Creating a Smart Parking Lot To Increase Revenue and Customer Satisfaction

IoT development smart parking

In cities across the world, parking is a premium commodity. Companies seize these opportunities to purchase large and small parcels of land in urban areas to create parking spaces that can generate substantial amounts of revenue. Traditionally, a lot has to be managed by a person to ensure the lot is maximized at all times and all parking is paid for accordingly. What if you could know at any time how
many spaces in your lot were available, could communicate it digitally to drivers in your area, and could attract more cars to your lots at any given time?

First Line Software developed a holistic solution for an incredible company to utilize installed sensors in the asphalt of their parking lots to remotely manage their available spaces and then communicate it
digitally to information boards at the lot to let drivers know what was available. The boards are not only able to communicate to passing drivers that spots are available, which is obviously a huge win, they are also able to tell them exactly where they can park once they enter the lot. This creates a
massive efficiency for the driver which inturn increases their loyalty to that lot or other lots owned by that company, which leads to further revenue growth.

Implementation Highlights

The initial implementation of this technology and software was for one large parking lot. It included the following elements:

  • 828 sensors installed into the asphalt for parking spot monitoring
  • 137 repeaters mounted across the lot to increase coverage
  • 25 parking payment terminals were added to the lot to increase ease of payment

After the initial implementation the company was able to add the same product mix to their other parking lots. The parking lots managed by this smart solution saw an improved rotation of cars in the lot of more than 8%. Their revenues increased by more than 11% per implementation.

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