IPMI Member News: ParkEngage Introduces Parking Inventory Management Service
ParkEngage recently introduced its new Inventory Management service designed to enable parking operators to publish and manage their reservable parking inventory on a common platform. The Inventory Management System allows operators to resell their reservable inventory through aggregators and resellers, as well as other nearby businesses including hotels, theaters, restaurants, and entertainment venues, while giving them more control over their parking spaces. The platform provides a valuable alternative to the standard manual process.
The ParkEngage Inventory Management service allows operators to serve their customers more effectively, while increasing revenues, and reducing costs. Through a central portal, operators can work with all of the parking aggregators, as well as other online channel partners more efficiently. They can dynamically allocate their parking availability and prices to optimize sales through channel partners and maximize their overall revenue and profit margins. With this service, the operator has more control to set preferred parking rates, publish add-on amenities offered by the garage, allocate reservation blocks to partners, and manage one central inventory of spaces for sale.
The ParkEngage cloud platform provides an efficient management system for operators to directly analyze their parking data, view their inventory in real time, and customize programs to immediately serve their patrons. For instance when the operator’s inventory sells out through one aggregator, it no longer shows their facility on the app. However with the Inventory Management system, the aggregator would get the access to the inventory from other sub-performing aggregators, and the operator can dynamically release more inventory into the pool. The operator can also dynamically increase the prices of their reservable parking spots if they see a surge in demand, as well as reduce prices if the demand drops or if a nearby competitor lowers their garage price.
The ParkEngage Inventory Management system will be a valuable tool for parking operators to directly monitor and control their parking inventory. Initial results from the system have resulted in a 20-25% increase in annual online reservation sales, a 3-5% increase in average selling price through aggregator channels, and a 5X return on investment.
ParkEngage is the leading digital cloud platform for the parking industry. ParkEngage solutions enhance parker engagement, generate new revenue streams for parking operators, and create a touchless parking experience. They also help to boosts parking operational efficiencies, reducing the dependence on labor, while providing end-to-end touchless parking systems for self- and valet parking facilities. ParkEngage products also include a 360-degree customer relationship management system, mobile valet system, permit parking system, and parking inventory and multi-channel management system.