HUB Parking Technology: How Parking Could Be An Untapped Revenue Asset For The Shopping Centers?

In today's data-driven landscape, where consumer behaviour analysis is revolutionising shopping habits and trends, parking facilities stand at the forefront of this transformation.

The proactive collection of data pertaining to parking behaviours and preferences presents a unique opportunity for shopping centres to unlock valuable insights into traffic patterns and parking demands.This trove of information becomes the foundation upon which parking pricing strategies are honed and the overall efficiency of parking systems is enhanced.

Shopping centres often overlook the untapped revenue potential of their parking facilities. However, through meticulous planning and strategic considerations, they can harness the latent potential within their parking assets, opening new revenue streams and bolstering their financial performance. In the subsequent discussion, we will explore how shopping centres can tap into this hidden potential, fortify their revenue streams, and secure a competitive edge over their competition.

Leveraging Data Insights

The process begins by harnessing the power of data. Through the meticulous collection of parking data, Shopping Centres can gain a comprehensive understanding of how their parking facilities are utilized. This includes insights into peak hours, traffic fluctuations, and the ebb and flow of parking demand.

Dynamic Pricing: Harnessing Data Insights for Optimal Revenue

In an era, where data collection on consumer behaviour is reshaping purchasing habits and journeys across the UK, parking facilities are no exception. By actively gathering data on parking behaviours and preferences, shopping centres have the potential to unlock invaluable insights into traffic patterns and parking demand. This wealth of information becomes pivotal in shaping and refining parking pricing strategies, including offering incentives such as discounted rates for Christmas shoppers during specific time slots. By adeptly implementing this pricing strategy, parking facilities can significantly enhance the overall efficiency of their parking system.

EV Charging Stations: Attracting electric vehicle drivers to your Shopping centre car park can be achieved by implementing EV charging stations. This forward-looking solution not only enhances your Shopping Centres' appeal to those seeking electric vehicle charging but also contributes positively to your financial bottom line.

The Benefits of Dynamic Pricing

1. Revenue Maximisation:Dynamic pricing allows Shopping Centers to capitalise on peak demand, significantly boosting parking revenue. This additional income can be reinvested into enhancing the overall guest experience and facility maintenance.
2. Optimal Space Utilisation:By encouraging turnover during peak hours, dynamic pricing ensures that parking spaces are efficiently used. This means more shoppers can access parking spaces even during busy times.
3. Improved Customer Experience:Shoppers value convenience, and dynamic pricing aligns with this expectation. Visitors can easily find parking during peak hours, albeit at a slightly higher cost, or enjoy cost savings during less crowded times. This approach enhances the overall guest experience, making it more convenient and attractive.
4. Data-Driven Decision-Making:Dynamic pricing hinges on data analytics to make pricing adjustments. Shopping Centers can use these insights to make informed decisions about pricing strategies, operational schedules, and resource allocation.
5. Environmental Impact:Encouraging alternative transportation modes during peak hours reduces traffic congestion and emissions, supporting sustainability goals and environmental initiatives.
6. Integration of Advanced Technology:To implement dynamic pricing effectively, hotels can leverage advanced parking management systems, including Automated Number Plate Recognition (ANPR) technology. ANPR aids in monitoring vehicle entry and exit, enabling real-time pricing adjustments.

Incorporating dynamic pricing into parking strategies is not just about maximising revenue; it's about optimising the overall parking experience for guests. By utilising data insights to refine pricing models, Shopping Centers can ensure that their parking facilities are both profitable and convenient, contributing to their overall success in the retail industry. Dynamic pricing, when backed by robust data collection and technology integration, transforms parking from a passive asset into an active revenue generator and guest satisfaction.

Enhancing Pricing Strategies:Armed with this data-driven knowledge, Shopping Centres can craft dynamic pricing models. These models take into account the real-time demand for parking spaces and adjust pricing accordingly. For instance, during high-demand times, the system can automatically set higher parking rates to optimise revenue. Conversely, during periods of low demand, it can offer cost-effective pricing to attract more visitors.

Parcel Lockers, Storage & Dark Kitchens:Forge connections between your Shopping Centers and the local community by incorporating parcel hubs, low-maintenance storage facilities, or compact delivery kitchens. These innovative concepts seamlessly fit into designated parking bays, generating rental income and introducing enticing customer incentives.

Advertising Opportunities:Advertising Opportunities: Unlock Revenue Potential with Parking Stations and Digital Spaces. Your shopping centres can tap into untapped revenue streams by providing advertising space on parking stations and on digital platforms. This strategic approach enables you to generate supplementary income without raising parking fees for your valued customers. These advertising spaces are available for lease to local businesses or on a larger scale, ultimately bolstering sales performance and enhancing brand visibility. Our JPASS software facilitates this by creating novel communication avenues with your customers, enabling you to engage them through push notifications. Dispatch discount vouchers, promote special offers, and share exclusive rates to boost occupancy!

"The quality of the equipment and the flexibility of its management system make daily operations quick and efficient from the control room, and we feel safe in knowledge that the system will not miss a beat" |Kate Wyle, Assistant General Manager at Westfield.

To learn more about our Shopping Centres solutions click on the below link:

https://www.hubparking.co.uk/solutions-by-location/shopping-centers/

About HUB Parking Technology

HUB Parking Technology is the Business Unit of the FAAC Group that develops software and intelligent mobile solutions produces, installs, and supplies hardware and after-sales services for the professional management of paid parking spaces. HUB Parking Technology offers flexibility, competence, and personalized and widespread assistance at a local level, combined with the capacity, network, and strength of a global operator. Over the years, the company has constantly innovated to develop state-of-the-art systems and integrated value-added solutions that make parking efficient for users, and profitable, and easy for operators to manage. 

For more information about HUB Parking Technology, visit: www.hubparking.com