uses sensors, cameras, and car park booking software to track and display the availability of parking lots to the passengers in real time.
It also offers advance payment options with perks like high-end parking spots, discounts, free car parking coupons, and others, leading to a relaxed passenger experience along with savings.
Optimizing the revenue through smart solutions
Airport parking is one of the most crucial sources of airport revenue and predictive analytics is helping airports create models to optimize car park occupancy and maximize revenues, with automated valet solutions. With data dissemination and demand forecasting, the algorithms in smart solutions can scale up customer segment-specific pricing. The software solution, through continuous monitoring and remodeling, gives flexible solutions to airport authorities to manage and optimize revenue through car parking.
Such smart solutions help the authorities to make informed decisions through dashboards and reports with features like filters for terminals, car parks, period selection, etc. Through a single app, the airport admins can track and manage their parking lot’s availability and activities.
Keeping the current and future industry dynamics in mind, well-planned infrastructure with intelligent solutions is essential for airports to optimize revenue and utilize resources efficiently to provide a better passenger experience.
The SmartLot solution by GrayMatter is an advanced car park pricing and analytics system that can help airports manage their car parking revenue efficiently and seamlessly.
