Dynamic Car Park Pricing

Zeag again leads the parking market with the introduction of Yield Managed Pricing (YMP) for parking.
This allows prices to rise with demand and is extremely suitable for competitive environments like shopping centres, airports and venues who wish to compete for customers, increase revenue or increased parking rotation. The feature is designed to optimise parking efficiency due to the flexibility it provides operators in attracting custom.

Motorists can now park in central London for as little as 20p an hour, thanks to Westminster City Council, APCOA and the latest Zeag technology. Westminster has 16 car parks covering the busy West End of London, most with Zeag equipment. The innovative variable pricing scheme means drivers are charged according to how full a car park is when they enter. Trial results at Queensway car park in Bayswater have been impressive with an increase in car park users of over 40% and significant increases in revenue, in spite of pricing starting at only 20p/hour. The initiative is to be extended to several other parks shortly and may be implemented in all of the authority's car parks.

The scheme has been made possible by new technology from Zeag. This sets a maximum price and a set of discount bands. The system cleverly works out occupancy from the entry and exit barrier statistics and sets charges according to occupancy bands with the discount falling as occupancy increases. The price being charged is shown on variable signage at the entry station and printed on the ticket to ensure people are aware of how much to expect to pay.
Councillor Danny Chalkley from Westminster Council said: "We know that many drivers in London are put off by expensive parking charges. Now they will be able to park far more cheaply on a first come, first served basis. We have seen the huge success of similar pricing schemes employed by easyJet for their passengers and now hope to emulate this success and provide low cost parking in London."

David Jones, MD of Zeag UK explains: "Our unique new technology allows totally flexible pricing to suit changing conditions. It can simply be used for different day and evening pricing or, as here, for a really innovative variable scheme which can attract lots more customers. Every local authority can use this to drive their traffic and emission policies and it is also invaluable for shopping centres to drive footfall. We are proud to lead the industry again with this major initiative."
Zeag Ltd
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