Finding an empty spot in an already crowded parking space is perhaps one of the most annoying tasks drivers face on a daily basis. People want this experience to be less irritating. As pointed out in multiple studies, even drivers in developed countries like the US spend $345 worth of time and fuel while attempting to find a parking spot every year. The cost might be higher in developing countries with a more significant number of cars and fewer parking spaces. And this is the reason smartphone app development for parking reservation solutions is in great demand. 

Here are a few aspects to be considered while developing a robust app to deal with parking problems.

Proper planning is a crucial step towards success

Experts, including angel investors, often recommend entrepreneurs to study the competition, availability of parking spaces, and the willingness of space owners to come under one umbrella. The business and revenue model needs to be selected accordingly. 

Check the top mobile app development companies for smartphone app development. Let engineers develop and launch an MVP before the final product. Keep the application updated with the latest features for ensuring a rich user-experience. 

Functions appreciated by parking space owners 

Parking space managers prefer to manually update parking slots, check bookings, and update prices. Most importantly, they insist on immediate transfer of funds to their account. It is advisable to discuss the implementation of these features with your smartphone app development team. 

Crucial features appreciated by app users 

Besides user-registration and parking space location tracking, consumers appreciate applications that offer multiple payment alternatives, an option to search spaces, and the ability to share reviews/ratings. The system should be able to point out the estimated time required to reach the spot from the vehicle location. Most smartphone app development specialists must ensure their end product has these functions. 

Choosing the best suitable business model 

A mobile app to locate available parking spaces can prove to be a successful venture in the long run only if the entrepreneur chooses the right business model. The decision needs to be made based on factors like the number of parking spaces in the city, competitors, and the number of contractors willing to assign and book parking lots. The most common business models are those that offer complete parking services, some which focus on navigation & booking and those that are only navigation based. 

• Navigation-based

Mobile applications developed under this model assists users in finding parking spaces near the vehicle location. There is no option to book a slot or make payments via the app. It only serves the primary purpose, which is to help  drivers find parking slots in crowded areas. 

Navigation apps are often developed as a minimum viable product by smartphone app development specialists. Features are gradually increased after signing agreements with parking space vendors. 

• Navigation & booking 

Such apps help drivers with nearby parking spot locations and the option to book the space before reaching the point. Users can choose to make cash payments or use the various payment methods available on the application. Once booked, the app guides the driver to the pre-booked space. 

Besides reservation and digital payment options, users also get navigational assistance and sufficient time to reach the spot. This model is the most widely recommended one around the world by smartphone app development specialists.  

• Complete parking solution 

As the name suggests, such apps offer a complete parking solution. Users can pre-book parking space from available options, make a payment, and get valet assistance after reaching the parking. The application also provides detailed reviews for all available parking spaces. Users get the option to compare features, rates, and other aspects of available parking spaces. These parking applications designed by the best smartphone app development specialists can put an end to parking woes. However, it is a high-cost business model and can work only in cities with ample parking spaces, especially valet parking. 

Where is the money?

Superb user-experience and agreements with parking space vendors in multiple parts of the city can help the app retain its popularity among users. However, the application can survive only if it manages to make sufficient revenue. Thus, selecting the right revenue model is as crucial as the selection of a viable business model, and a team of smartphone app development advisors. There are three revenue models which are most appreciated worldwide. 

• Commission on every booking 

Most parking mobile app ventures earn their revenue from this model. Parking space owners pay a certain percentage out of customer fees as a commission to the app venture in exchange for bookings. Commission rates vary in different cities, depending on factors like the daily number of bookings, availability of overall parking space, etc. Most smartphone app development experts suggest the model may not work in cities with over-crowded parking spaces. 

• Selling subscription plans to users 

As the name suggests, users can choose monthly or yearly plans depending on the app features they wish to access. It becomes a win-win situation for both. The Venture behind the app makes money, while users can select advance booking plans and avoid paying every time they book a parking slot. Overall, customers remain highly satisfied with the app. But then again, the success ratio depends on factors like the number of parking spaces that the venture behind the app manages to get under their umbrella. Your smartphone app development expert can help in offering several types of subscription plans to users. 

• Branding and marketing opportunities for parking spaces

Many parking space booking applications make money by running marketing campaigns for parking lots. They also offer priority listing to specific spaces in search results in exchange for a certain amount of fees. Your smartphone app development firm can assist you with in-app advertising and branding elements to help you generate revenue through the app.