Data science-powered dynamic pricing platform increases revenue by an average of more than 40% for parking facilities
CHICAGO–(BUSINESS WIRE)–SpotHero, the digital parking leader in North America, today reaches a parking industry first by launching dynamic pricing capabilities at over 1000 parking facilities. SpotHero IQ offers the most extensive demand data set in the $36B North American parking industry, incorporating real-time demand data for the most complete view of consumer behavior.
Now live in over 65 cities with 100 operators at over 1000 parking facilities, SpotHero IQ provides parking operators automated rate recommendations and inventory management solutions. SpotHero IQ automates the once manual task of adjusting online parking rates by giving parking operators data-driven dynamic rates. This empowers operators to determine optimal pricing in both high- and low-demand environments using real-time data. For drivers, this delivers on the SpotHero mission to make getting everywhere easier at the right price.
“As we approach COVID recovery, it’s never been more important to make data-informed decisions about how to price inventory,” said SpotHero Co-Founder & CEO Mark Lawrence. “SpotHero IQ enables operators to proactively manage demand volatility, whether that be a lull due to lockdown or spike once cities are booming again. In doing so, we help optimize online sales for maximum revenue for our partners.”
Operator partners leveraging the platform see an average revenue increase of greater than 40%. One Parking, a national parking operator with more than 80,000 spaces under management, has seen a 44% revenue boost across 19 locations via SpotHero IQ.
“By having real-time data on where parking is needed and when, all inventory and pricing decisions we make are backed by valuable numbers,” said One Parking Vice President Rosario Palella. “This has been a game changer, allowing us to capture parkers in timeframes we wouldn’t have previously. We’re thrilled to join SpotHero at the forefront of the parking industry’s shift toward digital and dynamic pricing.”
SpotHero IQ consists of a broader product family for every partner’s unique needs. The suite’s namesake product, SpotHero IQ, brings demand-based pricing for online inventory to all parking facilities at no cost to operators. SpotHero IQ+ integrates with PARCS to layer in parking occupancy data with online demand and provides robust business intelligence tools. Future developments will offer full yield management for all parking inventory.
To learn more about SpotHero IQ and register for exclusive video content, visit spothero.com/sell-parking/iq.
SpotHero is the digital parking leader and only independent off-street parking marketplace in North America. Millions of drivers use SpotHero’s mobile apps and website to find, book and access off-street parking in over 7,500 locations across 300 cities in the U.S. and Canada. Leading operator partners leverage SpotHero’s AI-powered dynamic pricing platform SpotHero IQ to power data-driven decisions. For more information, visit SpotHero.com.