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[Platform Highlight] Event Rate Tiering for Passive Event Parking Asset Yield

Rate Management, a core solution in the Ocra platform, lets parking operators and owners to set and adjust rates across multiple demand channels, like aggregators, in one app.

Introducing the newest enhancement of Rate Management: Event Rate Tiering.

In a sentence:

Event Rate Tiering tiers rates for events synchronously, across all channels.

This means that when tiered event rates are configured for a Venue or for a specific Event, and all of the channels are racing to sell spaces for that Event from the inventory in Ocra’s Universal Inventory pool, Ocra will auto-fire rate increases based on a set percentage of inventory sold.

The outcome? Ocra ensures passive yield of event parking assets.

Operators and owners can rely on Ocra to bump prices up to the next tier, across all channels, when a certain percentage of inventory sell. No more logging in at 3:00am to increase rates when they see demand spike; instead, it’s automated.

Bit more info below, if you want to dig in! Or reach out: info@getocra.com.

What is a capital-V “Venue” and a capital-E “event”?

“Venues” and “Events” are entities in Ocra.

A Venue is a location with an address. An Event is something that’s happening at that location that operators and owners may want to charge higher parking rates for due to increased demand.

In Ocra, event rates are configured on a “Venue” level, which means that all Events that take place at that venue default to that configured event rate.

How does Ocra associate Events with Venues?

Through sophisticated custom integrations, we ingest events from the channels. We auto-populate and auto-affiliate Events with the Venues where they take place.

Why is setting event rates a good idea?

Events are characterized by higher transaction values.

Having a default rate in place (which is most likely higher than their daily transient rate) ensures that operators and owners are capitalizing on that demand and not leaving money on the table.

In Ocra, this default rate applies to all of the channels that are active at the Venue.

With Ocra’s Rate Management solution, rates for all channels can be set and modified in one place: in the Ocra platform.

How does Event Rate Tiering enhance Rate Management?

Operators and owners have always been able to set and adjust flat event rates for all of their channels (ex. SpotHero, ParkWhiz, & more) at once within Ocra.

Now, events rates can be configured on a tiered basis…

… and they synchronize across demand channels.

Tiered pricing means that rates increase as inventory sells out.

In other words: as demand rises, prices do, too.

For example, an operator or owner can make 100 spaces available for all of the channels to race to sell due to Universal Inventory, which replaces “static inventory distribution” (i.e., giving 10 spaces to SpotHero & 50 spaces to ParkWhiz) with “dynamic inventory distribution” (i.e., holding all 100 spaces in a pool and giving SpotHero & ParkWhiz both access to all 100).

Here’s a sample narrative:

  • Operator/owner chooses to list 100 spaces across all channels for an event
  • The first 50 spaces are priced at $20
  • The second 25 spaces (of the remaining 50) are priced at $25
  • The last 25 spaces (of the remaining 25) are priced at $30
  • As inventory sells, it’s dynamically removed from the Universal Inventory pool
  • Ocra auto-fires the rate increase when inventory trips to the next tier

What if an operator or owner wants to customize pricing for a specific event?

The Ocra software platform has a feature called Spot Rates.

Spot Rates are temporary overrides to default rates that are only in effect for a certain set time period. When that time period ends, Spot Rates revert automatically.

When Event Tiering Rates are configured for a Venue, operators and owners can choose to set a Spot Rate for a specific event, overriding their default rates with a different rate temporarily.

Endless flexibility and control!

Questions about Event Rate Tiering?

We’re ready to show you how it works!

Book a meeting here or email info@getocra.com.

Request a custom demo.