2 of 3 cars returned, but one thing is very different
9 months after the lockdown, parking demand is 64% recovered from COVID-19, but the share of automatic payments reached an all-time high.
The transient segment has recovered to 72% of pre-COVID levels. We believe this traffic will continuously improve as people prefer private vehicles to public transportation options out of precaution. However, the contract segment suffers more deeply with only 40% of last year's volume as the majority of business travelers are staying home.
The parking volume reached a new steady state in the beginning of September, and might be an indication of “the new normal”. The weekly recovery pace was 4% between March and September, indicating a 75% recovery rate in the beginning of 2021.
we saw a 30% shift from our cash machines to camera-driven payments and online payments
Our Autopay Analytics data proves a COVID19-driven customer behavior shift we believe will fast-track digital transformation in the parking industry. After measures were lifted in June, we saw a 30% shift from our cash machines to camera-driven payments and online payments.
We think landlords who are responding to the increased demand for automated payment solutions will recover more quickly and be the ones ahead of their competition.