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In a recent interview with CIO Applications’ editorial team, Dave Lin, CEO of Pavemint, discusses his company’s prowess and future endeavors.
Give us a brief overview of your company.
Pavemint launched in 2015 with Pavemint Consumer, which focused on helping consumer parkers find and purchase parking spaces online. In 2019, we expanded to create Pavemint for Business, which is a cloud-based parking management solution. Basically we provide parking management software with marketplace services. We’re here for any business that relies on or provides parking, offering a full suite of parking operations management software. Pavemint offers a user-friendly, design-focused tool to empower users to make parking operations more cost-efficient and better organized.
The intention behind our core value proposition is to improve the parking experience for consumers while increasing efficiency and revenues for operators through a connected web experience. We have a multidisciplinary team comprised of experts from the parking management industry. Our team members have rich backgrounds in media, e-commerce, marketing, and product design. Our clientele extends beyond valets and parking operators to include property managers, co-working spaces, hotels, sporting and entertainment venues, and more.
What are the pain-points in the parking management space, and how does Pavemint effectively address these issues?
At the end of the day, it’s the consumer who matters most. And for most businesses, especially hotels, the overall customer experience is going to include what happens when they park. Pavemint understands that parking is ultimately a logistical component of a customer’s every time experience. The consumer parker and the parking operator are the two forward-facing sides of the marketplace. The consumer-parker might be an existing customer, but could also be anyone out in the street looking for parking, so we take care of both possibilities. Viewing this from the operator’s perspective, we consider the actual human beings– the valets and those managing parking lot operations. Yet they are often functioning as an extension of the venue, which might be a restaurant, business, co-working space, or sports stadium. Pavemint considers each and all of them to be essential links in our value chain.
We are more than just a gated software or tech space tool. We have the DNA and industry background to take a unique approach to the market. Pavemint integrates real-time data analytics, location-based marketing strategies, consumer feedback loops, and many other essential variables to keep up with today’s computing world.
Parking is incredibly complex and underserved. At Pavemint, we believe the ultimate value is to integrate synergistically all the individual workflows and to collect data at every point
Could you elaborate on the benefits of the solution provided by the company?
The number one benefit we provide is the combination of increased revenue opportunities and reduced overhead costs. By offering SMS and automated text messaging options, we provide easy no-contact payment alternatives to customers with all mobile devices. We empower valets and attendants with our suite of tools designed to optimize lot operations. The products and services we offer–license plate scanning, key tracking, digital parking passes, and vehicle notes, to name a few–reduce overhead by simply making each operator more efficient. Our automated email digests and reporting tools give operators consistent access to performance metrics and open the door to predictive analytics.
Too many of the current solutions we see focus almost exclusively on preparing customers for the drive-up experience or being able to buy parking an hour in advance. And while those are important aspects to address, efficient parking operations are about much more than something like, say, matching ticket sales with the parking field. For example, the Fonda Theatre in Los Angeles manages its season passes for all their ticketed events, and they need to plan for parking accordingly. But they lack the insights and tools they need to maximize their overall productivity. We have a very path-focused management tool that helps event organizers improve both control and flexibility in their lot operations. Whether it’s predicting the expected demand or managing staffing needs, Pavemint helps lot operators reduce costs while maximizing their efficiency in the lot space.
Parking is incredibly complex and underserved. The network effect of our individual modules and applications is definitely a big part of our strategy. We believe the ultimate synergistic value is to integrate all the individual workflows, whether it be gate integration, valet, or back-end operations. Data collected at every point can be leveraged to improve the operators’ insight and decision-making around operations such as staffing, gate problems, variable pricing, and other external inputs, from weather to viruses, that can affect demand.
We also assist partners who build venues and housing to design the correct infrastructure, which may involve reducing the number of required parking spaces. We can then source those spaces and parking options through procurement and satellite parking in the area, suggesting where cars can park and ultimately controlling who parks where.
What does the future hold for the company?
In the future, we aim to keep innovating and developing more products based on the relationships we build. Several city departments have approached us about how they can do a better job planning for both parking and urban development. Parking lots are not only expensive to build but also to maintain. A lot of cities look at parking centers as a necessary evil. Some consider them as problem centers. Parking lots can contribute to or reduce traffic. They can make or break the appeal of a city’s skyline and aesthetic. Cities want their parking lots located in the best possible places to reduce traffic and enhance the city’s aesthetic appeal while eliminating parking problems to draw more people in. Urban planners also need a real-time data mechanism, and we’re excited to be working on solutions to offer them.
There has been a complete renaissance in parking operators wanting to provide tech-enabled solutions to their consumer-parkers. Our focus is on listening to our customers so we can build the right products in a way that will ultimately revolutionize the parking world for consumer-parkers and operators alike, even across industry lines.