How is Ocean Parking utilising big data to increase revenue for customers?
Technology is constantly evolving across all sectors. Whether it is medical, manufacturing, transport or scientific, there will always be new and exciting innovations hitting the market.
Whilst often overlooked, the parking industry has had its fair share of technological innovations over the years, each of which have made parking much more efficient for customers.
One of the biggest developments in recent years, has been the ability to gather significant amounts of data through ANPR technology. This data can be used to accurately identify a cark park’s performance, inform future business decisions, pinpoint opportunities and ultimately improve the customer journey.
For our team at Ocean Parking, we have been utilising this vital data to provide invaluable insights to clients for a number of years; data that they can subsequently capitalise on.
What can data tell asset owners about their customers?
Visitors
Of course, first and foremost your data will provide key insights into the number of visitors your car park receives on a weekly, daily, even hourly basis, and how long they are staying. Not only will this allow you to pinpoint variances in car park usage but it can provide significant insight into whether usage matches revenue. For example, if your business is quiet, yet your car park is full, this could indicate an issue with parking abuse. Once a car park is managed and you have greater understanding of the space required to meet the needs of your visitors, and can clearly identify any unused or underperforming space, this space can be commercialised to maximise the revenue generated by your asset.
Returning visitors
Repeat custom is a crucial component to any successful business. Ultimately it shows that customers are happy with the service they receive when visiting, leading to recommendations, more custom and increased revenues.
Vehicle information
Knowing what cars your customers are driving will ensure you are able to effectively future-proof your business. Through technology we can report on your visitors’ vehicles by fuel type and use this data to develop your EV strategy, ensuring that EV charging facilities are available to meet customer demand. This is of particular as the UK turns more towards the use of electric vehicles; don’t forget about the forthcoming 2030 ban on the sale of new petrol and diesel cars.
Revenue
Generating revenue is, of course, crucial for any parking asset owner, therefore clear and concise, real-time revenue data will allow you to analyse performance, but it will also provide key details on the payment methods most popular with your customers. For example, are your customers looking for cashless options? Will they need to remotely extend their stay? Solutions such as the RingGo app utilised by Ocean Parking allows customers to easily and quickly do just this. Understanding how your customers interact with your parking payment systems not only creates cost saving opportunities but can also identify opportunities for improved environmental performance through the reduction in paper parking consumables and emissions from the collection, transport and banking of cash.
Trends
As with the majority of businesses, car parks will experience peaks and troughs depending on any number of variables, including time of year or time of day. From this you can also create plans for when you expect occupancy to be low and implement solutions.
How can data be leveraged?
Ultimately you want to use your data to encourage more visitors during quieter periods. Empty spaces don’t have to mean there is an issue with your car park, they instead represent an opportunity to put this data into action, discover what your customers are looking for and implement them. For example, if your data is indicating a steady increase in the number of electric vehicles, you may wish to consider installing or increasing the number of EV charging points on offer.
If you are looking for invaluable insights into how to fill those empty parking spaces, generate more revenue and improve customer experience, speak to the Ocean Parking team today here.