Real-time pricing is often considered the most effective form of demand pricing, as faster response times lead to tighter cost-to-price ratios. In other words, customers rarely pay more or less than the perceived value of the service at any given time, which helps with loyalty and retention. It’s been shown that demand pricing programs have the potential to increase customer engagement. They can build more meaningful relationships through trust and the feeling of value received.
Rates during peak times can be remotely raised to generate the maximum revenue from your asset when demand is high. Rates during quieter periods, when a lot might have been historically empty, can be automatically lowered to encourage more use. In theory, utilizing pricing strategies significantly reduces periods of inactivity to capture the highest possible revenue at all times.
FlashOS enables asset owners to adjust pricing based on actual demand and usage. These real-time changes provide an opportunity for customers to reduce their parking expenses by choosing to travel and park during off-peak periods.