Airports are fast becoming hubs of commercial activity. Increases in coverage of destinations has directly led to increased passenger traffic, and so too has there been growth in the demand on airport parking facilities. As the first point of contact with a customer, an airport parking facility can forge the start of a great customer journey. Arguably too, revenue streams within the airport in areas such as bars, restaurants and duty-free shopping all benefit from a fast and stress-free customer experience starting from the parking lot.
Commercial revenue for an airport encompasses many streams, with one of the more important being parking activity. As stricter curbside management leads to increased parking activity, revenue from airport parking now represents between 5% and 15% of total airport revenue. Thus, getting the price point correct is extremely important.
Revenue Management (RM) involves trying to sell the correct inventory units, to the appropriate customer, at the most opportune time. In terms of parking then, this can be translated as selling the correct parking spot to the appropriate customer for the opportune price according to the time.
Data science is being used more and more frequently in combination with RM techniques and automation to achieve the perfect price point for an airport parking facility. IDeaS will be hosting a Webinar on the 12th September starting at 4pm CEST. During the Webinar, they will share some of their clients’ pricing strategies so that parking operators can avoid common pitfalls and learn more.
Titled ‘Demand-Based, Dynamic Pricing—An Airport’s Experience and How it Boosts Revenue Performance’, you can learn all the tips and tricks to ensure your airport parking facility provides you with the most optimal revenue stream possible!
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IDeaS, a SAS company, is the world’s leading provider of revenue management software and services. With over 30 years of expertise, IDeaS delivers revenue science to more than 11,000 clients in 129 countries. Combining industry knowledge with innovative, data-analytics technology, IDeaS creates sophisticated yet simple ways to empower revenue leaders with precise, automated decisions they can trust. Results delivered. Revenue transformed. Discover greater profitability at ideas.com.